Via an official announcement on their social media account, the founder of Solana Spaces, Vibhu, announced that their physical stores in New York and Miami would close. The decision will come into effect by the end of February 2023.

The Solana Spaces initiative was launched under the “Web3 in real life” motto as physical spaces for crypto enthusiasts to learn, experience, and receive rewards by getting involved in the sector. In that sense, it was the “first immersive Web3 learning space” to learn about the Solana ecosystem and blockchain.

Bear Market Takes Another Victim, What’s Next For Solana Spaces

Via social media, the initiative’s founder claimed that the project would pivot from a physical experience into digital products. The project has launched a non-fungible token (NFT) which has over 100,000 sign-ups, Vibhu said while adding the following:

Solana Spaces was a startup that I founded just over a year ago. Our startup costs were funded by Solana Foundation, but we are deeply thankful to Phantom, and Orca, and many other ecosystem teams for sponsoring Solana Spaces over the last year.

Over its one-year history, the project announced over 30 partnerships, 50 events, a decentralized autonomous organization (DAO), and a “myriad experiments,” its founder said. In addition, over 75,000 people took part in the Solana experience as an effort to onboard more users into its ecosystem.

As the project grew, the price of major cryptocurrencies, including SOL, trended to the downside. The persistent downside action has forced several projects, companies, and entities to file for bankruptcy or restructure in some capacity to continue operating. In that sense, Vibhu said:

Over the last 2 months, it became increasingly clear to me that we were at an inflection point with our stores and our digital products, and a few weeks ago we made the call to focus our ongoing efforts on DRiP.

Over the coming months, the project will pivot and focus on supporting “Solana In Real Life (IRL)” via its DAO. The project will open-source the software its brand uses to achieve this objective.

The IRL initiatives will continue in different locations. Currently, the project is looking for new spaces in NYC and Miami to migrate its operations.

In the coming week, users can still visit the IRL spaces in Miami and New York and receive “some free high-quality Solana gear.” Vibhu asks visitors the following:

Do us a favor when you do – share a picture and what you got on Twitter so we can all together enjoy the final week of Solana Spaces.