Solana Network Achieves Historic Milestone with 15.6 Million NFTs Minted Amid SEC’s First NFT Enforcement Action

Solana’s Compressed NFTs Achieve Record-Breaking Minting Volume

In a recent development, Solana’s ultra-low-cost Compressed NFTs have set a new record in minting volume for the month of August. These Compressed NFTs saw a remarkable surge, reaching a total of nearly 78 million, surpassing their non-compressed counterparts.

This significant growth comes at a time when the U.S. Securities and Exchange Commission (SEC) has initiated its first enforcement action targeting the NFT market.

Record-Breaking Minting Figures

Prominent Chinese reporter Colin Wu brought attention to these remarkable developments in the world of Solana-based non-fungible tokens (NFTs). According to Wu’s recent tweet, Solana’s ultra-low-cost Compressed NFTs achieved an unprecedented minting volume, exceeding 15.6 million in August.

What’s particularly noteworthy is that this figure represents an all-time high for the ultra-low-cost Compressed NFTs. Wu also revealed that this incredible achievement was made possible with a mere 82 SOL in fees, translating to a dollar value of $1,596, considering SOL’s trading price at $19.47.

The Innovative Compressed NFT Feature

It’s important to understand that Solana’s ultra-low-cost Compressed NFT is an innovative feature designed to reduce the cost of minting NFTs on the Solana blockchain. This feature achieves cost reduction by compressing the data stored on-chain for each individual NFT.

Furthermore, Wu unveiled that the total count of Solana’s compressed NFTs has surged to nearly 78 million, effectively surpassing the number of non-compressed NFTs. Citing data from a tracking platform, Wu hinted that compressed NFTs now account for a significant 55.62% of the total NFTs within Solana’s network.

These compressed NFTs have also made a substantial impact on monthly sales, constituting 21.5% of the total sales volume for Solana NFTs in August.

SEC’s Inaugural Enforcement Move

These developments in the world of Solana’s NFTs are occurring against the backdrop of the United States regulatory authority’s first enforcement action targeting the NFT market. Just last Monday, the U.S. regulators took action against a prominent Web3 company, Impact Theory, a California-based media company.

The company reportedly generated nearly $30 million by offering three tiers of NFTs. However, according to the U.S. SEC, these NFT transactions have been deemed illegal as they allegedly constituted unregistered securities offerings.

This enforcement action marks a significant milestone as the SEC’s inaugural move aimed at regulating the NFT market, bringing heightened attention to the regulatory landscape surrounding non-fungible tokens.

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