{"id":525927,"date":"2023-04-06T22:21:21","date_gmt":"2023-04-06T22:21:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=525927"},"modified":"2023-04-06T22:21:21","modified_gmt":"2023-04-06T22:21:21","slug":"solana-new-innovation-paves-the-way-for-affordable-nfts","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-new-innovation-paves-the-way-for-affordable-nfts\/","title":{"rendered":"Solana&#8217;s New Innovation Paves The Way For Affordable NFTs"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Solana, a highly scalable blockchain network, has been making waves in the crypto world as an \u201cEthereum-killer.\u201d However, recent failures have put a dent in its reputation. Despite these setbacks, Solana has <a href=\"https:\/\/twitter.com\/solana\/status\/33975296?s=20\" target=\"_blank\" rel=\"noopener nofollow\">announced<\/a> a major innovation with a new feature called \u201cState Compression.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This new solution aims to lower the minting costs for NFTs, which have been a major barrier to entry for many creators and users. By reducing the costs of creating and trading NFTs, Solana\u2019s state compression technology now has the potential to unlock new opportunities in the NFT market and make it more accessible to a wider audience.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/woes-for-bitcoin-and-ethereum-as-price-weakens-which-direction-will-prevail\/\" target=\"_blank\" rel=\"noopener \">Woes For Bitcoin And Ethereum As Price Weakens, Which Direction Will Prevail?<\/a><\/div>\n<h2><b>NFT Market Set To Grow With Solana\u2019s State Compression<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Traditionally, data on the blockchain is stored in an uncompressed format, which can be space-consuming and costly. Solana\u2019s state compression technology is a solution that reduces the amount of storage required for storing data on the blockchain. This is achieved by compressing the data before it is stored on-chain, making it more efficient and cost-effective.\u00a0<\/span><\/p>\n<figure id=\"attachment_525928\" aria-describedby=\"caption-attachment-525928\" style=\"width: 614px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-525928\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/Screenshot_12.jpg?resize=614%2C374\" alt=\"Solana\" width=\"614\" height=\"374\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/Screenshot_12.jpg?w=614 614w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/Screenshot_12.jpg?w=460 460w\" sizes=\"(max-width: 614px) 100vw, 614px\"><figcaption id=\"caption-attachment-525928\" class=\"wp-caption-text\">The number of Solana&#8217;s NFTs with compression. Source: <a href=\"https:\/\/solana.com\/news\/state-compression-compressed-nfts-solana\" target=\"_blank\" rel=\"noopener nofollow\">Solana.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">In addition to reducing storage costs, Solana\u2019s state compression technology can also improve the overall efficiency of the blockchain. By compressing data, it becomes easier and faster to process, reducing the time and resources that are required to execute transactions. This can improve the overall speed and scalability of the blockchain, making it a more attractive platform for building decentralized applications (DeFi).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Solana\u2019s state compression technology has significant implications for the NFT market, particularly in reducing the cost and complexity of creating NFTs. According to Solana&#8217;s announcement, the most important implication of this technology is \u201ccompressed\u201d NFTs, which are similar to regular NFTs but much cheaper to mint and store on-chain.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Per the announcement, compressed NFTs are created by compressing the data stored on the blockchain, drastically reducing the amount of storage required; the feature makes it much more affordable for creators and users to participate in the NFT market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Compressed NFTs may be a game-changer for the NFT market, making it much more affordable for creators and users to participate. Using Solana&#8217;s state compression technology, developers can create and trade NFTs at a fraction of the cost of traditional NFTs, opening up new opportunities for innovation and growth in the NFT market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Solana&#8217;s native token SOL has breached the $21 level, but it is currently trading at $20.60, representing a 1.2% decline from the previous 24 hours. The current resistance for SOL is located at the $21.32 mark. If the price surpasses this level, it could regain its bullish momentum and aim for its yearly high of $27, achieved in January.