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The Solana Foundation has revealed that minting 1 million NFTs on Solana now costs much less, owing to a new technology that helps to substantially lower costs by introducing an innovative mechanism to store NFTs on-chain.
Solana introduces state compression
Despite its comparably low fees, the price of minting NFTs on Solana can still be a barrier for some artists and collectors. A new technology will be helpful in this situation. Recently, there have been advances in the Solana ecosystem that could make NFT minting prices even lower.
State compression is performed via Merkel trees, a data structure allowing verifiable off-chain storing on Solana. This results in lower on-chain storage costs, which is a good trend. Merkle tree makes it feasible to swiftly and accurately validate the individual pieces of big data sets.
State compression, which decreases the requirements for data maintained on the chain, is employed for the first time throughout NFT collections. The only difference between compressed and ordinary non-fungible tokens (NFTs) is the cost of minting 100 million constricted NFTs, substantially less than conventional NFTs.
Additionally, the technology was created by Solana Labs and Metaplex with help from RPC providers and indexers Helius and SimpleHash.
New technology from Solana is a hit
According to the release, state compression has allegedly been applied on well-known platforms. Two protocols, Crossmint and Dialect, have already implemented the technology to “power deeper customer loyalty for companies around the world” and “cover the minting cost of NFT stickers for thousands of users.”
1/ Solana's low fees have made it an industry leader. But thanks to a recent innovation from teams across the ecosystem, it's about to cost even less.
— Solana (@solana) April 6, 2023
Introducing state compression, a new way to store data on Solana that lowers cost significantly. https://t.co/0baMJ0vOn1
Given this information, the Solana communnity and the larger crypto market have responded favorably to the news. According to market participants, this might finally result in a favorable scenario for the SOL coin. Currently, the price of SOL is trading at $20.77.