Blockchain network opens a Web3 store, Solana Spaces


A surging ecosystem

Like Ethereum, Solana is a blockchain that uses smart contracts to build various decentralized apps. It also has a native cryptocurrency, SOL, which is currently selling at $39.53, with a market cap of nearly $13 billion, per CoinMarketCap.

Although Solana is less widely used than Ethereum, the network has experienced significant growth over the past year. As of June, it served over 32 million daily active wallets, per The Block—a 40% year-over-year surge that is in part due to the blockchain’s emergence as a foundation for NFTs. Support for the functionality of NFTs built on Solana is increasingly being adopted by platforms in the space, including OpenSea since April, as well as Instagram, which has expressed plans to incorporate Solana-backed tokens into the NFT-profile picture feature it is currently testing.

NFTs are another attraction at Solana Space’s store. A multi-screen art gallery will showcase different NFT collections each month, beginning with Degenerate Ape Academy, which was one of the earliest NFT projects on Solana. The collection will also sell branded merchandise that is typically reserved for holders.