New technology lowers the cost of Solana NFT minting

The Solana Foundation revealed that minting one million NFTs at Solana now costs significantly less, due to new technology that is helping to cut costs significantly by introducing an innovative on-chain NFT storage mechanism.

Solana presents the case pressure

Despite their relatively low fee, the mint price of Solana’s NFTs is still a barrier for some artists and collectors. New technology will be useful in this situation. Recently, there have been developments in the Solana ecosystem that could make NFT mint prices lower.

State compression is implemented via Merkel trees, a data structure that allows verifiable off-chain storage in Solana. This results in lower on-chain storage costs, which is a good trend. The Merkle Tree makes it possible to quickly and accurately validate individual parts of huge data sets.

State compression, which reduces the requirement for data to be kept on-chain, is used for the first time in all NFT stacks. The only difference between compressed and regular non-fungible tokens (NFTs) is the cost of minting 100 million restricted NFTs, much less than traditional NFTs.

In addition, this technology was created by Solana Labs and Metaplex with the help of RPC providers and indexers Helius and SimpleHash.

The new technology from Solana is a success

According to the statement, state pressure has been applied to well-known platforms. Two protocols, Crossmint and Dialect, have already applied the technology to “deeperly enhance customer loyalty for companies around the world” and “cover the cost of minting NFT labels for thousands of users.”

Given this information, the Solana community and the larger crypto market have responded positively to the news. According to market participants, this may finally lead to a favorable scenario for SOL coin. Currently, the SOL price is trading at $20.77.