If you’ve been in crypto for about a year or more, we’re sure you are now very familiar with one of the most popular blockchains, Solana. It is a blockchain platform created to host scalable, decentralized applications. It was started in 2017 and is an open-source project that is currently run by the Solana Foundation in Geneva. The blockchain was created by Solana Labs, based in San Francisco. Solana processes transactions considerably more quickly and levies noticeably lower transaction fees when compared to rival blockchains like Ethereum.
Why did Solana crash?
Solana is currently ranked #17 in CoinGecko and is a popular topic among cryptocurrency enthusiasts. One of the causes is the ongoing FTX bankruptcy, which plagues the cryptocurrency market. Sam Bankman-Fried (SBF), the former CEO of FTX, which is one of the world’s largest crypto exchanges and a sister trading firm of Alameda Research, filed for bankruptcy a few weeks ago.
As a result of the FTX bankruptcy, Solana has encountered significant difficulties, with its price falling noticeably from over $31 earlier in the previous month to around $14 at the moment. It was not just SBF who was bullish on Solana; don’t forget that Alameda also owns tons of Solana tokens. As per an article by Bram Berkowitz of The Motley Fool, that includes $292 million of unlocked Solana, $863 million of locked Solana, and $41 million of collateral in Solana.
Will Solana recover from this crash?
Though cryptocurrency is volatile, we can expect good things to happen along the way. The involvement of lawmakers in this sector will undoubtedly play a huge role in the creation and modification of rules and regulations in the cryptocurrency space that will protect investors from losing money.
We can expect a better future in cryptocurrency as they can easily adapt to the technology. Solana, for example, is a strong blockchain, and it can lead to long-term play. Solana also has a lot of good projects that support them as well. It may or may not recover; we can’t conclude for now since only the market can tell. It also doesn’t mean the market will go down the drain just because of this issue. Let’s assume that it is merely one of those obstacles you described as “roadblocks” that you must get past before everything starts to come together again.
LootMogul will soon be using Solana for its platform because it is designed to host decentralized, scalable applications and is a desirable consumer-centric chain with a growing user base and affordable transactions like with BSC, Klaytn, and Elrond, even though it currently runs on Ethereum and Polygon for minting digital collectibles on the OpenSea marketplace. In addition to trying to establish a presence on various chains, Lootmogul is also working to make in-game assets interoperable.
LootMogul Metaverse and Web3
Web3 is designed around the concept of a diffuse internet that anyone can support and control as opposed to an internet governed by a small number of strong, significant platforms. Consider it a return to the principles of the early internet. The Web 3 era does away with gatekeepers and the absurdity of centralized “news feeds.”
Play-to-earn is an old concept now. Influencers are now using the terms “play and earn” and “web3 games,” as it adds a new meaning and gives more confidence to investors. Given that sports is one of the most popular areas of interest for consumers worldwide, it is well-positioned to gain from the Web3 era’s return to local communities.
Most of you have already heard of LootMogul, it is a blockchain-based sports metaverse Web3 platform run by athletes that are powered by the virtual estate, training academies, blockchain games, commerce digital assets, and in-real-life (IRL) rewards.
By interacting with fans through the Learn2Earn and Play2Earn models, athletes can generate lifetime royalties by owning properties such as studios, stadiums, and experience hubs. Fans interact with their heroes to pick up new skills, earn rewards and merchandise, and get access to VIP events in the real world.
Lootmogul offers unique digital collectibles of inspiring athletes from the NBA, NFL, MLB, eSports, ICC, etc. It gives you more than ownership of rare collectibles and early access to presales. Of course, you can also trade them on the OpenSea Marketplace. You can interact with the athletes and each other inside the platform just by simply having these digital assets. Avatars can be used to play games in Lootmogul and earn real-life rewards like tickets to games and events, clothing, and more. Remember that digital collectibles and the Metaverse will be the next significant developments in the global economy.
Advantages of the LootMogul platform
- Seamless experience
- Real life utilities
- Interoperable
- Influencer and user market
- Global reach, connect
- High user engagement
- Scalability, security, and sovereignty
There’s no doubt LootMogul will give you the best experience in the Sports metaverse and Web3. You can always learn more from their growing community as well.
This is not financial advice, so always be mindful of how to use your hard-earned money and learn to invest it in the right project.
Don’t forget to join, and feel free to explore our websites below:
Website : https://metaverse.lootmogul.com/
Twitter : https://twitter.com/LootMogul
Discord : https://discord.com/invite/mHUqAm8fsh
Telegram : https://t.me/LootMogulcommunitychat
Instagram: https://www.instagram.com/lootmogul/
