Solana Spaces, a community-oriented retail store that promotes the Solana blockchain ecosystem, has announced that it will be closing its physical stores in New York City and Miami at the end of February.
The Inflection Point
The decision comes after the stores failed to bring in as many users as initially hoped. Founder Vibhu Norby explained in a note shared on Twitter that the company had reached an “inflection point” with the stores, prompting them to shift their investment focus to DRiP, the firm’s new non-fungible token (NFT) artwork airdrop platform.
(Image credit: Twitter)
The stores onboarded between 500 and 1,000 people per week, while DRiP onboarded that same quantity every day, making it a more efficient way to bring people into the Solana ecosystem.
The following is a note from our founder, @vibhu.
— Solana Spaces (@solanaspaces) February 21, 2023
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
A Short-Lived Experiment
The Solana-themed stores, located in the Hudson Yards neighborhood of Manhattan and the Wynwood section of Miami, only opened in late July and August, respectively. Norby described the initiative as an “experiment” that was part of a broader plan to onboard more people into the Solana and Web3 ecosystem.
Just visited for my 2nd time a few days ago!
— Investrepreneuer.sol (@LordHearMePray) February 15, 2023
Thank you for the experience!
Every time I come to Miami I have to make a pilgrimage to SolanaSpaces 😁🤝 pic.twitter.com/ugCqbSyIzg
The stores were designed to offer customers in-person wallet onboarding tutorials, rewards, merchandise shopping, and event attendance. When the first New York-based store opened, Norby hoped it would bring in over 100,000 people to Solana per month. However, over the seven-month tenure, only 75,000 people managed to walk into the store.
The Future of Solana Spaces
The closure of Solana Spaces comes as the prolonged crypto winter has caused many industry-leading companies to lay off staff and close down offices worldwide. Although the retail experiment did not work out as intended, it appeared to have won over many fans, including industry players like videogame projects Star Atlas and Aurory.
We're sad to hear the news of @solanaspaces closing their Miami and NYC stores 😢 The events that Star Atlas attended and hosted there were beyond incredible!💫
— Star Atlas (@staratlas) February 21, 2023
Even so, we can't wait to see what comes from their pivot to DRiP! https://t.co/4voal4yzfC pic.twitter.com/bXV8PKG6LE
The closure of the stores will allow Solana Spaces to shift its focus to the development of its DRiP platform, which is expected to be a more efficient way of bringing people into the Solana ecosystem.
Recommended reading: 5 Tips for Beginner Bitcoin Traders
(Image credit: logll.com)
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Frequently Asked Questions
FAQ:
Why is Solana Spaces closing its physical stores in New York City and Miami?
The physical stores didn't bring in as many users as initially hoped, and the company is shifting its focus to the development of its DRiP platform.
When did Solana Spaces announce the closure of its physical stores?
Solana Spaces announced the closure of its physical stores on February 21, 2023.
What is the DRiP platform that Solana Spaces is shifting its focus to?
DRiP is Solana Spaces' new nonfungible token artwork airdrop platform.
How many people did Solana Spaces hope to bring in per month with its New York-based store?
Solana Spaces hoped to bring in more than 100,000 people per month with its New York-based store.
Who sponsored Solana Spaces?
Solana Spaces was sponsored by the Solana Foundation, the Solana-based wallet provider Phantom, and the native crypto exchange Orca.
