Solana presents a breakthrough with a new NFT function
- Solana is trying to make a comeback, with the introduction of a promising new technology called “State compression.”
- The technology promises to significantly reduce the cost of minting NFTs on the Solana network.
Solana makes up a good portion of the conversations in the crypto community. However, these conversations have largely centered around the network’s inconsistency and recurring crashes. On what looks like a mission to redeem itself, the network has announced a groundbreaking NFT feature that is poised to shake up the entire NFT and Web3 market at large.
In a recent announcement curated by Jon Wong, the technical lead for the ecosystem engineering team at the Solana Foundation, Wong describes the needs that Solana’s latest NFT feature promises to address.
The “State Compression” technology as it is called is designed to reduce the cost of minting NFTs.
The technology uses a computer system known as Merkle trees. Merkle trees enable verifiable off-chain storage on the Solana network. This then leads to a reduction of storage costs in the chain.A segment of announcement read:
When it comes to building web3 experiences at scale, Solana has been an industry leader thanks to its unparalleled speed, minimal environmental impact, composability and low gas fees. But now it’s about to cost even less to build user-first web3 projects. Introducing state compression, a new way to store data directly on-chain that reduces costs by scales.
State Compression is already used by leading NFT firms
Apparently State Compression is already in use. According to the announcement, teams across the Solana network have already started using stateful compression to power massive user-friendly experiences.
Crossmint, an NFT company that uses a modular suite of APIs and tools to create, distribute and store NFTs at scale. The firm uses state compression to build integrations. These integrations help companies around the world strengthen customer loyalty.
Similarly, Dialect, a smart messaging protocol that drives seamless on-chain messaging experiences, uses state compression. The firm uses government compression to cover the cost of minting NFT stickers for its large user base.
In particular, Helium, a blockchain-based network connecting IoT devices, NFT distributor DriP, and Wordcel, an onchain publisher, all use state compression to push their scalable, user-first experiences to the Solana network. The State Compression technology also has other use cases, outside of on-chain data storage, the first being compressed NFTs. The announcement added:
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Although state compression can be used to store all kinds of data on-chain, the first use of this innovative technology is compressed NFTs. Compressed NFTs are just like regular NFTs, only drastically cheaper – minting 100 million compressed NFTs costs about ◎50 to store on-chain, compared to ◎1.2mm for their uncompressed counterpart.
Additionally, due to the fact that each incremental compressed NFT is actually a modification of a tree that already exists, the cost of an NFT on the Solana network has dropped to as low as ◎0.000005, for a single transaction.
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