A quick intro to Solana compressed NFTs and what this unlocks for Single users
Intro
Single chose the Solana network because it is cost effective, extremely fast and eco-friendly. These aligns with our mission to help artists, creators and brands leverage digital content to grow their audience on Shopify and drive more revenue.
With the introduction of cNFTs, minting on Shopify gets cheaper - A LOT cheaper.
cNFTs on Solana rely on “state compression” and Merkle trees to condense the data into hashes stored on the Solana ledger. But as an average user, you don’t need to understand this. Just that you can mint millions of tokens for next to nothing.
What this means for you
This change brings about a new era of minting Solana NFTs through Single. Instead of an NFT mint costing around $2 on minting fees alone - cNFTs reduce this to nearly zero.
Instead, the creator of a cNFT collection pays around $25 to publish a collection, but is then able to mint 15,000,000 NFTs with no further mint costs. That’s right - for ~$25 + Single fees, you can deliver millions of NFTs to your customers.
If you prefer to use legacy NFTs that follow a pay-as-you-go structure, this option is still available to you. Here is what the choices look like in the Single UI:
New Use-Cases
So now that NFTs can essentially be minted by the million for free, how can Shopify store owners take advantage of this?
- Deliver NFTs as discount coupons with every item in your storefront
- Surprise all past customers with an NFT that provides exclusive early access to a new product
- Reward your most loyal customers with access to behind the scenes video, accessible only by unlocking an NFT
Want to chat about how you can take advantage of high-volume NFT distribution to invite your customers back to your storefront? Reach out to us here!