• Solana Spaces, a Web3 onboarding experience, has announced that it will be shutting down its stores in New York and Miami by the end of February.
• The company had attracted over 75,000 people in its stores and helped thousands walk away with Phantom wallets and Solana merch.
• Following the news, SOL token has tanked over 7%, while its market capitalization has gone down by 6.12% over the past 24 hours.
Solana Spaces to Shut Down Stores
Solana Spaces, the Web3 onboarding experience that aimed to bring people to Solana through its retail stores, has announced that it will shut down its stores in New York and Miami by the end of February.
Experimenting With New Models
The mission of Solana Spaces was to experiment with new and disruptive models to bring people to Web3 and to serve the community on behalf of the Solana Foundation. In just eight months, the team designed a Web3 onboarding experience from scratch, in multiple cities, with its own merch, 30 collaborations, Spaces DAO, its own software DRiP and numerous experiments.
Continuing Engagement with Community
The company plans to continue engaging with the community in two ways: firstly through Spaces DAO which aims to continue supporting the mission for Solana all over the world by open-sourcing both their software as well as their brand; secondly they are also looking into identifying a place for people to pick up Solana merchandise and take part in other IRL activities.
Data from CoinMarketCap shows that SOL has tanked over 7% since this news came out. SOL was trading at $23.39 at press time with an overall market capitalization decrease of 6.12% over 24 hours along with daily trading volume of $897 million dollars at press time.
Solana Spaces will be closing down their physical locations but they have planned on continuing engagement within their community through various digital products such as DRiP as well as finding alternative places for people within their community to pick up merchandise or take part in other activities related to web 3 technology