If you’ve been paying attention to blockchain news, you’ve probably seen the hype around NFTs and how they’re being used to fund crypto projects. NFTs started as digital collectibles but have evolved into a way to build communities and bootstrap big ideas. One example is SOON (Solana Optimistic Network) which just raised $22m through an NFT sale to support their Ethereum Layer 2 mainnet launch.
In this post, we’ll go over the basics of NFT fundraising, get into SOON’s approach and why this tech could change how we fund blockchain projects.
The Rise of NFT Fundraising
Using NFTs for fundraising offers several advantages:
- Global Reach: Anyone in the world with internet access can participate.
- Instant Liquidity: Buyers can trade NFTs on secondary markets, often in real time.
- Community Engagement: NFT holders become part of an inner circle, promoting the project in ways that traditional fundraisers can’t match.
Traditionally, blockchain startups relied on venture capital (VC) funding or ICOs (Initial Coin Offerings). However, NFT-based fundraising flips the script by giving everyday investors and long-term supporters a chance to participate under the same terms as professional backers.
Meet SOON: The Ethereum L2 Project With Solana’s Speed
SOON, or Solana Optimistic Network, is a blockchain solution designed to scale Ethereum. It’s called an Ethereum Layer 2 (L2) project because it sits on top of Ethereum to help process transactions more quickly and cheaply than Ethereum’s base layer. Unlike traditional Ethereum Layer 2s, though, SOON uses the Solana Virtual Machine (SVM) to handle transaction execution.
- Solana Virtual Machine (SVM): A piece of software that runs smart contracts (automated blockchain programs) originally designed for Solana’s network, now adapted to power SOON on Ethereum.
Because of the SVM, SOON claims to process blocks in 50 milliseconds, which is significantly faster than even Solana’s 400-millisecond block times. For comparison, Ethereum’s transaction times are slower and can become expensive when network usage is high. SOON’s approach aims to merge Solana’s speed with Ethereum’s robust ecosystem—potentially giving users the best of both worlds.
How SOON Raised $22 Million Through NFTs
SOON made headlines by launching an NFT collection called “COMMing SOON.” These NFTs weren’t just digital art; they were a real stake in the project’s future. Here’s how it worked:
- Equal Deal Terms for Everyone: SOON offered the same conditions to both big-name venture capital firms and individual community members.
- Token Rewards: These NFTs eventually tie into SOON’s tokenomics (how the project’s tokens are distributed), helping early supporters access benefits like governance and potential future allocations.
By breaking from the norm and giving the public the same advantages as institutional investors, SOON raised $22 million while simultaneously building goodwill with its community.
Community-Driven Tokenomics
One of the key reasons SOON’s NFT sale gained traction was its fair-launch tokenomics. In simpler terms, “tokenomics” describes how a project plans to distribute its tokens—who gets them, when, and how many. SOON’s token allocation looks like this:
- 51% for the community
- 25% for the ecosystem fund
- 8% for airdrops and liquidity provision
- 10% for the team and core builders
- 6% for the treasury
This structure ensures that the majority of tokens stay within the hands of community members, giving them a real sense of ownership and control.
In a “fair launch,” tokens aren’t reserved exclusively for insiders before the general public can buy in. Projects like Hyperliquid (HYPE) took a similar approach, capturing widespread attention (and billions in airdrops). This method reduces the risk of large investors dumping tokens on ordinary buyers and keeps the community more engaged. The end result? A token distribution that people trust.
NFTs as a Springboard for Ecosystem Growth
When you think of an NFT, you might picture a digital artwork that you can collect or trade. For SOON’s NFT holders, there could be added utility, such as:
- Access to Governance: Voting on proposals that affect SOON’s development.
- Yield Farming Opportunities: Potential to earn extra tokens for locking up or “staking” your NFTs within the network.
- Early Access to DApps: Some NFT collections grant first-look privileges to new decentralized applications (DApps).
By selling NFTs to a wide audience, SOON effectively recruited an army of brand advocates who have a financial and emotional stake in seeing the project succeed. This often leads to organic marketing, where community members will promote the project because they truly believe in the long-term vision.
