Solana released compressed NFTs, a way to mint tokens at a fraction of the previous cost on Solana (and even cheaper than any other chain). This will allow creators to distribute significantly more NFTs and add interesting use cases to their products. Drip Haus has notably been dropping a massive amount of NFTs along with Dialect sticker pack mints. Next week Helium is arriving on Solana and will further adding to this number.

Create a dashboard highlighting this new trend on Solana, showing the cost that these products would have incurred if they were minting on other protocols like Ethereum or Polygon. Is this "only possible on Solana" right now? Which projects have minted the most NFTs and what have been their use cases so far? How do you see this trend developing in the near future?

In this analysis, the application of compressed NFTs in the minting of the Solana ecosystem has been investigated. Also, the trend of this new method on the Solana blockchain has been determined. This analysis is divided into the following parts:

• Compressed NFTs mining method
• Impacts on the Solana blockchain
• Compare with other blockchains
• Top collections and Helium analysis

Compressed NFTs on Solana are a new type of non-fungible tokens that utilize a compression algorithm to reduce their size and increase their efficiency. This technology allows for faster transaction times and lower fees compared to traditional NFTs.

The compression algorithm used for Solana's compressed NFTs is called "Borsh," which is a binary serialization format that can efficiently encode data structures. Borsh was specifically designed for Solana's blockchain, which is known for its high-speed transactions and low fees.

Compressed NFTs on Solana have several advantages over traditional NFTs. They can be easily transferred and stored, and their smaller size means they require less storage space on the blockchain. This makes them ideal for use in gaming and other applications where large numbers of NFTs need to be processed quickly and efficiently.

In addition, compressed NFTs on Solana can be easily converted back into their original form if necessary, making them fully compatible with other blockchain platforms that use traditional NFTs.

The data provided by Flipside has been used to handle this analysis.

• In this investigation, first of all, the implementation of the compressed NFTs method in minting on the Solana blockchain has been investigated based on the program used for that purpose: PROGRAM_ID ='BGUMAp9Gq7iTEuizy4pqaxsTyUCBK68MDfK752saRPUY'

• After the first part, the share of this new method and the regular approach to minting of NFTs in the Solana ecosystem has been estimated.

• The third part considers a comparison of minting NFTs on the Solana ecosystem with other blockchains like Ethereum and Polygon networks. The comparison is made based on the average paid volume (in USD) for minting NFTs on these selected chains.

• The final part is used to identify the top collections minted by compressed NFTs method. Additionally, the minting performance of Helium collection by the use of compressed NFTs method has been determined.