• Solana Spaces announced the closure of its physical stores in NYC and Miami, causing SOL to slump by 10%.
• The startup is now pivoting towards DRiP NFTs and Solana Foundation projects.
• DRiP NFTs are intended to prove that non-fungible tokens can be valuable art while helping onboard new users onto the Solana blockchain.
Solana Spaces Shuts Down Stores
Solana Spaces has announced the shutdown of physical shops in New York City and Miami, resulting in a 10% drop in SOL’s market capitalization.
Focus on DRiP NFTs
The team at Solana Spaces is now focusing on DRiP NFTs and various other Solana Foundation projects to help onboard more people onto the platform. The free-to-mint artwork project requires customers to connect their Phantom wallets for a weekly airdrop.
Non-Fungible Tokens as Valuable Art
The goal of DRiP is to demonstrate that non-fungible tokens can be treated as valuable pieces of art while introducing new users to the Solana blockchain. This approach allows for up to 1000 people per week to join the platform compared to just 500 to 1000 with physical stores.
Declining Interest from Retail Investors
SOL has been struggling with price fluctuations, network activity, and decreased interest from retail investors since the FTX scandal began. Despite this, SOL managed a 7.3% increase over the past week due its recent dip into an oversold condition.