Solana set to deploy State Compression to lower the NFT minting cost

Solana, a blockchain platform, has announced its plans to launch State Compression to reduce the cost of minting Non-Fungible Tokens (NFTs) on its network. This new feature aims to compress the data required to store the states of the NFTs, thus minimizing the cost of minting them. With the growing popularity of NFTs and the increasing demand for more affordable minting options, the deployment of State Compression is expected to bring significant benefits to the Solana community. This move also positions Solana as a top contender in the competitive NFT market.

Solana’s State Compression brings cost-effective minting to NFTs

Solana has become the leader in the market of cost-effective minting pricing for non-fungible tokens (NFTs), surpassing Ethereum. One reason for this is its innovative technology called State Compression, which stores data on-chain and cuts costs by a significant margin.

By leveraging State Compression, minting 1 million NFTs on Solana costs approximately $253,680, significantly less than Ethereum. With the practice of State Compression, the cost is estimated to come down to $113.10, making it an attractive feature.

However, Polygon is an efficient choice for those only minting a thousand NFTs, costing around $33. But as the number of NFTs increases, Polygon falls short of delivering the necessary advantages. For instance, minting a million NFTs on Polygon costs $32,832.16, much higher than Solana.

NFT projects from Dialect and Crossmint have already begun benefiting from State Compression, with Helium, DRiP, and Wordcel also in the process. Dialect is using State Compression to cover the cost of NFT stickers, ultimately benefiting over a thousand users, while Crossmint is creating integrations that boost customer loyalty for companies.

State Compression is mainly used to bring scalability and enhance the user experience of Solana. While currently limited to NFTs, it can expand to store any type of data in the future. Metaplex and Solana Labs developed State Compression, and it is widely supported by Triton, Helius, Phantom, SimpleHash, the Solana Foundation, and Solflare.

Users leveraging State Compression benefit from Merkle trees, which allows the storage of small bits of data on-chain while updating them directly to Solana’s ledger. This technology helps cut down on costs without compromising security and decentralization.

The Solana community has positively embraced State Compression, with Assure DeFi stating that they love this development. Solana’s blockchain accelerates mass adoption, with speed and composability, and takes a green stand with its operations.

In summary, State Compression has notably advanced Solana’s position as a cost-effective and efficient blockchain for NFTs. By leveraging this innovative technology, users can mint and use NFTs with ease and security, while remaining accustomed to the benefits of decentralized finance.

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