Solana reveals low-cost NFTs with state compression Solana reveals low-cost NFTs with state compression
Users can mint one million NFTs for roughly $110 thanks to state compression.
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Updated: Apr. 7, 2023 at 9:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana on April 6 announced the introduction of state compression, a new feature that will significantly reduce the cost of minting NFTs.
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. In one estimate, Solana said that it costs 5.35 SOL ($113) to mint and store one million compressed NFTs. By comparison, it would cost 12,000 SOL ($253,680) to mint the same amount of NFTs on Solana without the benefits of state compression.
Solana also said that it costs just 0.000005 SOL (less than one cent) to mint a single compressed NFT. A complete price scale is shown in the project’s blog post.
Solana said that at least five projects are already using the feature.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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