Solana Spaces to Shut Stores, Pivots to Digital Products

•Solana Spaces has announced that it will shut down its physical stores by the end of February.
•The company is pivoting its Solana onboarding efforts into digital products such as DRiP.
•SOL has tanked over 7% since the news came out and the company is continuing to engage with the community in two ways.

Solana Spaces Closes 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. The company had opened their first physical location only seven months ago.

Company Pivots to Digital Products

In a recent tweet, founder Vibhu Norby explained that the company has pivoted their Solana onboarding efforts into digital products such as DRiP, which has attracted over 100,000 sign-ups. The startup costs for Solana Spaces were funded by the Solana Foundation, which Norby expressed his gratitude for sponsoring them over the last year.

Engaging with Community

The team hosted nearly 75,000 people in its stores and helped thousands walk away with Phantom wallets and Solana merch. In order to continue engaging with the community, they are open-sourcing both software and brand through Spaces DAO. Additionally, they are also looking for a place for people to pick up Solana merchandise and take part in other IRL activities.

Impact on SOL Token Price

Data from CoinMarketCap shows that SOL has tanked over 7% since news of store closures came out. At press time it was trading at $23.39 with a market capitalization going down 6.12% over 24 hours and daily trading volume of $897 million USDT equivalent tokens traded in 24 hours according to CoinMarketCap data at press time..

Conclusion

Though Solanaspaces is shutting down their physical stores, they are looking forward to continue engaging with their community through various digital products like DRiP and Spaces DAO while providing SOL token holders enough liquidity opportunities via exchanges for continued trade support going forward