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Crypto Winter Sees Solana Spaces Stores Shut Doors

2 mins
Updated by Geraint Price
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In Brief

  • The IRL Solana stores have hosted over 75,000 people.
  • However, the founder believes that DRiP NFTs are more efficient to onboard new users than Solana Spaces.
  • The stores are open till February 28.
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The Solana merchandise stores, Solana Spaces, which hosted over 75,000 people, will shut down – victims of the crypto winter.

In July 2022, a project called Solana Spaces opened retail stores, initially in New York and then in Miami, to educate those new to crypto. The store offered its visitors Solana merchandise and a private booth to set up a Phantom wallet. As an onboarding process to Phantom, the Solana Spaces also offered a free non-fungible token (NFT.)

Additionally, the stores provided tutorials on platforms like the play-to-earn app STEPN and NFT marketplace, Magic Edens. The Solana Spaces founder, envisioned expanding the in real life (IRL) stores worldwide. But today he announced the sunset of Solana Spaces on Twitter.

Solana Spaces Founder Invites the Community to Visit Stores for Last Time

After hosting over 75,000 people to Solana IRL stores, Norby has decided to close them. This is because the founder wants to focus more on DRiP, the free NFT product, to onboard new users.

Norby writes that while the stores onboarded between 500 and 1,000 people per week, DRiP does that daily. However, he does not want to kill his mission of Solana IRL stores. Hence, he would open-source the software and the brand if others were willing to pick up from where they left off.

Lastly, Norby invites people to pick up Solana merchandise for the last time through its offline stores.

Solana has been struggling since the collapse of the FTX group. The founder Sam Bankman-Fried was one of the strongest backers of the Solana ecosystem, as his companies collectively owned the largest proportions of the total supply. While the broader market has recovered from the crash of November 2022, Solana is still down by nearly 30%

Solana (SOL) Price chart from TradingView
SOLUSDT, KUCOIN, Source: TradingView

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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