Security and Decentralization: Building Trust
Security is a big deal in crypto especially when new projects are raising millions. SOON’s team goes through thorough security audits and encourages 3rd party reviews. A transparent process prevents exploits and builds trust with NFT holders and token investors.
Unlike projects that list tokens straight on centralized exchanges (think Binance or Coinbase), a decentralized NFT sale allows the market to set a price openly and transparently. This can potentially reduce hype-driven spikes or crashes since buyers have to interact with on-chain protocols (smart contracts) where transactions are visible to everyone.
Cross-Chain Expansion: SOON’s Next Frontier
To truly stand out, SOON isn’t stopping at just an Ethereum L2 solution. The team is working on additional solutions, such as svmBNB and Cytonic, to improve cross-chain compatibility. Cross-chain solutions are tools that help different blockchains communicate with each other. In everyday terms, imagine being able to send data or tokens from Ethereum to Solana or Binance Chain without needing a dozen complicated steps.
If SOON succeeds, it won’t just boost transaction speeds on Ethereum; it could also enhance how data moves between multiple blockchains. This could spark new opportunities for DeFi (Decentralized Finance), AI-driven apps, and other advanced use cases that need high throughput and cheaper fees.
Looking Ahead: The Future of NFT Fundraising
With billions of dollars flowing through NFT marketplaces, we may be on the cusp of a transformation in how projects seek funding. Venture capital groups are still important, but large community-driven raises like SOON’s might become the new normal. This could lead to:
- Greater Decentralization: More users have a say in how projects evolve.
- Improved Transparency: All transactions happen on-chain, providing a clear record of who got what and when.
- Wider Participation: Lower barriers to entry allow people from around the world to invest smaller amounts and still play a key role.
Of course not all is smooth sailing. Regulatory uncertainty may be a problem as some governments view certain NFTs as securities and therefore subject to more rules. Market volatility is another issue as crypto prices can swing wildly and new investors can get left underwater.
But if SOON can get through these hurdles it will be the trailblazer for other projects that want to merge NFT sales, fast Layer 2 infrastructure and fair token distribution.
Conclusion: A Glimpse into a More Equitable Crypto World
SOON’s $22 million NFT sale marks a major milestone for Ethereum Layer 2 projects. By harnessing Solana’s lightning-fast Virtual Machine and adopting a “community-first” token model, SOON is showcasing what’s possible when you combine innovation with inclusivity.
If you’re new to this space, keep an eye on how NFTs evolve beyond collectibles and start serving as gateways to project ownership and governance. As more initiatives follow in SOON’s footsteps—and experiment with fair-launch fundraising—expect to see an increasing number of communities rally behind crypto projects in a way we’ve never witnessed before.
Ready to dive deeper? Explore SOON’s official channels, jump into community forums, and watch how NFT-based fundraising could transform the blockchain world. As you learn more, you’ll begin to see that NFTs aren’t just pixelated art; they might be the keys to tomorrow’s digital economy.
Key Takeaways:
- SOON is an Ethereum L2 solution using the Solana Virtual Machine for near-instant transaction speeds.
- The project raised $22 million via an NFT sale, breaking away from traditional VC-focused fundraising.
- 51% of tokens are allocated to the community, emphasizing SOON’s fair-launch, community-first philosophy.
- NFT-based fundraising offers global participation, liquidity, and transparency—possible game-changers for the future of crowdfunding in crypto.
- Keep an eye on cross-chain developments like svmBNB and Cytonic, which could bridge Ethereum, Solana, and other networks seamlessly.
By understanding how SOON pulled off this impressive NFT sale—and why it matters—you’ll gain insights into the next wave of fundraising in the blockchain space. The age of fair launches and community-driven tokenomics might be just around the corner. If so, the success of SOON will likely be remembered as a pivotal turning point.
[Disclaimer: This article is for informational purposes only and is not financial or investment advice. Always do your own research before making any investment decisions.]
Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Owen Skelton.
