On April 13, Solana (CRYPTO: SOL) held a Saga mobile launch event in San Francisco. This "cryptophone" is the first major cryptocurrency of its kind and is part of Solana Blockchain's efforts towards a mobile cryptocurrency experience.
So how much will this Saga phone affect Solana's future price? It really depends on how you see the future of web3, cryptocurrency and mobile. At best, the release of a physical hardware product could raise Solana's price.
Serious problem
Before Saga, there were no mobile phones optimized for encryption or Web3. This is basically the problem that Solana's new Android Saga phones are trying to solve. The new Saga features innovative technology that current smartphones lack, such as a new gene storage that stores encoded genealogies.
This new security feature means that Saga can be your digital hardware wallet for crypto-assets like cryptocurrency and non-fungible tokens (NFT). This is what cryptocurrency enthusiasts have been asking for years. After all, if you carry your mobile phone everywhere, why not carry a crypto wallet everywhere?
The new phone provides a whole new kind of user experience that is not currently possible with technology and business models. Solana's team presented some of these Web3 experiences. For example, Solana's new messaging app allows you to send "smart messages" (messages that involve executing smart contracts) and "NFT chat stickers" (actually NFT stickers from Solana community creators).
Put it all together, and mobile may be Solana's most powerful business strategy. Once the hardware phone is in users' hands, you can create a complete customer experience powered by Solana's blockchain-native digital wallet.
Solana now has all the components that make the mobile ecosystem work: Saga Phone, a new decentralized Web3 app store, a mobile payment system called Solana Pay, the Solana Mobile Stack to enable new experiences for developers, and even a new decentralized wireless network. 5G points for which users pay cryptographically. Sagara network.
Transmission box
On the downside, I can see this new crypto phone looking great for crypto enthusiasts, tech early adopters, and younger members of Gen Z who grew up digitally native, but what about everyone else? Let's be clear here. Will they pay $1000 for a new stealth Saga phone when most people have a $1000 phone from a company like Apple or Samsung ?
Saga pre-order numbers weren't mentioned at Solana's hour-long launch event, and I think that's one of the reasons. This can be a great product.
There's also the question of how many decentralized applications (dApps) will be in the new Solana App Store on Day 1. At the event, Solana called the app store an "experience delivery vehicle," so they have a lot going for them. New apps (aka experiences) that you can't get on other phones today will matter. These new experiences can convince people to switch mobile phones.
An example presented at the event was an app that allows you to easily create new NFTs by taking pictures with your phone's camera. This can be interesting because the process of creating new NFTs with a camera is currently out of reach for most people. Another example was an app that forced you to pay Solana tokens from your digital wallet when you exceeded your allotted mobile screen time for the week. (Perfect app for parents with kids).
Should you buy Solana?
I am against Solan in general. I was honest with Solana before the initial announcement of this new cryptophone. It seems to me that the future of cryptocurrency is mobile and there should be mobile phones optimized for cryptocurrency. But will the rest of the world agree?
We look forward to all possible combinations with the release of the new Saga phone. It would be great if Solana develops a mobile ecosystem. No other blockchain can currently replicate this. Solana has come a long way in a short time and I'm excited to see how well the Solana team has done with this product release.
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Dominik Basulto has not declared a position in the stock. He has a spot on the Motley Fool and advises Solana. The Motley Fool has a disclosure policy.