Solana Spaces, a company that used storefronts in New York City and Miami to promote adoption of its namesake blockchain, announced Tuesday it will close its locations by the end of the month. CEO Vibhu Norby said the startup has reached “an inflection point” and will pivot away from brick-and-mortar experiences and into NFTs. Norby indicated Solana Spaces will rebrand itself as DRiP, a boutique NFT distribution platform he created. DRiP will offer users the ability to purchase, trade, and collect NFTs, as well as access to exclusive content and events.
Solana Spaces, a crypto-focused retail shop, has announced its closure after seven months of operation. The shop, which was founded by Norby, opened its first location in New York City’s Hudson Yards and a second in Miami. During its six-month run, Solana Spaces welcomed 60,000 visitors and completed 16,000 onboarding tutorials. The Solana Foundation provided a grant to help launch the shop, but had no financial stake in the company. The closure of Solana Spaces marks the end of an experiment in bringing cryptocurrency to the masses.
Solana Spaces is a storefront that provides interactive billboard exposure for crypto brands like FTX, Phantom and Orca. The company is run by CEO Norby, who has developed a “retail-as-a-service” (RaaS) model to sustain the business. Norby previously ran b8ta, a tech gadget-focused store that closed its doors after failing to reach a deal with its landlords. Solana Spaces’ New York location is a former b8ta storefront, and the company is hoping to succeed where b8ta failed by providing a unique advertising platform for crypto brands. With Norby’s RaaS model, Solana Spaces is looking to become a leader in the crypto advertising space.
Solana Spaces, a brick-and-mortar business founded by CEO and founder, Chris Norby, has closed its operations due to the administrative burden and limited potential for growth. However, the company will continue to develop DRiP, its Non-Fungible Token (NFT) distribution platform, which gained tens of thousands of sign-ups during its in-person run. DRiP is a platform that allows users to purchase and trade digital assets, such as artwork, music, and videos, using blockchain technology. With the closure of Solana Spaces, Chris Norby is now focusing on the development of DRiP, which he believes has the potential to revolutionize the digital asset industry.
