The up-and-coming blockchain network Solana has announced that it is sponsoring the music festival Lollapalooza, the music festival. This isn’t the first that the proof-of-stake cryptocurrency is sponsoring the event, as it did so the previous year as well, which also resulted in a 7% price boost for the token $SOL. 

This year, the Solana Foundation is sponsoring Lollapalooza, and the company claims this time it will be bigger and better than ever. The event is scheduled from July 28th to 31st, and the entry to the event is given through the NFT available here. 

To become a part of the magical journey and a part of the Lollapalooza community, the user must unlock Dopamine by collecting all four collections in 2022. One collection will be released each day of Lollapalooza at the Solana Compound (near Solana X Perry’s Stage( during the event. The users can find redemption tags around the Solana Compound at the event and scan them with their phones. Once the user scans all the tags, they can redeem them for VIP passes, exclusive experiences, merchandise, and more. 

Solana’s Growing Ecosystem

Solana sponsored Lollapalooza last year as well, which helped it boost the token price by 7%. This year the blockchain network has come stronger than ever with several new updates and products, including Phantom, a non-custodial wallet that helps users store and interact with decentralized applications running the Solana Blockchain. The network also launched Magic Eden, a popular marketplace for Solana NFTs, and Holaplex, a platform that enables creators to construct and mint Solana NFTs. 

Solana aims to empower creators of different verticals to quickly launch their own storefront, mint NFTs at minimal cost, and auction their work directly to the fans. This sponsorship will help Solana to market its product to a range of creators and fans while sponsoring an exciting event.