Solana Spaces announced on Tuesday that it would be shutting down its Solana-themed retail stores in Miami and New York City by the end of this month. The company says the move was fueled by the prolonged crypto winter, which began last May.
The Solana Spaces are among the many blockchain-inspired physical projects. In April 2022, a Bored Yacht Club-themed restaurant called Bored & Hungry launched in Los Angeles.
Last July, Solana Spaces launched its first store in New York with the aim to onboard newcomers on Web3. In addition, Solana fans could purchase their Solana branded merchandise. The company opened another store in August in Miami’s Wynwood district, a neighborhood popular for being a cultural and creative hub.
Solana Spaces founder, Vibhu Norby, wrote on his Twitter account that his team discovered a more efficient way to onboard people on Web3. He added that they could have kept the physical stores running, but it did not make much sense financially.
Solana Spaces Focus on a New Project
Also read:Norby says his company is now focused on DRiP, a website where NFT collectors are airdropped Solana-based digital collectibles weekly. According to the founder, the traffic recorded on the platform is similar to that of the physical stores. DRiP onboards an average of 700 people per week.
Norby reports that interest in DRiP has grown recently, with sign-ups for the platform going beyond 51,000 as of Tuesday. Additionally, 170,000 individuals are on the waitlist to join. The founder says these figures motivated the team to focus more on the new venture.
Despite Miami and New York stores shutting down, Norbys says this does not indicate the end of Solana Spaces. He reveals that they franchised the Spaces last November. One of the franchises is set to launch in India in the coming months.
Solana Spaces Set to Reward Solana Community Before Closure
The Miami and New York stores will cease operating on February 28. Norbsy says there will be giveaways and massive discounts on merchandise from Wednesday until the last day. He asks the Solana community members who will be lucky to receive free Solana gear to share photos on Twitter.
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