Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Helium migrates Solana, minting nearly 1M NFTs

Helium migrates Solana, minting nearly 1M NFTs

As a result of a successful migration from Helium to Solana, each hotspot on the crypto wireless network is now represented by an NFT.

Wireless network that uses cryptography Helium’s planned move from its own layer-1 blockchain platform to Solana has been finished successfully. Helium’s founders and backers think that Solana could open up more ways to use the network. This could be made easier by a mass-scale NFT mint that is tied to the move.

As part of the migration process, an NFT is being created for each real hotspot node running on the Helium network. This means that over 991,000 Solana NFTs will be created in total. When hotspot owners log in to the wallet tied to the hotspot, they can claim their NFT. Hotspot owners can still move or change the places of their hotspots as they wish.

“Helium developers took a snapshot of the existing blockchain and loaded the necessary transactions to the new blockchain,” Helium Foundation Head of Protocol Engineering Noah Prince told Decrypt. “The contracts are permissionless and on-chain.”

As of Wednesday morning, more than 150,00 of the NFTs had been created, according to public blockchain data compiled by the analytics platform Flipside Crypto. Although the data on the platform is slightly delayed, the procedure appears to be ongoing.

It’s the most important test case to date for Solana’s new state compression feature, which lets creators mint potentially huge amounts of NFTs for a relatively low cost compared to other platforms or even Solana’s normal NFT minting process.

The Solana Foundation says that the process cuts the cost of making 1 million NFTs to about $113 in SOL (as of April 5). Using Solana without the compression tech, the same amount of SOL would be worth about $253,000, and the same amount of MATIC would be worth about $32,800 on the Ethereum scaling network Polygon.

The Solana Foundation says that making that many NFTs on the Ethereum mainnet would cost the people who made them about $33.6 million. With Solana’s NFT compression feature, artists and brands might be able to give away a lot of NFTs to a wider audience without spending a lot of money.

The Helium Foundation claims that the token functions as a network credential and authenticates the hotspot in a decentralized manner. In addition, the NFT enables conceivable ecosystem-wide integrations, such as token-gated benefits and hotspot owner access.

In September 2022, the community voted in favor of Helium’s migration to Solana, initiating the months-long process of integrating the “network of networks”—which rewards users for sharing their wireless service with crypto tokens—into the public blockchain network used for things like NFT collectibles and DeFi protocols.

Almost all of those devices are part of the original Helium LoRaWAN network, which connects light Internet of Things (IoT) devices like sensors and monitors. Hotspot owners share the internet bandwidth from their homes or businesses to power the global network and earn tokens for doing so.

In addition, Helium hosts a growing 5G network that is increasingly consumer-facing and utilized by devices such as smartphones and laptops. The network currently consists of over 8,000 hotspots, with early 5G hotspot nodes costing significantly more than Helium IoT hotspots.

Content Source:

About Tina

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *