Solana Spaces Goes Digital: Pivoting to NFTs and Online Retail
Solana Spaces, the Solana-themed retail storefronts, has announced the closure of its company-owned and operated stores in New York and Miami by the end of February. The decision was made due to the prolonged crypto winter, which has frozen many ambitious crypto initiatives. The Solana Spaces stores were launched last summer and aimed to act as a Web3 onboarding space for newcomers where Solana fans could purchase their favorite Solana-branded merch.
According to Vibhu Norby, the founder of Solana Spaces, the company has discovered more effective methods to onboard individuals from both a product and financial perspective. As a result, the company has shifted its focus to DRiP, an internet platform that offers collectors the opportunity to receive free Solana NFTs, which are airdropped on a weekly basis.
Closing physical stores
Solana Spaces launched its first physical store in New York’s Hudson Yards last summer, with another store opening in August of that year in Miami’s Wynwood district, known for being a creative and cultural hub. The Solana stores joined a growing list of IRL (in real life) projects, like Bored & Hungry, a Bored Ape Yacht Club-themed fast food restaurant based in Los Angeles.
However, due to the prolonged bear market in the cryptocurrency industry, the company has decided to close its physical stores. According to the Solana Spaces Twitter account, the closure is a difficult decision, but the company believes it is the right move to make.
Pivoting to digital products
Vibhu Norby, the founder of Solana Spaces, stated that his team has discovered more productive ways to onboard people from both a product and financial standpoint. Accordingly, the company has now shifted its attention towards DRiP, an online platform that enables collectors to obtain free Solana NFTs that are airdropped on a weekly basis.
DRiP is a website that offers free Solana NFTs to collectors through weekly airdrops. According to the company, DRiP has garnered as much traffic as the physical stores, with over 50,000 sign-ups recorded this week and an additional 175,000 collectors on the waitlist.
Franchising Solana Spaces
Norby added that the closure of the New York and Miami stores is not the end of Solana Spaces. The company has already open-sourced its stores, and one of the franchises is set to open in India in the coming weeks. Solana Spaces has decided to maintain a smaller presence in Miami through other clothing stores situated in the region.
According to Norby, the company is excited to franchise the Spaces globally. The open-sourcing of the stores in November was a step towards that goal.
The Solana Spaces stores will close on February 28th, and the New York and Miami stores will offer giveaways and discounts on merch leading up to the last day. Norby has instructed the retail team to be generous, and he urged the Solana community to come by the stores and share pictures on Twitter.
Norby took to Twitter to invite the Solana community to take advantage of the closing stores’ giveaways and discounts. He instructed the retail team to be extra generous and encouraged visitors to share pictures on Twitter while grabbing high-quality Solana gear, as the final week of Solana Spaces is approaching. He expressed his desire for everyone to have a memorable experience together.
Conclusion
The closure of Solana Spaces’ physical stores in New York and Miami highlights the impact of the prolonged crypto winter on the ambitious initiatives of crypto startups. The move to pivot towards digital products like DRiP is an example of how companies are adapting to the changing market conditions. Despite the closure of the physical stores, Solana Spaces is not ending its journey, and its franchise in India and continued presence in Miami show that the company is still pushing forward. The Solana community can look forward to exploring new ways to engage with the Solana ecosystem through products like DRiP and the upcoming franchises.
