In a recent tweet, prominent Chinese reporter Colin Wu highlighted record-breaking developments surrounding Solana-based non-fungible tokens (NFT). Wu shared that Solana’s ultra-cheap compressed NFTs had a coin volume of more than 15.6 million in August.
In August, the coin volume of Solana’s ultra-cheap compressed NFT exceeded 15.6 million, a record high and only cost 82 SOL. Solana’s number of compressed NFTs has approached 78 million, surpassing uncompressed NFTs, accounting for 55.62% of the total.
— Wu Blockchain (@WuBlockchain) September 3, 2023
The Chinese reporter noted that this figure represents the all-time high of ultra-cheap compressed NFTs. In addition, Wu revealed that the NFTs achieved this remarkable feat with only 82 SOL in fees. The fees charged indicate a dollar value of $1,596, with SOL trading at $19.47.
It is worth mentioning that Solana’s ultra-cheap compressed NFT is a new feature that lowers the cost of creating NFTs on the Solana blockchain. It compresses the data stored for each NFT in the chain.
In addition, Wu revealed that the total number of compressed Solana NFTs had risen to nearly 78 million. This figure caused it to overtake its uncompressed counterparts. Wu cited data from a tracking platform and hinted that the compressed NFTs now represent 55.62% of the total NFTs on Solana’s network.
In terms of monthly sales, they also contributed significantly. In particular, the compressed NFTs made up 21.5% of the total sales volume of Solana NFTs in August. Meanwhile, this growth comes amid the US regulator’s inaugural enforcement action on non-fungible tokens.
Last Monday, US regulators took action against a leading Web3 company for issuing NFTs. The company in question is Impact Theory, a California-based media company. The company reportedly generated nearly $30 million from the sale of three tiers of NFT offerings.
According to the US SEC, NFT transactions are illegal because they are allegedly unregistered securities offerings. This move marked the SEC’s first actions targeting the NFT market.