Thanks to state compression, users can mint 1 million NFTs for around $110.

Solana announced on April 6 the introduction of state compression, a new feature that will significantly reduce the cost of minting NFTs.

According to Solana, state compression can be used to store any type of on-chain data, but is currently commonly used with non-fungible tokens (NFTs).

The method involves modifying existing Merkle trees on the Solana blockchain rather than performing standard transactions, allowing for “much cheaper” NFTs.

The cost of minting and storing compressed NFTs scales with the number of related items. In one estimate, Solana said it would cost 5.35 SOL ($113) to mint and store 1 million compressed NFTs. By comparison, minting the same number of NFTs on Solana would cost 12,000 SOL ($253,680) without the benefits of state compression.

Solana also said that minting a single compressed NFT costs just 0.000005 SOL (less than a penny). A full price list is shown in the project's blog post.

Solana said at least five projects are already using the feature.