Solana’s blockchain is experiencing an influx of compressed non-fungible tokens (cNFTs), thanks to Metaplex’s Bubblegum, a technology that aids in the creation of over 3 million NFTs weekly.
Metaplex has developed Bubblegum, a tool that diminishes the cost of minting and engaging with NFTs on the Solana blockchain. This technology employs compression methods to generate cNFTs. Projects like Drip Haus have adopted this technology, allowing creators to mint and airdrop NFTs.
Bubblegum capitalizes on the use of Merkle Trees, a data structure commonly utilized across blockchains, to lessen the cost of minting cNFTs. This reduction in cost is made possible by the logarithmic scaling of scanning items in a Merkle Tree, which results in lower costs per cNFT as the number of NFTs minted increases.
Solana’s NFT market has remained relatively steady over the last 90 days, despite the high minting numbers, according to data from Solscan. The data also indicates that Solana’s transaction fees are considerably lower than those of Ethereum, even during periods of low demand.
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