Helius launches Solana NFT Compression, allowing developers to mint a large number of NFTs at a low cost

ChainCatcher news, Solana infrastructure startup Helius has launched Solana NFT Compression, allowing developers to mint large quantities of NFTs at a low cost through the Digital Asset Standard (DAS). This is achieved by maintaining the NFT state off-chain with indexing companies like Helius rather than on-chain accounts, ensuring that off-chain and program interactions are legitimate and secure through a verification mechanism.

Compression eliminates the need for complete on-chain storage while retaining Solana's decentralization, security, and programmability. The compressed NFTs are stored in the Merkle tree of the Solana ledger and off-chain indexers. These compressed NFTs are not native Solana tokens and do not have token accounts, mint accounts, or metadata; each Merkle tree has an account that can accommodate millions of NFTs, requiring API calls to read any information about the compressed NFTs. All NFT modifications must go through the Bubblegum program, and compressed NFTs can be converted into regular NFTs, but not vice versa.

According to the crypto data platform RootData, on October 20, 2022, Helius announced the completion of a $3.1 million seed round financing, led by Reciprocal Ventures and Chapter One, with participation from Solana Ventures, Alchemy Ventures, Big Brain Ventures, Propel VC, and angel investors including Magic Eden co-founder Zhuoxun Yin and Squads co-founder Stepan Simkin. (Source link)