Solana Foundation announces new NFT compression technology. Cost savings of up to 99.9% are possible.

The Solana Foundation has developed State Compression to solve blockchain's scalability and performance issues. This technology compresses the data, significantly increasing the speed of transactions while reducing storage and bandwidth usage. State compression technology is also leveraged for its NFTs (Compressed NFTs), which lowers gas costs associated with NFT transactions and minimizes on-chain storage usage.

State compression brings down cost of minting 1 million NFTs on Solana to ~$110: https://solana.com/news/state-compression-compressed-nfts-solana

Solana, a high-speed blockchain platform, recently developed State Compression to solve blockchain scalability and performance issues further.

Although this technique applies to all on-chain data, it has been particularly successful in NFT compression (Compressed NFT).

NFTs, unique digital assets representing anything from artwork to collectibles, have exploded in popularity in recent years. However, as the number of his NFTs on the blockchain grows, so does the challenge of storing and processing them efficiently. In particular, the cost of issuing and distributing large-scale NFT collections was extremely high, which was a bottleneck to the scale of the project.

※This chart is based on a snapshot taken on April 5, 2023 and based on a price of SOL at 1.14, and ETH at $1,909.45.

Looking at this chart, the cost efficiency of large-scale issuance is higher, and the cost can be reduced by up to 99.9%. As a result, the NFT project will be able to hold large-scale events that have been difficult until now, and it is expected that more interesting measures will be held.

This state compression technology can also be applied to any data, improving the scalability and performance of the Solana blockchain as a whole. We are well on our way to mass adoption of Web3.

State Compression technology can reduce the transaction costs of BCG. Transactions of NFTs require blockchain network fees, and the higher the number of transactions, the higher the fees. This is often a challenge for BCG, which may trade large quantities of small-value items.

The use of this technology reduces transaction fees, which could be a more cost-effective way for BCG to trade small items. This will allow more people to participate in BCG.

Epics Beta on the Solana chain will be BCG, and various NFTs will appear. Epics also utilizes this state compression technology (State Compression and Compressed NFT), allowing users to enjoy trading and games with their NFTs at lower fees.

Epics: https://epics.dev