The NFT frenzy continues
Michael Batnick had some good thoughts in his post ‘I Don’t F*ckn Get It‘. He’s a young guy with an old cynical soul. He’s trying to ‘get it’.
Make sure you read Michael’s post before reading ‘The Rise Of The Meta Apes‘. Hopefully this gives you a little insight into how community plays a big part in the current frenzy/infatuation. Packy has another great essay titled ‘Status Monkeys‘ that offers an explanation of NFT’s as Social Networks.
If you are just a bit curious after reading any of these articles you will enjoy Packy’s recent essay titled ‘Solana Summer‘. It will definitely explain A LOT about blockchains and the reason Solana is the hottest of them all these days. Solana was explained to me by Kyle at Multicoin back in October 2020 on my podcast (I am an LP in Multicoin). I bought some more Solana by myself in March of this year and shared the reasons in my weekly ‘Momentum Monday’. Solana was $14.
Today I use a Solana wallet called ‘Phantom’ and while I don’t really do any expensive NFT buying, I do understand the excitement and frenzy after a good read of Pack’s excellent essay. Take the time and at least skim it. Packy ends with:
Solana has emerged from a sea of PoS ETH-killers as the most legitimate contender to place itself in the blockchain pantheon alongside Bitcoin and Ethereum. It’s focused. It works. The team just ships. And developers are taking notice.
As we speak, Solana is in the middle of its latest hackathon: Building Out Loud. This one is focused entirely on India.
For a product that’s all about bringing the next billion people into open global markets, seeing over 3,000 developer applications from the world’s second most populous country speaks to the enormous potential that lies ahead.
Crypto is all about momentum. Tokens are almost like Veblen Goods — the more expensive it is, the more people want to buy it. The more developers building on a blockchain, the more developers will want to build on that chain. The more great apps they build, the more users will come.
And right now, Solana has momentum. I don’t know how that will reflect itself in the price, but I do know that more and more smart people I know in crypto are getting excited about it, and that new, interesting projects are being announced every day. And I do know that once people use it, and fee
Have a great Tuesday.
Disclosure – Long $SOL.X (Solana)