Jupiter, the dominant DeFi exchange on Solana, has ventured into the world of NFTs by acquiring DRiP Haus, which is a digital collectibles platform. This is Jupiter’s inaugural venture into NFTs, indicating that the exchange still sees the future in digital assets regardless of the dip in the market.
Jupiter’s Plan to Become a Solana Super App
Jupiter wants to be more than just a place for crypto trading and DeFi services. It aims to include digital collectibles and culture as well. Many people think NFTs are no longer valuable, but Jupiter’s Kash Dhanda does not agree. He is sure that NFTs will keep doing well in the long term and considers them a significant component of the crypto space.
How DRiP Haus Weathered the NFT Market Crash
DRiP Haus was initially created from the short-lived Solana Store and remained viable even when the NFT market was falling. Instead of regular NFT buying and selling, the platform focuses on giving out digital collectibles. Most new projects in the Solana community use DRiP Haus to send their NFTs to users. Dhanda believes that most real NFTs on Solana today come from DRiP Haus, not including spam tokens. This capacity to evolve and remain current probably made DRiP Haus a desirable purchase for Jupiter.
Deal Details and Future Plans
The specific price Jupiter paid for DRiP Haus remains unknown, but sources have put the cost at roughly double the amount of money DRiP Haus had raised in funding up to this point, which was $11.5 million. Half of DRiP Haus’ staff will remain working on the platform after the acquisition, and the other half will be working on incorporating NFT features into Jupiter. One of the largest future developments will be adding a swaps router to Jupiter’s homepage, so users can exchange NFTs on the site.
DRiP Haus founder Vibhu Norby will still be engaged and run the platform from a strategic role within Jupiter. While DRiP Haus will maintain its own brand identity, its overall visual aesthetic will be refreshed to better align with Jupiter. Concurrently, Norby is focused on creating a new NFT experience for Jupiter’s mobile application so that NFTs will be an integral component of the exchange’s future.
Jupiter’s Next Move in NFTs
This purchase is not merely a business transaction; it’s an indication that Jupiter is doubling down on NFTs as others lose confidence. By bringing DRiP Haus into its fold, Jupiter is taking a leadership position in Solana network digital collectibles. With new enhancements in the pipeline, the exchange is showing that it is confident in the long-term prospect for NFTs and willing to innovate within it.
