US NFT Restaurant no longer accepts cryptocurrencies

Long Beach, Los Angeles’ first NFT restaurant, Bored and Hungry, has announced that it will stop accepting cryptocurrencies as a means of payment. The main theme of the restaurant is the Bored Apes collection, which illustrates bored monkeys in various unique poses.

The collection became widely known, with the release being driven by Yuga Labs. In addition to the Bored Ape Yatch Club (BAYC) collection, the Mutant Ape Yatch Club (MAYC) has also received a lot of attention from NFT collectors over the past year.

Thus, this is one of the most important collections of NFTs in the world in terms of market value, according to data from OpenSea, a platform through which these assets can be traded.

The success of the collection led one of the collectors to open its branch in April 2022, the region’s first cryptocurrency-themed facility.

US NFT Restaurant no longer accepts cryptocurrencies as a payment method

NFTs are digital certificates of unique assets registered on the blockchain, such as art, music, course certificates or any other item that can capture people’s imaginations.

As an art, the sector has received a huge boost in 2021 and many new art collectors have emerged all over the world. In a recent study by Deloite with a Swiss bank, NFTs could be a store of value in the future, with the evolution of the collector profile and the arrival of new generations in the sector.

However, the stage of the cryptocurrency market in general is not the best even for large collections. In the case of Bored Ape, the collection linked to the Ethereum network has been hit hard by the devaluation of currencies and NFTs in recent months.

In this way, the Los Angeles Times portal checked how the Bored & Hungry restaurant associated with this famous collection was doing and found that the establishment had stopped accepting cryptocurrencies.

It’s unclear when they stopped accepting cryptocurrencies as a means of payment, but when it started in April, the menu showed items priced in ApeCoin, a cryptocurrency associated with the Bored Ape collection that has devalued by 82% in the past two months, a aggressive correction for the project.

There, the reporter spoke to a customer who didn’t even know the restaurant accepted cryptocurrencies or whatever, and said he was only there for the food and the distinctive design of the establishment.

Cryptocurrencies as a means of payment

Accepting cryptocurrencies as a means of payment has always been a taboo for companies, who do not know how to deal with the market volatility of this digital currency.

The case of the NFT restaurant reflects this situation well, even for an establishment that is connected to the market and understands the risks. When asked why he stopped accepting cryptocurrencies, the owner of Bored & Hungry did not respond to the matter, nor do his employees want to talk about it.

Source: Live Coins

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