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HomeNewsSolana's "State Compression" Technology to Revolutionize NFT Minting Costs and Boost SOL...

Solana’s “State Compression” Technology to Revolutionize NFT Minting Costs and Boost SOL Price?

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  • Solana introduces state compression technology to reduce NFT minting costs.
  • State compression utilizes Merkle trees to decrease on-chain storage costs for verifiable off-chain storage.

Solana, a blockchain platform known for its low-cost and high-performance features, has announced the development of state compression technology aimed at reducing the cost of minting non-fungible tokens (NFTs) on the blockchain.

The technology employs Merkle trees, a data structure that permits verifiable off-chain storage, resulting in reduced on-chain storage costs. This is expected to bring down the cost of minting NFTs, making it more accessible to a broader audience. This development is a significant achievement for Solana, which has been experiencing technical difficulties and outages this year.

State compression has already found takers in reputed platforms like Dialect and Crossmint, which have onboarded the technology to cover the minting cost of NFT stickers for thousands of users and power deeper customer loyalty for companies worldwide.

The development of state compression is a major breakthrough for Solana, enabling NFT collections to be compressed and identical to conventional NFTs, with the exception that minting 100 million compressed NFTs costs a fraction of the price.

The technology was developed by Solana Labs and Metaplex, with the support of RPC providers and indexers Helius and SimpleHash, in addition to the backing of Solana-based web3 wallets Phantom and Solflare.

As per market experts, this development could eventually result in a bullish scenario for the SOL token. The Solana community and the broader crypto market have reacted positively to the news, as the cost of minting NFTs has been a deterrent to many artists and creators looking to explore the NFT space.

As of writing, the price of SOL stands at $21.28, representing a gain of 0.10% over the past one hour, in contrast to a drop of 0.27% recorded over the previous 24 hours.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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