Cryptocurrency is undoubtedly making ripples in the technology and digital finance space. It continues to gain mainstream attention in the media, in part due to its decentralized capabilities. Solana (SOL) continues to be at the forefront of crypto due to its advantages over other major players like Bitcoin and Ethereum.
Cities like Miami and Tampa are playing a more prominent role in the evolving Web3 ecosystem. As the Solana price continues to reflect innovators’ positive attitudes toward the coin, will more tech enthusiasts make their way to Florida?
Why Solana? A Quick Overview of the Coin
Solana uses Proof-of-History (PoH) to process transactions more quickly and cheaply than other blockchains. The coin has lower transaction fees than Ethereum and can handle up to 65,000 Transactions Per Second (TPS).
The low gas fees and quick speed make for a developer-friendly ecosystem. Solana is best known for hosting various decentralized applications (dApps) and smart contracts. Additionally, its architecture was designed for scalability, avoiding any bottlenecks that could prevent the system from performing optimally during high traffic volumes.
Like most cryptocurrencies, the price of SOL has fluctuated throughout its history, yet it has continued to remain one of the top-performing coins due to its high utility.
Miami: Solana’s Unofficial Launchpad in the U.S.
Politicians have great potential to encourage or prevent the use of crypto. The Mayor of Miami, Francis Suarez, has been clear about his intention to bring more tech and digital finance people into the city. His crypto-friendly policies have helped turn Miami into a crypto innovation zone.
Several major crypto events have also taken place in Florida. Solana has even taken part in a prominent art gallery at the Art Basel Miami Beach. This was the first time that artists on the Solana platform debuted their work with blockchain technology. In 2022, the Miami Beach Convention Center held one of the biggest Bitcoin conferences yet. Several high-profile names were in attendance, including Kevin O’Leary, Jordan Peterson, Aaron Rodgers, and Peter Thiel.
As more Web3-related events take place in the Sunshine State, Florida can expect more famous tech names to pop up in the area.
Web3 Adoption in Florida: Real-World Use is Emerging
As mentioned previously, the Art Basel Miami Beach included one of the first-ever Solana-backed NFT exhibits. This event exposed art enthusiasts and mainstream audiences to the possibilities of creation on the blockchain.
Even sports have taken part in the exposure of crypto to mass audiences. The beloved Miami basketball team has had its ties with crypto. Miami Heat player Tyler Herro was a prominent spokesperson of Top Shot, a blockchain platform that sold NFTs of epic NBA highlights. Even some of Herro’s best moments in the games are being sold as NFTs on the platform.
Some real estate firms in Florida are accepting cryptocurrency to purchase properties. Namely, Home Max Realty is selling properties in Florida using crypto. As cryptocurrency becomes a more mainstream asset, large transactions (such as buying or selling property) will likely use crypto as its currency over fiat.
Economic Impact: Crypto’s Role in Florida’s Tech Boom
Florida now ranks among one of the top states for crypto startups. Many emerging companies in the state have received mass funding for their blockchain ventures.
Because of Solana’s architecture and ecosystem, many are turning to SOL for their various blockchain ideas. Solana may become one of the biggest job creators in tech and design as it supports more projects.
Florida’s Rising Web3 Influence, Powered by Solana
Decentralized finance has become a powerful tool for investors, developers, artists, and more. With pro-crypto politicians pushing for policies that make Web3 more accessible, Solana may see an increase in the number of Floridian participants.
Solana’s legacy has been pivotal for supporting novel ideas in Florida’s digital economy. The Sunshine State is an emerging national leader in Web3, thanks to a mix of policy, culture, and increasing tech talent.
