September 4, 2023

Over 15.6 Mln Compressed NFTs Minted on Solana in August

Solana

Solana

A well-known reporter from China, Colin Wu, recently shared news about NFTs based on Solana. Wu announced that in August, the Compressed NFTs on Solana had a record-breaking minting volume of over 15.6 million.

The reporter also revealed that this impressive feat was achieved with a mere 82 SOL in fees, which equates to a dollar value of $1,596, considering SOL’s current trading price of $19.47. It’s worth noting that Solana’s Compressed NFTs are a new feature that significantly reduces the cost of minting NFTs on the Solana blockchain. This is accomplished by compressing the data stored on-chain for each NFT.

“In August, the minting volume of Solana‘s ultra-low-cost Compressed NFT exceeded 15.6 million, setting a record high and incurring only 82 SOL fees. The number of Solana compressed NFTs has approached 78 million, surpassing non-compressed NFTs, accounting for 55.62% of the total, and contributing 21.5% of Solana NFTs’ monthly sales volume in August,” Wu tweeted.

He has reported that Compressed NFTs on Solana have reached a new record high in ultra-low cost. Wu, the reporter, shared that this achievement was made with a fee of just 82 SOL, which amounts to $1,596, with SOL trading at $19.47.

It is important to note that the ultra-low-cost Compressed NFT is a new feature on Solana’s blockchain, which reduces the cost of minting NFTs by compressing the data stored on-chain for each NFT. Wu also revealed that the total number of Solana-compressed NFTs has surged to almost 78 million, surpassing its non-compressed counterparts.

According to tracking data, compressed NFTs now account for 55.62% of the total NFTs on Solana’s network. These compressed NFTs have also contributed significantly to monthly sales, making up 21.5% of Solana NFTs’ total sales volume for August. It’s worth noting that this growth has occurred amidst the US regulator’s inaugural enforcement move on NFTs.

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