BONK Acquires Exchange Art in Bid to Preserve Solana’s Artistic Culture

BONK, an iconic Solana memecoin, has announced its acquisition of Exchange Art, the network’s favorite 1/1 NFT art marketplace.

Exchange Art’s native token, $ART, surged following the announcement, but remains plagued by liquidity concerns.

What are BONK’s intentions with Exchange Art moving forward?

BONK Acquires 1/1 Art Marketplace

In what lead contributor Nom considers a profound return to the memecoin’s core values, BONK has acquired the ailing 1/1 NFT art marketplace Exchange Art. 

According to a slew of announcements from both BONK and Exchange Art, the acquisition aims to preserve and elevate Solana’s rich culture of artist expression onchain.

BONK’s acquisition of Exchange Art comes with changes in the marketplace’s head office. Moving forward, Exchange Art will be led by BONK Art Master’s director JTLiss, with Goku_NFT continuing to drive partnerships and cultural development.

The team has indicated that its first order of business is to improve the Exchange Art website. Outside of immediate goals, Nom hinted that Exchange Art intends to improve financial incentives for both creators and collectors, implying upcoming changes in the marketplace’s economic model.

Markets Bullish on $ART Following Acquisition

Solana’s onchain markets reacted optimistically to the announcement, with traders demonstrating their support for BONK’s acquisition. Exchange Art’s native token, $ART, briefly spiked over 245% to reach a market capitalization of $3M.

However, it should be noted that $ART markets suffer from remarkably low liquidity. DexScreener data indicates that onchain $ART liquidity pools host a mere $68k, comprising only $34k in $USDC. Additionally, $ART is not listed on any centralized exchanges.

Despite poor liquidity, $ART now trades at a value 50% higher than it did prior to the BONK acquisition, suggesting buyers remain optimistic on the asset following the announcement. At press time, neither BONK nor Exchange Art has announced any forward plans regarding how $ART could be integrated into the BONK ecosystem.

The BONK Empire Expands

From its humble beginnings as a discrete airdrop in the wake of the FTX crisis to becoming Solana’s most beloved memecoin, the $BONK brand continues to proliferate.

From partnerships with German Football giants Borussia Dortmund to launching crypto’s first-ever memecoin ETP, BONK has evolved to become one of the meme economy’s biggest success stories.

Through its acquisition of Exchange Art, BONK positions itself as a key player in Solana’s artistic community and affirms its commitment to preserving 1/1 NFT culture on the network. 

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