Bubblegum, a tool that reduces the cost of interacting with NFTs on the Solana blockchain using compression techniques (cNFTs), is routinely being used to mint over 3 million NFTs weekly.
Bubblegum’s main adopter is Drip Haus. It is a project that allows creators to mint and launch NFTs. Drip has been promoting Bubblegum’s compression technology since early 2023.
More savings on Solana
It’s notable that a cost-saving feature has generated so much usage on Solana. After all, blockchain already has cheap fees compared to Ethereum. Even in a low-demand environment, a simple token transfer on Ethereum costs $0.63. Meanwhile, Solana transactions often cost fractions of a cent.
Bubblegum uses Merkle Trees, a data structure widely used in blockchains, in order to reduce the cost of minting cNFTs. This is because scanning the items in a Merkle tree scales logarithmically, meaning minting a larger number of NFTs results in lower costs per cNFT.
To be sure, mints do not equate to a hot market for NFTs on Solana; Solscan data shows that volume in terms of SOL for NFTs has been relatively stable over the last 90 days.
Metaplex is the company responsible for developing Bubblegum. The platform also features a framework for launching NFTs on Solana called Candy Machine. Additionally, it updated its protocol in January to allow NFT creators to apply royalties.
*Translation of the article “Millions Of Compressed NFTs Are Being Minted Weekly On Solana” with permission from The Defiant.
Notice: The text presented in this column does not necessarily reflect the opinion of CriptoFácil.