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In a recent tweet, prominent Chinese reporter Colin Wu spotlighted record-breaking developments surrounding Solana-based non-fungible tokens ($NFT). Wu shared that in August, Solana’s ultra-low-cost Compressed NFTs saw a minting volume that exceeded 15.6 million.
In August, the minting volume of Solana’s ultra-low-cost Compressed $NFT exceeded 15.6 million, setting a record high and incurring only 82 $SOL fees. The number of Solana compressed NFTs has approached 78 million, surpassing non-compressed NFTs, accounting for 55.62% of the total,…
— Wu Blockchain (@WuBlockchain) September 3, 2023
The Chinese reporter noted that the figure represents the ultra-low-cost Compressed NFTs’ record high. Moreover, Wu disclosed that the NFTs attained the remarkable feat with a mere 82 $SOL in fees. The charged fees denote a dollar value of $1,596, with $SOL trading at $19.47.
It is worth mentioning that Solana’s ultra-low-cost Compressed $NFT is a new feature that reduces the cost of minting NFTs on the Solana blockchain. It compresses the data stored on-chain for each $NFT.
Furthermore, Wu revealed that the total number of the Solana compressed NFTs surged to nearly 78 million. This figure made it overtake its non-compressed counterparts. Quoting data from a tracking platform, Wu hinted that the compressed NFTs now accounted for 55.62% of the total NFTs on Solana’s network.
In terms of monthly sales, they also contributed significantly. In particular, the compressed NFTs made up 21.5% of Solana NFTs’ total sales volume for August. Meanwhile, this growth comes amid the U.S. regulator’s inaugural enforcement move on non-fungible tokens.
Last Monday, U.S. regulators took action against a prominent Web3 company for its issuance of NFTs. The firm in question is Impact Theory, a California-based media company. The business reportedly generated nearly $30 million by selling three tiers of $NFT offerings.
According to the U.S. SEC, $NFT transactions are illegal as they allegedly constituted unregistered securities offerings. The move marked the SEC’s first actions targeting the $NFT market.