Compressed NFTs will be launching on Solana soon, tweeted Solflare Wallet. A few metrics related to NFTs looked promising, but SOL has quite a few roadblocks ahead. Solana’s [SOL] current state in the NFT market was not the best, with major collections like y00ts migrating to Polygon [MATIC]. y00ts, which was the most traded Solana […]
Compressing NFTs will drastically reduce the cost and storage requirements to mint and store NFTs in the Solana network. Solana Labs developed compression for NFTs to serve Web2 and Web3 enterprise customers who want to activate millions or even billions of users.It was interesting to see that a few of the NFT metrics looked positive for the ecosystem. For instance,
NFT marketplace’s volume registered an uptick over the past few days, suggesting more users on the network.highlighted that Solana’s NFT sales volume went up by more than 60% in the last 24 hours. Moreover, there was a similar hike in the number of buyers. The number of more buyers was also evident from Santiment’s chart, which suggested an uptick in the ‘amount of unique addresses bought less than 1k USD of NFTs’ metric.
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