Only seven months after the realization of the project, the Solana Space stores in New York and Miami will close at the end of the week.
Solana Space closes its stores
On July 28, Solana Space, a boutique showcasing the Solana ecosystem, opened its doors in New York. Since then, a second physical point of sale had also opened in Miami. However, after only seven months of operation, the concept of Solana Space is now closing :
The following is a note from our founder, @vibhu.
Dear @solanaspaces community,
We’ve made the difficult decision to sunset our stores in NYC and Miami by the end of February, and to pivot our Solana onboarding efforts into digital products like DRiP, our free NFT product with… https://t.co/kjNu9Ay4Gk
— Solana Spaces (@solanaspaces) February 21, 2023
While these stores offered products themed around the various protocols present on Solana, and were looking to support new people in Web3the bear market probably has a role to play in this turn of events.
The Solana Foundation, the Phantom wallet, as well as the Orca protocol had funded the initiative. The two Solana Space stores will still close at the end of the weekand the sales team was asked “to be very generous», with the last visitors.
👉 To go further – Find our guide to buying Solana’s SOL
Buy crypto on eToro in minutes
👉 Listen to this article and all other crypto news on Spotify
Attendance well below expectations
During the opening of the first store at the Hudson Yard shopping center in Manhattan, Vibhu Norby, the CEO and founder of the concept, was particularly optimistic towards his project. Indeed, he argued that he couldbring 50-100,000 people to Solana every month through these stores“, only on 2022.
However, the figures turn out to be below his forecasts, because the shops will have accumulated 75,000 visitors since last summer and helped set upa few thousandfrom Phantom Wallets.
According to Vibhu Norby, Solana Space would have thus succeeded in embarking 500 to 1,000 people per week in the Solana ecosystem. He then prefers to concentrate on his DRiP project, which would bring the same number of users to Solana, but on a daily basis. DRiP is a protocol distributing free non-fungible tokens (NFT) every week:
“As I’ve often told people, as great as the stores are, if we found a more efficient way to get people to Solana, we would focus our efforts on that. And so to speak, I found this in DRiP. »
It should however be take a step back from these numbers, which may be overvalued. Indeed, the Solana blockchain currently has around 300,000 active addresses per day according to Solscan, and this value has been steadily declining since last year.
👉 Also in the news – Jesse Powell, the founder of Kraken, accuses the SEC of only going after the good players in the ecosystem
🎁 Cryptoast Research Launch Offer
1st Newsletter Free with the code TOASTNL
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
488 items