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the other hand, the current support level for SOL is $20.69, which has remained firm since its decline in the last 24 hours. If this support level persists, SOL could maintain its bullish trend and potentially surge to higher levels in the upcoming days.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-shapella-upgrade-expected-to-boost-liquid-staking-protocols\/\" target=\"_blank\" rel=\"noopener \">Ethereum Shapella Upgrade Expected To Boost Liquid Staking Protocols<\/a><\/div>\n<figure id=\"attachment_525929\" aria-describedby=\"caption-attachment-525929\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-525929\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/SOLUSDT_2023-04-06_17-44-21_70b89.png?resize=860%2C407\" alt=\"Solana\" width=\"860\" height=\"407\"><figcaption id=\"caption-attachment-525929\" class=\"wp-caption-text\">SOL declined in the last 24 hours on the 1-day chart. Source: SOLUSDT on TradingView.com<\/figcaption><\/figure>\n<p>Featured image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana, a highly scalable blockchain network, has been making waves in the crypto world as an \u201cEthereum-killer.\u201d However, recent failures have put a dent in its reputation. Despite these setbacks, Solana has announced a major innovation with a new feature called \u201cState Compression.\u201d\u00a0 This new solution aims to lower the minting costs for NFTs, which have been a major barrier to entry for many creators and users. By reducing the costs of creating and trading NFTs, Solana\u2019s state compression technology now has the potential to unlock new opportunities in the NFT market and make it more accessible to a wider audience.\u00a0 Related Reading: Woes For Bitcoin And Ethereum As Price Weakens, Which Direction Will Prevail? NFT Market Set To Grow With Solana\u2019s State Compression Traditionally, data on the blockchain is stored in an uncompressed format, which can be space-consuming and costly. Solana\u2019s state compression technology is a solution that reduces the amount of storage required for storing data on the blockchain. This is achieved by compressing the data before it is stored on-chain, making it more efficient and cost-effective.\u00a0 In addition to reducing storage costs, Solana\u2019s state compression technology can also improve the overall efficiency of the blockchain. By compressing data, it becomes easier and faster to process, reducing the time and resources that are required to execute transactions. This can improve the overall speed and scalability of the blockchain, making it a more attractive platform for building decentralized applications (DeFi).\u00a0 Solana\u2019s state compression technology has significant implications for the NFT market, particularly in reducing the cost and complexity of creating NFTs. According to Solana&#8217;s announcement, the most important implication of this technology is \u201ccompressed\u201d NFTs, which are similar to regular NFTs but much cheaper to mint and store on-chain.\u00a0 Per the announcement, compressed NFTs are created by compressing the data stored on the blockchain, drastically reducing the amount of storage required; the feature makes it much more affordable for creators and users to participate in the NFT market. Compressed NFTs may be a game-changer for the NFT market, making it much more affordable for creators and users to participate. Using Solana&#8217;s state compression technology, developers can create and trade NFTs at a fraction of the cost of traditional NFTs, opening up new opportunities for innovation and growth in the NFT market. Solana&#8217;s native token SOL has breached the $21 level, but it is currently trading at $20.60, representing a 1.2% decline from the previous 24 hours. The current resistance for SOL is located at the $21.32 mark. If the price surpasses this level, it could regain its bullish momentum and aim for its yearly high of $27, achieved in January. On the other hand, the current support level for SOL is $20.69, which has remained firm since its decline in the last 24 hours. If this support level persists, SOL could maintain its bullish trend and potentially surge to higher levels in the upcoming days. Related Reading: Ethereum Shapella Upgrade Expected To Boost Liquid Staking Protocols Featured image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":525930,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[6664,1558,86515,86989,83627],"class_list":["post-525927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-cryptocurrency","tag-solana-sol","tag-solana-nfts","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana&#039;s New Innovation Paves The Way For Affordable NFTs<\/title>\n<meta name=\"description\" content=\"Solana has announced a major innovation with a new feature called \u201cState Compression\u201d, Which can pave the way for more affordable NFTs\" \/>\n<meta name=\"robots\" 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