Quick take:
- The news comes just days after popular NFT marketplace X2Y2 shut down its platform to pivot to crypto AI.
- The move by the Solana-based DeFi platform suggests it believes NFTs are not dead.
- According to Jupiter’s Kash Dhanda, the acquisition is part of the company’s plan to build a Solana-based “Super App”.
Jupiter, a leading decentralised exchange platform on Solana, has announced the acquisition of the NFT platform DRiP Haus. According to the announcement on Wednesday, the digital collectibles platform will continue to operate independently as its team integrates NFT tools into Jupiter’s platform.
According to Jupiter’s Kash Dhanda, the acquisition is part of the company’s plan to build a Solana-based “Super App”, as it looks to move beyond being merely a platform renowned for trading financial instruments like Swaps.
The news comes just days after popular non-fungible token platform X2Y2 announced it is shutting down its NFT marketplace to focus on building an AI-powered platform for yield-bearing assets.
Although X2Y2’s actions seem to signal an acceptance that the NFT market may never recapture its former heights, Dhanda seems to have a different opinion about the long-term future of the industry.
“We don’t believe it,” Dhanda said of those who believe NFTs are dead. “We think NFTs are here for the long term.”
DRiP Haus is also significantly different from regular NFT trading platforms. According to Dhanda, “Instead of trading, it focuses on disseminating: Startups across Solanaland spin up and send out their visual campaigns on DRiP,” CoinDesk reported.
Both Dhanda and DRiP Labs founder Vibhu Norby declined to disclose the actual figure for the deal, which was structured as an all-cash transaction.
As part of the deal, half of the DRiP Haus team will continue to work under the NFT platform, while the other half integrates NFT features into Jupiter’s platform.
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