Solana Spaces Shutting Doors in NYC and Miami as SOL Dips 10%

Brick & mortar Web3 headquarters that cued in over 750,000 people into crypto are closing down.

Large ape security guard standing in front of the entrance of Solana Spaces.
  • Solana Spaces announced the shutdown of physical shops in NYC and Miami.
  • SOL dropped by 10% amid the news, retaining #12 by global market capitalization.
  • Solana Spaces switches focus to DRiP NFTs and Solana Foundation projects.

One of the most talked about altcoins, Solana (SOL), has been in constant battle with consequences of the FTX mess, including price fluctuations, decreased network activity, and declining interest of retail investors. 

Besides, the founder of the Solana Spaces startup penned a long tweet to give farewell to the Solana Spaces team, even stating that it was “the greatest startup retail team ever assembled” and that they did an enormous amount of work during the eight months of activity.

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Amid the news, Solana plunged by 10% and is currently trading at $23.43, according to CoinGecko. However, the altcoin still managed to record 7.3% weekly, even though the price movement indicates that SOL had followed a protracted descent since it entered oversold condition over a week ago.

Solana Spaces Puts Focus on Art NFTs

Vibhu, the founding member of Solana Spaces, was very apologetic that these stores in New York and Miami won’t bring in any more crypto enthusiasts while also mentioning that the team has found “a more efficient way” to onboard people. Indeed, the DRiP NFT project, in particular, attracts the attention of significantly more people than the Solana Spaces physical shops.

According to Vibhu, Solana Spaces is preparing to rebrand the startup to make it more relatable to the DRiP NFT project. The free-to-mint NFT artwork project only requires the customers to connect their Phantom wallets to be eligible for a free weekly airdrop. This way, “While our stores onboard between 500 and 1000 people per week, DRiP onboards that same quantity EVERY DAY”, – Solana Spaces founder remarks.

Ultimately, the DRiP NFT art project seeks to prove that non-fungible tokens can be treated as valuable art while bringing new users to Solana’s blockchain. As the most expensive NFT projects like CryptoPunks and Bored Apes might not come across as high-class art to most, this free weekly NFT art airdrop seeks to improve the questionable reputation of non-fungible tokens.

On the Flipside:

  • Solana Spaces team plans to release their open-source software and expects community members to “pick up where they left off.”

Why You Should Care:

Bringing Web3 and crypto into physical stores is crucial for crypto adoption and financial literacy.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.