While the market for non-fungible tokens (NFTs) has cooled significantly, Jupiter isn’t phased. Solana’s leading DeFi exchange has just integrated the digital collectibles platform DRiP Haus into its ecosystem.
This move is part of Jupiter’s initiative to transform into what Kash Dhanda describes as the “Solana super app,” a centralized hub for both financial traders dealing in instruments like swaps and perpetual contracts, as well as enthusiasts of digital culture.
“We don’t subscribe to the doom and gloom narrative about NFTs,” Dhanda stated confidently. “We believe NFTs are built to last.”
Emerging from the remnants of the fleeting Solana storefront, DRiP Haus has continued to thrive as a distribution center for digital collectibles, weathering the storm of the NFT market’s downturn. Rather than focusing on trading, it aims to distribute, enabling startups across Solana to launch and share their visual campaigns through DRiP, as per Dhanda’s insights. He believes that DRiP is now responsible for generating most of Solana’s NFTs that are “not just noise.”
Neither Dhanda nor Vibhu Norby, founder of DRiP Labs, disclosed the acquisition cost in this cash-only transaction, although a source close to the negotiation estimated it to be double the amount previously raised. The startup had earlier secured $11.5 million from venture capitalists.
In late February, Jupiter co-founder Meow hinted at the acquisition during a campaign to delay a multi-million dollar token payout, a strategy designed to generate more JUP for him in the future while supporting token incentive programs for teams brought on board through acquisition. Norby confirmed that his team will be receiving tokens from this incentive initiative.
Half of DRiP’s team of eight will stay focused on the distribution platform, while the other half will work on enhancing Jupiter’s currently limited NFT functionalities, with a primary goal being the integration of a swaps router on the DeFi exchange’s main page.
Norby will lead DRiP at an “executive, strategic level” within Jupiter. While the DRiP brand will remain distinct, he mentioned that its visual identity will be revamped to better align with its new parent company. Additionally, he’s committed to creating an “exceptional NFT experience” within Jupiter’s mobile application.