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Solana NFT Minting Costs Could Get Cheaper With New Technology

Solana has unveiled "state compression," which aims to decrease data storage costs on-chain.

The technology could potentially impact the NFT market and Solana-based web3 projects. State compression utilizes Merkle trees, a data structure that enables verifiable off-chain storage on Solana, resulting in low on-chain storage costs. Merkle trees are a type of data structure that allows for efficient and secure verification of the contents of large sets of data.

State compression, which reduces on-chain data needs, was developed by Solana Labs and Metaplex, with collaboration from RPC providers and indexers Helius, Triton, and SimpleHash, as well as support from Solana-based web3 wallets Phantom and Solflare.

State compression could be utilized for compressing data size, resulting in NFTs being minted at a lower cost, as noted by Jon Wong, technical lead on the ecosystem engineering team at the Solana Foundation.

(by Vishal Chawla)

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