Through an official announcement on his social media account, the founder of Solana Spaces, Vibhu, announced that the physical stores in New York and Miami will be closed. The decision will take effect at the end of February 2023.
The Solana Spaces initiative was launched under the motto “Web3 in real life” as a physical space for crypto enthusiasts to learn, experience, and receive rewards by participating in the sector. In that sense, it is the “first immersive Web3 learning space” to learn about the Solana ecosystem and the blockchain.
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Through social media, the founder of the initiative said that the project will move from a physical experience to a digital product. The project has launched a non-fungible token (NFT) that has more than 100,000 registrants, Vibhu said while adding:
Solana Spaces is a startup that was established over a year ago. Our start-up costs are funded by the Solana Foundation, but we are very grateful to Phantom, and Orca, and many other ecosystem teams for sponsoring Solana Spaces over the past year.
During its one-year history, the project announced more than 30 partnerships, 50 events, a decentralized autonomous organization (DAO), and “a lot of experiments,” the founder said. In addition, more than 75,000 people participated in the Solana experience in an effort to add more users to the ecosystem.
As the project grew, the price of major cryptocurrencies, including SOL, trended to the downside. The ongoing downward trend has forced several projects, companies, and entities to file for bankruptcy or restructuring in some capacity to continue operating. In this sense, Vibhu said:
Over the last 2 months, it has become increasingly clear that we are at an inflection point with our digital store and products, and a few weeks ago we made the call to focus our ongoing efforts on Drip.
During the coming months, the project will rotate and focus on supporting “Solana In Real Life (IRL)” via DAO. The project will open source the software the brand uses to achieve these goals.
The IRL initiative will continue in various locations. Currently, the project is looking for new premises in NYC and Miami to migrate operations.
In the coming weeks, users can still visit the IRL spaces in Miami and New York and receive “some free quality Solana gear.” Vibhu asked the following visitor:
Don’t be glad you did – share your pictures and what you got on Twitter so we can enjoy the last week of Solana Spaces.