Solana has introduced a solution designed to reduce on-chain storage fees for non-fungible tokens.
On-chain storage refers to the costly procedure of storing data on the blockchain network. State compression, the new solution, reduces the quantity of on-chain storage needed to store NFTs, resulting in reduced costs for creators and purchasers.
Solana claimed in a Thursday blog post that state compression can reduce storage costs by a factor of 100.
The procedure of creating and placing NFTs on the blockchain is referred to as minting. The process necessitates a quantity of digital storage space, which can be costly. State compression can make NFT minting more cost-effective for creators by minimizing the required storage space.
The Solana blockchain’s native cryptocurrency (SOL) was trading at $20.5 USD with little change following the announcement. The proxy indicator of the Solana NFT market, the Forkast SOL NFT Composite, also fell, by 0.28%.
Unfortunately for the Solana ecosystem, the introduction of a state compression solution coincides with many high-profile NFT projects abandoning the network. Recently, Degods and Y00ts migrated to Ethereum and Polygon, respectively.
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