Solana Spaces will close New York and Miami stores 7 months after opening

Feb 21. 2023

By Brayden Lindrea

Norby said the “experiment” was part of a plan to onboard more people onto Solana, but the stores didn’t bring in as many users as they initially hoped.

Solana Spaces will close down its two Solana (SOL $24)-themed, community-oriented retail stores in New York City and Miami at the end of the month, as the physical stores didn’t onboard as many users as initially anticipated.

Solana Spaces tweeted the news on Feb. 21, sharing a note from founder Vibhu Norby explaining the reasons behind the store shutdowns.

Norby — who founded Solana Spaces in early 2022 — explained that the company reached an “inflection point” with the stores, prompting them to shift its investment focus to “DRiP,” the firm’s new nonfungible token artwork airdrop platform.

“While our stores onboard between 500 and 1,000 people per week, DRiP onboards that same quantity EVERY DAY,” Norby said, explaining the decision to shift its investment focus.

The decision to close the shops — located in the Hudson Yards neighborhood of Manhattan and the Wynwood section of Miami — was made “a few weeks ago” and will “sunset” at the end of February, said Norby.

To read the entire article...Click Here!