Solana

Metaplex

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<p class="has-drop-cap">Solana and a group of its ecosystem partners <a aria-label="rolled out new technology (opens in a new tab)" href="https://solana.com/news/state-compression-compressed-nfts-solana" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">rolled out new a new feature</a> that makes storing non-fungible tokens (NFTs) on-chain much cheaper. The feature, known as state compression, reduces the cost of minting 1 million NFTs on Solana to just around $110.</p> 
<h3 id="solana-teams-up-with-ecosystem-partners-to-reduce-costs-of-storing-nfts-on-chain">Solana Teams Up With Ecosystem Partners to Reduce Costs of Storing NFTs On-Chain</h3> 
<p>Solana announced on Thursday the launch of ‘state compression,’ a new feature that makes storing NFTs on the blockchain significantly cheaper. According to the official post, with state compression, minting 1 million compressed NFTs on a blockchain costs roughly $110. Solana said the function could be used to store any data on-chain, though the first use of this technology is compressed NFTs.</p> 
<blockquote class="wp-block-quote"> 
 <p>“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.”</p> <cite>– Solana wrote in the announcement. </cite>
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<p>State compression represents a cross-ecosystem effort built by Solana and Metaplex developers in collaboration with Remote Procedure Call (RPC) providers and indexers such as Triton, Helius, and SimpleHash. By taking advantage of the so-called Merkle trees, this sophisticated technology is designed to reduce transaction costs dramatically. Without state compression, it costs around 1,200 SOL (roughly $24,000) to store 100,000 million NFTs on the <a aria-label="Solana blockchain (opens in a new tab)" href="https://solana.com/developers/nfts" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Solana blockchain</a>.</p> 
<p>Jon Wong, a technical lead on the ecosystem engineering team at the Solana Foundation, said state compression is a “compression-friendly data structure” that enables developers to keep “a small bit of data on-chain and updates directly in the Solana ledger, cutting the data storage cost down dramatically while still using the security and decentralization of Solana’s base layer.”</p> 
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<h3 id="how-does-it-work">How Does it Work?</h3> 
<p>Unlike typical compression methods, which host a bunch of NFT data on-chain, the state compression feature allows only a smaller, concentrated version of data to be hosted on the blockchain using Merkle trees. The remaining portion of the data can be accessed off-chain via Solana RPC providers.</p> 
<p>If the individual values kept off-chain change, the value stored on-chain would also change. To clarify how it works, Wong compared it to a receipt a buyer receives when they purchase an item. Although the product might not be near them, they own the receipt, which verifies them as the product’s honor.</p> 
<p>The move came amid a slight resurgence in demand for NFTs after a severe crypto winter <a href="https://tokenist.com/interest-in-nfts-hits-0-on-google-search-is-the-hype-over/" rel="dofollow" class="deco-link">obliterated </a>the digital collectibles market last year.<br></p> 
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<p><em><strong>Do you think other major blockchains will also implement state compression in the future? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/minting-costs-for-solana-nfts-substantially-lowered-with-new-feature/">Minting Costs for Solana NFTs Substantially Lowered with New Feature</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Minting Costs for Solana NFTs Substantially Lowered with New Feature

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