Solana Technology Reduces NFT Minting Costs and Increases SOL Prices
We have some exciting news for those involved in the NFT market. The Solana blockchain is leading the way in reducing the cost of minting non-fungible tokens (NFTs). Not only that, but this technology is ensuring that its own native token, SOL, gets a boost as well.
NFTs are a relatively new form of digital asset on the blockchain, allowing users to purchase and sell digital items. The technology behind NFTs has been rapidly advancing since Ethereum introduced their ERC-721 token standard back in 2017.
The technology behind Solana's low-cost NFT transaction fees is called Tower Batch. This system allows multiple actions to be grouped together for an incredibly small fee. It also allows for more efficient minting of large numbers of tokens.
Furthermore, Tower Batch minimizes network congestion by batching transactions into a single message instead of sending them out one by one. This results in faster and more reliable settlement times so users can quickly receive their newly minted tokens.
The reduced fees associated with Solana's Tower Batch technology have helped to bolster the price of its native token, SOL. In the past week alone, SOL has seen over a 25% increase in its price as more investors flock to take advantage of the lower costs associated with transacting on the Solana blockchain.
In addition to this price increase, Solana's low transaction fees could open up doors for more applications built on top of their network. With fewer costs associated with each transaction, developers may now be tempted to build dapps on top of Solana knowing they won't get gouged with sky-high fees.