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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.