Solana reveals low-cost NFTs with state compression
Blockchain giant Solana expresses the introduction of state compression a new feature that will significantly reduce the cost of NFT minting.
Users can mint one million NFTs for approx $110 with state compression.
According to Solana, state compression can be used to store any type of on-chain data but is typically used with non-fungible tokens (NFTs) at present.
The approach involves modifying an existing Merkle tree on the Solana blockchain instead of carrying out a standard transaction allowing for drastically cheaper NFTs.
The cost of minting and storing compressed NFTs scales with the number of items in question also Solana said that it costs 5.35 SOL to mint and store one million compressed NFTs. it would cost 12,000 SOl to mint the same amount of NFTs on Solana without the benefits of state compression.
Furthermore, Solana said that it costs just 0.000005 SOL to mint a single compressed NFT.