• Solana Spaces, a retail store founded by Vibhu Norby, is closing its two stores located in New York and Miami.
• The decision to close the stores is due to insufficient customers and the company’s shift in focus towards DRiP, a new platform for NFT artwork.
• The shops were open for business during summer 2020 and offered in-person wallet onboarding training, reward earning, merchandising, and event attendance.
Solana Spaces Closure
Solana Spaces, a retail store founded by Vibhu Norby with two shops located in New York and Miami will be closing its doors due to lack of customers. This announcement was made through Twitter on February 21st after opening their doors around late July/early August of 2020.
Cause of Closure
The cause for the closure are due to insufficient customers that were unable to attract as many individuals as expected despite onboarding between 500-1000 each week at their two locations. Furthermore, the company has decided to reallocate resources towards DRiP (a non-fungible token platform) which had already seen more success than the physical shops themselves.
Services Offered
The Solana Spaces offered an array of services such as in-person wallet onboarding training, reward earning, merchandising and event attendance while they remained open. This was intended to bring people into Web3 systems as part of their larger strategy but has become less effective with time compared to DRiP’s success rate which can onboard large numbers daily instead of weekly.
Vibhu Norby’s Statement
Vibhu Norby founder of Solana Spaces stated that this move was made “a few weeks ago” with the intent of sunseting the physical stores at the end of February 2023. He said that although it made sense at first it has now hit an inflection point where digital solutions like DRiP can bring better results for their mission statement rather than physical solutions like those provided at Solana Spaces stores.
Conclusion
In conclusion, Solana Spaces announced that they would be closing both their New York and Miami locations after almost 9 months since opening them up due to insufficient customer base despite offering various services such as onboarding training and rewards programs etc… The company is now shifting resources towards DRiP which has been more successful than physical solutions so far according to Vibhu Norby who said “Our endowed mission from day one was to experiment with new and disruptive models”