{"id":171350,"date":"2023-02-22T03:27:14","date_gmt":"2023-02-22T03:27:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=171350"},"modified":"2023-02-22T03:27:14","modified_gmt":"2023-02-22T03:27:14","slug":"solana-spaces-will-close-new-york-and-miami-stores-7-months-after-opening","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/solana-spaces-will-close-new-york-and-miami-stores-7-months-after-opening\/","title":{"rendered":"Solana Spaces will close New York and Miami stores 7 months after opening"},"content":{"rendered":"

Solana Spaces will close down its two Solana (SOL)-themed, community-oriented retail stores in New York City and Miami at the end of the month, as the physical stores didn\u2019t onboard as many users as initially anticipated.<\/p>\n

Solana Spaces tweeted the news on Feb. 21, sharing a note from founder Vibhu Norby explaining the reasons behind the store shutdowns.<\/p>\n

Norby \u2014 who founded Solana Spaces in early 2022\u2014 explained that the company reached an \u201cinflection point\u201d with the stores, prompting them to shift its investment focus to \u201cDRiP,\u201d the firm\u2019s new nonfungible token artwork airdrop platform.<\/p>\n

\u201cWhile our stores onboard between 500 and 1,000 people per week, DRiP onboards that same quantity EVERY DAY,\u201d Norby said, explaining the decision to shift its investment focus. <\/p>\n

The decision to close the shops \u2014 located in the Hudson Yards neighborhood of Manhattan and the Wynwood section of Miami \u2014 was made \u201ca few weeks ago,\u201d and they will \u201csunset\u201d at the end of February, Norby said. <\/p>\n

The ambitious initiative was relatively short-lived, with the two stores having only officially opened in late July and August in New York and Miami respectively.<\/p>\n

Norby said the \u201cexperiment\u201d was part of a broader plan to onboard more people into the Solana and Web3 ecosystem:<\/p>\n

\u201cOur endowed mission from day one was to experiment with new and disruptive models to bring people to Web3, and to serve the community on behalf of the Solana Foundation.\u201d<\/p><\/blockquote>\n

\u201cAs I told people often, as awesome as the stores were, if we found a more efficient way to bring people into Solana, we would throw our efforts at that,\u201d he added.<\/p>\n

But as he has since realized, the firm\u2019s efforts may achieve better results in the digital realm with DRiP.<\/p>\n

The Solana-themed stores offered customers the opportunity to partake in all things from in-person wallet onboarding tutorials, earning rewards, merchandise shopping and attending events. <\/p>\n

<\/p>\n

When Solana Spaces opened its first New York-based store in late July, Norby hoped the store would bring in more than 100,000 people to Solana per month.<\/p>\n

However, Norby stated in his letter that only 75,000 people managed to walk into the store over the course of its seven-month tenure.<\/p>\n

Related: <\/em><\/strong>The state of Solana: Will the layer-1 protocol rise again in 2023?<\/em><\/strong><\/p>\n

The startup was sponsored by the Solana Foundation, the Solana-based wallet provider Phantom and the native crypto exchange Orca, and while it didn\u2019t work out, it did appear to have won over a lot of fans.<\/p>\n

Several Solana-native industry players, such as the videogame projects Star Atlas and Aurory, thanked Solana Spaces for its contribution to the ecosystem.<\/p>\n

The closure comes as the prolonged crypto winter has caused many industry-leading companies to lay off staff and close down offices all around the world.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana Spaces will close down its two<\/p>\n","protected":false},"author":3,"featured_media":171349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nSolana Spaces will close New York and Miami stores 7 months after opening - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/solana-spaces-will-close-new-york-and-miami-stores-7-months-after-opening\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana Spaces will close New York and Miami stores 7 months after opening - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Solana Spaces will close down its two\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/solana-spaces-will-close-new-york-and-miami-stores-7-months-after-opening\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-22T03:27:14+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/02\/Solana-Spaces-will-close-New-York-and-Miami-stores-7-months-after-opening.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/solana-spaces-will-close-new-york-and-miami-stores-7-months-after-opening\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/solana-spaces-will-close-new-york-and-miami-stores-7-months-after-opening\/\",\"name\":\"Solana Spaces will close New York and Miami stores 7 months after opening - 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