Solana Chain Mints File 15.6M NFTs Amid SEC First Enforcement at NFT

• Solana ultra-low-cost Compressed NFTs noticed a record-breaking minting quantity in August.
• The NFTs surged to just about 78M, overtaking their non-compressed counterparts.
• This progress comes amid the SEC’s first enforcement transfer on non-fungible tokens.

In a latest tweet, outstanding Chinese language reporter Colin Wu spotlighted record-breaking developments surrounding Solana-based non-fungible tokens (NFT). Wu shared that in August, Solana’s ultra-low-cost Compressed NFTs noticed a minting quantity that exceeded 15.6 million.

The Chinese language reporter famous that the determine represents the ultra-low-cost Compressed NFTs’ file excessive. Furthermore, Wu disclosed that the NFTs attained the exceptional feat with a mere 82 SOL in charges. The charged charges denote a greenback worth of $1,596, with SOL buying and selling at $19.47.

It’s value mentioning that Solana’s ultra-low-cost Compressed NFT is a brand new characteristic that reduces the price of minting NFTs on the Solana blockchain. It compresses the info saved on-chain for every NFT.

Moreover, Wu revealed that the overall variety of the Solana compressed NFTs surged to just about 78 million. This determine made it overtake its non-compressed counterparts. Quoting information from a monitoring platform, Wu hinted that the compressed NFTs now accounted for 55.62% of the overall NFTs on Solana’s community.

By way of month-to-month gross sales, in addition they contributed considerably. Particularly, the compressed NFTs made up 21.5% of Solana NFTs’ whole gross sales quantity for August. In the meantime, this progress comes amid the U.S. regulator’s inaugural enforcement transfer on non-fungible tokens.

Final Monday, U.S. regulators took motion in opposition to a outstanding Web3 firm for its issuance of NFTs. The agency in query is Influence Idea, a California-based media firm. The enterprise reportedly generated almost $30 million by promoting three tiers of NFT choices.

In accordance with the U.S. SEC, NFT transactions are unlawful as they allegedly constituted unregistered securities choices. The transfer marked the SEC’s first actions focusing on the NFT market.