• 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.
• The startup is switching focus to DRiP NFTs and Solana Foundation projects.
Solana Spaces Shuts Down Physical Stores
Solana Spaces has announced the closure of its physical stores in New York City and Miami, resulting in a 10% drop in price for SOL, the altcoin associated with it. Despite this dip, SOL managed to maintain its position at #12 on CoinGecko’s global market capitalization list.
Shift to Focus on DRiP NFTs
The founding member of Solana Spaces, Vibhu, expressed his regret that these stores will no longer be available for onboarding crypto enthusiasts. He further mentioned that the team had found a more efficient way to do this through digital products like DRiP—a free-to-mint NFT artwork project which requires customers to connect their Phantom wallets to get a weekly airdrop. This rebranding effort seeks to demonstrate that non-fungible tokens can be valuable art while also increasing awareness and usage of Solana’s blockchain network.
Price Fluctuations Following FTX Mess
SOL has been struggling since entering an oversold condition over a week ago due to the consequences of FTX mess—including price fluctuations, decreased network activity, and declining interest from retail investors. Even though it was able to manage 7.3% growth on a weekly basis, it failed to recover from its steep descent as evidenced by its current $23.43 trading price according to CoinGecko data.
Farewell Message From Founder
Vibhu expressed his gratitude for the hard work put into the startup during its 8 months of activity and shared how “the greatest retail team ever assembled” had made much progress despite limited resources and time constraints faced by them during their journey together as Solana Spaces staff members.
Conclusion
While saddened by having to close down physical stores nationwide, Vibhu remains hopeful about DRiP’s potential for onboarding more people onto Solana network faster than ever before while proving that non-fungible tokens can be treated as valuable art pieces too.
