Solana Opens Physical Retail Store in New York City

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Solana, popularly named as one of several “Ethereum killers,” is embarking on a real-world enterprise that sets it apart from other Ethereum killers and Ethereum itself. The blockchain is launching a physical retail store in New York City.

The new store, situated in Hudson Yards, is called Solana Spaces. It will operate in collaboration with the Solana Foundation, tasked with the growth and security of the blockchain.

Solana Spaces encompasses three distinct aspects of a brand that owners hope will set the blockchain apart from other blockchains and lead Solana into a utopian future.

Three ways Solana Spaces will benefit consumers

Solana Spaces rotates around three key community-centered benefits for customers. The first is education. People entering the store can learn what Web3 is, how Solana works, how to create a wallet, and learn how to conduct on-chain transactions. In short, Solana Spaces wants to be the crypto friend you’ve never had.

Another dimension to Solana Spaces is culture. They retail store wants to be a “cultural center.”

What that entails specifically, according to one tweet, are:

  • Events

  • A crypto launchpad

  • Merchandise

  • Collaborations with crypto and non-crypto brands

Thirdly, Solana Spaces hopes to be an “embassy” for the blockchain. Solana Spaces first opened over the last weekend of July 2022, and is currently open Monday through Saturday from 10 a.m. to 8 p.m., and Sunday from 11 a.m. to 7 p.m.

Will Retail Applications Lead to Mass Adoption?

Solana’s native cryptocurrency SOL is currently the ninth biggest digital token ranked by market cap, at $14.5 billion. It falls right behind Cardano (ADA) with a market cap of $17.3 billion. Binance USD and XRP are both within range, as well, with market caps of $17.8 billion and $18.2 billion, respectively. SOL’s price of $41.98 this morning makes it poised to rise in the rankings with some modest gains in price coupled with modest decreases of the other above-mentioned cryptocurrencies. 

One upcoming event that could put downward pressure on SOL is Ethereum’s Merge, due to take place in September.

If the merge reduces gas fees and speeds up the transaction time on the network (as Ethereum developers are claiming and Ethereum users are anticipating), that could impact all Ethereum alternatives. However, Solana is known for its fast transaction speeds.

 

Solana recently introduced a smartphone called Saga, designed for making crypto trading easier and more secure. This is just one of the bold moves Solana Labs is making to make the Solana blockchain more competitive and to add value to the crypto market. The question is whether smartphones and retail stores will be enough to push Solana into the top five performing cryptocurrencies on the market any time soon.

Feature image courtesy: Solana Spaces

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