- Over 991,000 Solana NFTs will be created as part of the migration process.
- The cost of minting 1 million NFTs may be reduced to roughly $113 USD.
After much preparation, Helium Network has now finished moving off of its layer-1 blockchain platform and onto Solana. Solana, in the eyes of Helium’s creators and investors, has the potential to open up new use cases throughout the network, something that may be aided by a large-scale NFT mint associated with the transition.
The Helium Network migration to @solana is complete!
This is an incredible milestone for the global Helium community and ushers in a new era for a highly scalable and resilient Helium Network along with a new world of utility on Solana.https://t.co/Ip8bVmKeLJ pic.twitter.com/SR5eMbchsS— Helium
(@helium) April 19, 2023
Over 991,000 Solana NFTs will be created as part of the migration process, one for each physical hotspot node currently active on the Helium network. When a hotspot’s owner logs into the associated wallet, they will be able to access their NFT and make any necessary changes to the hotspot’s location.
Banking on New NFT Compression Approach
According to public blockchain data collected by analytics firm Flipside Crypto on Wednesday morning, more than 150,00 of the NFTs have been minted. Although the data on the platform is somewhat behind, it looks like the procedure is still underway at this time.
Solana’s new state compression function, which allows producers to mint potentially massive numbers of NFTs for relatively cheap cost compared to other platforms or even to Solana’s usual NFT minting procedure, has been put to the test in this high-profile use case.
Furthermore, the Solana Foundation estimates that by using this method, the cost of minting 1 million NFTs may be reduced to roughly $113 USD (as of April 5). Solana without compression technology is expected to cost around $253,000, whereas minting on the Ethereum scaling network Polygon would cost $32,800.
With Solana’s NFT compression, producers and marketers may have an affordable option to distribute massive quantities of NFTs to a wider audience.
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