The World of Web3
The new store, which is located in the Hudson Yards neighbourhood, boasts a non-fungible token (NFT) gallery featuring the Degenerate Ape Academy collection. The Solana-based collection is comprised of 10,000 algorithmically-generated 3D apes.
At Solana Spaces, the interactive art installation displays real-time visualisations based on what is occurring on the Solana blockchain in terms of transactions and minted NFTs.
In addition, Solana Spaces accepts cryptocurrency as a payment method, with Solana Pay facilitating transactions for customers. Beyond this, the store also offers tutorials for the Phantom wallet and Magic Eden. Notably, Phantom is a popular non-custodial crypto wallet designed for Solana which has over one million users.
In May this year, the project made headlines when its NFT sales generated more money than Ethereum’s during a 24-hour period.
In addition, Solanart is a fully-fledged NFT marketplace based on the network that allows anyone to acquire or sell NFTs, with the overarching goal of helping to promote artists and creators.
Overall, the project has managed to reach a total sales volume of around $2.35 billion as of June, with average monthly NFT sales totalling $150 million this year.
This surge can be attributed to a large amount of buyers entering the market and by January this year, there were 153,602 unique buyers carrying out 1,014,963 transactions on Solana. In fact, the project recorded its all-time high monthly sales volume that same month at $298.69 million.