Solana Launches State Compression for NFTs: A Comprehensive Guide
On April 6th, Solana announced the launch of state compression, a new method of storing data on Solana that can significantly reduce costs. The first use of state compression to co
On April 6th, Solana announced the launch of state compression, a new method of storing data on Solana that can significantly reduce costs. The first use of state compression to compress NFTs has reduced the cost of casting NFTs on Solana by 2400-24000 times. As of April 5th, the cost of casting 1 million uncompressed NFTs on Solana exceeded $250000. Using compressed NFT, it is approximately $110.
Solana launches state compression, reducing the cost of casting 1 million NFTs to approximately $110
The world of blockchain technology and cryptocurrencies continue to evolve, and Solana has just announced another major update for its users. On April 6th, Solana revealed its new method of storing data on its platform called “state compression”. This new method can significantly reduce the cost of casting NFTs on Solana up to 2400-24000 times. The high cost of casting uncompressed NFTs has been a barrier for many artists and creators, making this update a game-changer for the Solana network. In this article, we will dive into what state compression is and what it means for NFT creators.
What is State Compression?
State compression is a new method of data storage on the Solana network that allows blockchain transactions to run faster and cheaper. Every time a change is made to the blockchain, a new block of data shall be appended to it, enlarging the blockchain’s size. With state compression, Solana can store multiple blocks into a single state, reducing the size of the blockchain. These states will have minimum storage requirements compared to the original status. By compressing the state size, the Solana network ensures quick accesses to data and reduces the data storage and transfer costs.
Solana’s State Compression and NFTs
The first use of state compression technology is to compress NFTs, which can significantly reduce the cost of casting NFTs on Solana by up to 2400-24000 times. Prior to this, the cost of casting 1 million uncompressed NFTs on Solana exceeds $250,000. But with the new state compression update, the cost is down to just $110 for compressed NFTs. That’s a substantial reduction that brings even more NFT creators within the reach of Solana. The cost of using Solana for NFTs has now become the cheapest of all major blockchains: Ethereum, BSC, Polygon, Flow, and Solana.
NFT creators can now efficiently and cheaply create their projects and gain more profits with reduced costs. Lowering entry barriers and cost will make Solana a highly preferred choice for NFT art collectors and creators. Solana will also become a leader in NFT art adoption among the large community of artists who have been held back by high entry barriers and costs in creating NFT art on other blockchain platforms.
Solana Moving Forward
Solana’s new state compression is a game-changer in the world of blockchain technology. With the help of this new technology, Solana is aiming to become the fastest and cheapest blockchain platform. Solana is only getting started with the update and is actively working on integrating more blockchain solutions. The team is always looking to enhance the platform to make it more user-friendly and cost-effective.
Conclusion
Solana’s new state compression technology has made a significant impact on the NFT world. This new method of storing data on the network is an innovative solution to the issue of high costs associated with uncompressed NFTs. It is a groundbreaking update that enables NFT artists and creators to join the Solana network and create their projects more efficiently and cost-effectively. We are excited to witness Solana’s growth and development, and we believe that this new feature will only continue to improve the platform’s functionality and value.
FAQs
Q: What is state compression, and how does it work?
A: State compression is a new method of data storage on the Solana network that allows blockchain transactions to run faster and cheaper. It compresses multiple blocks of data into a single state, reducing the size of the blockchain and making it easy to access data and transfer it at a lower cost.
Q: How does Solana state compression make NFTs cheaper?
A: The first use of state compression allows Solana to compress NFTs, which significantly reduces the cost of casting NFTs on Solana by up to 2400-24000 times. This is because compressed NFTs require minimal storage and reduce the cost of data storage and transfer.
Q: What is the cost of casting NFTs on Solana before and after the state compression update?
A: Prior to the new update, the cost of casting 1 million uncompressed NFTs on Solana exceeds $250,000. With the new state compression update, the cost is down to just $110 for compressed NFTs, making it the cheapest blockchain platform among Ethereum, BSC, Polygon, and Flow.
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