• Solana’s new state compression technology could bring down the cost of minting NFTs.
• The total NFT sales volume for Solana grew 31% in the last 30 days.

Solana’s [SOL] NFT ecosystem has been severely hit by exits of two of its most popular and valuable NFT collections, y00ts and DeGods, in 2023. While y00ts has almost completed its migration to the Polygon [MATIC] chain, its sister project, DeGods, move to Ethereum [ETH] was also underway at press time.

Realistic or not, here’s SOL’s market cap in BTC’s terms

As per CryptoSlam, the total NFT sales volume on Solana grew 31% in the last 30 days. However, the NFT trade count dipped by over 8%. It remains to be seen how much of an impact the absence of aforementioned collections will have on the second-largest NFT market in the crypto space.

However, amidst this negativity, the Solana network introduced a game-changing technology which could entice the NFT community in the days to come.

Solana NFT minting becomes affordable

The Solana Foundation was planning to make it cheaper to store NFTs on the blockchain using its ‘state compression technology’. As per the blog post, compressed NFTs are just like traditional NFTs, except for the fact that cost of minting is drastically reduced.

In the example provided by Solana, minting a million uncompressed NFTs costs more than $250,000 on the chain currently. The same will cost $113 using compressed

Go to Source to See Full Article
Author: Suzuki Shillsalot

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details