The Saga Phone, built on the Solana blockchain, created a frenzy after its U.S. and European pre-orders quickly sold out. The phone, featuring 30 million $BONK tokens upon shipment, has stirred the interest of buyers and resellers alike. On eBay, the unclaimed phones are fetching prices as high as $5,000, with a Buy It Now listing at £6,000.
This surge in demand is attributed to the bullish sentiment towards Solana, evident in its strong NFT trading volume on the Tensor marketplace surpassing Blur volume, and Solana DEX trading volume overtaking that of ETH for the first time. Despite the hype, the more realistic eBay “floor price” for Saga phones currently hovers around $2,000-3,000.
The excitement around Saga phones is not without risks. Unshipped phones pose a potential challenge for buyers, who must trust the vendor to send the sealed device. Moreover, there’s a notable risk for anyone purchasing a Saga phone on secondary markets; the original owner could have claimed and transferred the $BONK tokens, resealed the packaging, and sent it to the eBay buyer.
Saga phone owners, whether original purchasers or resale buyers, need to set up the Seed Vault—a secure method for handling seed phrases and private keys—on their new device to claim their $BONK tokens. This involves minting a Genesis Token, a special NFT, following instructions in a pre-installed app on the phone. Once completed, users can install the BONK app and claim their free $BONK.
Beyond the $BONK tokens, Saga owners enjoy additional perks, such as a month’s free access to crypto-friendly phone service from Helium Mobile and a free toy. However, potential buyers and sellers should remain cautious of risks such as fraud, chargebacks, and scams on eBay.
The decision to hold or sell the Saga phone involves careful consideration of these risks. Additionally, Solana’s plans to partner with other companies for its App Store, offering more than just $BONK, could influence the device’s value in the future. As Solana’s ecosystem develops, further airdrops and gifts may contribute to the overall value proposition of owning a Saga phone.