The NFT marketplace has become the new favorite for venture capitalists. The area in the DeFi sector has grown from a few hundred million dollars to nearly three trillion in less than a year. Moreover, the value of NFT artworks like the Bored Ape has skyrocketed to several hundred thousand dollars within months since their launch. Any calculative investor would want to utilize such demand to see some profit.
Chillchat is one of the early NFT projects started in 2019 in the Solana ecosystem. After nearly two in operation, Chillchat crosses the $10 million mark in project valuation owing to the latest fundraiser. Solana Ventures is an initiative by the cryptocurrency project to bring capital to the promising projects and proposals in the ecosystem. This way, the Solana ecosystem could grow its valuation with formative projects. Chillchat’s promising outlook was able to score big time in the latest round of fundraisers by Solana Ventures. The $1.9 million comes from the contribution of prominent names like FTX Ventures, Animoca Brands and Yield Games South Asia.
Solana is currently trading at $85.14 or down 8.12% in the last 24 hours. However, some analysts maintain optimism as new and innovative projects by the network could raise the price of the SOL coin as per this SOL crypto price prediction.
Solana is highly focused on the adoption of NFTs in its ecosystem. The all-new Solana Pay, too, gives primary attention to NFTs as a way of improving the existing business models. This brings NFTs out of gaming and appropriates them in mainstream businesses like Clothing, footwear and other lifestyle products. However, Solana has not abandoned gaming altogether, as we can see in the recent fundraiser for Chillchat.
Chillchat primarily focuses on pixel arts which can be minted as NFTs. Users can then use their creations in any of the virtual spaces and make their own games. The platform self-defines itself as being similar to Roblox, the online gaming platform where users play games created by other users. The only difference would be Chillchat’s use of pixel art in the games. The games created using ChillChat are playable both on mobile devices or desktops.
According to CEO James Au, Chillchat is ultimately going towards creating a metaverse for online gaming. Solana provides the best environment to induce their growth towards achieving this goal in terms of speed and affordability. Moreover, it is also one of the few consumer-friendly platforms in operation today. The project has already sold 1000 units of NFT, whose value has risen from $240 to $4000 just a few weeks after the sale. Now, the platform is planning to conduct the auction of 350 NFT units in the next eight months. The growth of this NFT platform reflects the healthy environment for innovative and utilitarian projects in the Solana ecosystem.