Solana Storefront in NYC & Web3 in Africa 🌍

Hey everyone,

Let me just say… It’s been a week! Kendall here 👋🏽. I officially moved from Chicago (my unofficial second home that I’ll miss SO much) to Philly to start my MBA program next week. Like any big life transition, it has me reminiscing on how far I’ve come and how different things are now. I remember when I used to go back-to-school shopping with my mom at the Bowie Town Center to get all of my school supplies and first week fits. Now I’m spending egregious amounts of money doing online shopping and making last minute purchases on digital stores like Amazon. Life comes at you fast. 🥲

From Digital to IRL

Even though most stores have officially transitioned most of their sales online, there is one blockchain bringing back brick & mortar stores: Solana. 

“Solana touts itself as a faster alternative to the Ethereum blockchain, while likewise offering smart contracts that power NFTs and various decentralized applications. In the last year, Solana’s currency SOL rose to be among the top 10 by market value,” according to Fortune.

This move by the “Ethereum killer” blockchain sets a blueprint for bringing the digital world of crypto/web3 to the physical world. The store’s main goal is to onboard onlookers and educate anyone new to the crypto space. If you were to check it out, you’ll find interactive experiences, NFT collections on display, wallet setup activations, and shirts with common web3 phrases including “WAGMI” and “degen.”

Imagine taking your kid shopping in NYC and they walk past this store. We’re a long way from the Bowie Town Center I’m used to, but this is all super cool. 😅

Speaking of reminiscing…

If you’re like us, the Black Panther - Wakanda Forever Trailer that dropped last week had us all in the feels. As the culture prepares to return to Wakanda, the world has also set its sights on Africa, the world’s next hub of crypto and blockchain development!

What’s going on in Africa? 🌍

Earlier this year, Chad gave a TED-Talk-style presentation on "Web 3.0: Embracing the Future of Internet Technologies on the African Continent", and we’re so excited to see that so much has happened on the continent since then!

1. High crypto adoption: Kenya, Nigeria, South Africa, and Tanzania in the top of the 2021 Global Crypto Adoption Index

2. Lots of capital invested: Blockchain startups on the continent raised $91 million in Q1 2022, outpacing all other startups by 11 times

3. Emerging adminstrative support: the Central African Republic announced its own cryptocurrency after adopting Bitcoin as an official currency

But there’s still a long way to go on the continent.

Despite the good news, there’s still a handful of foundational issues to overcome on the motherland

1. Internet accessibility: internet penetration sits at 43% and broadband penetration is sub-1% (FYI its 80%+ penetration for each in the US)

2. Unbanked population: 370M africans are classified as unbanked

3. Regulatory bans: of the 54 countries on the continent, 31 have an absolute ban and 17 are uncertain

Don’t count out the continent just yet!

The crypto headlines might not be pretty, and Chadwick might be gone (RIP) but Wakanda is forever, and we’re on the brink of something big with crypto on the continent. If you haven’t put all your chips on Africa yet (or you’re debating that trip this winter - we see you!), there’s still time to double down on the continent. Here’s a few reasons why

1. Population growth: by 2050, more than 50% of the world’s population growth will be in Africa

2. High mobile penetration growth: forecasts expect there to be 614M unique mobile subscribers by 2025

3. The need for alternatives: with hyperinflation in countries like Zimbabwe and $45B in remittances flowing in to continent in 2021, the people are seeking alternatives that put the power in the hands of the individual.

That’s all for this week! Hope you enjoyed it. Let us know what you think in the comments!

Contributors: Chad Payne, Kendall Rankin