Pune Media
Leading the news curation and publishing for the people of Pune

Solana introduces ‘state compression’ to lower NFT storage costs

Solana has introduced a solution that aims to reduce on-chain storage costs for non-fungible tokens (NFT). 

See related article: Solana NFT sales surge as traders farm for Tensor rewards

Fast facts

  • On-chain storage refers to storing data on the blockchain network, which can be a costly process. The new solution, called “state compression,” reduces the amount of on-chain storage required to store NFTs, resulting in lower costs for creators and buyers.
  • Solana claimed in a blog post on Thursday that state compression can reduce storage costs by up to 100 times.
  • State compression solution could become an important feature for NFT creators, who often face high costs when minting NFTs.
  • Minting refers to the process of creating and putting NFTs on the blockchain. The process requires a certain amount of digital storage space, which can be expensive. By reducing the storage space needed, state compression can make NFT minting more affordable for creators.
  • The Solana blockchain’s native cryptocurrency (SOL) price was little changed following the announcement and was trading at US$20.5. Meanwhile, the Forkast SOL NFT Composite, a proxy measure for the Solana NFT market, dropped 0.28%.
  • The state compression solution comes at a time when the Solana ecosystem has taken a hit from popular NFT projects leaving the network. Degods and Y00ts recently began migrating to Ethereum and Polygon, respectively. 

See related article: DeGods begins migration to Ethereum

Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.

Aggregated From –

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More