Ambitious plans for a non-fungible token-linked restaurant and exclusive members’ lounge in San Francisco have abruptly dissolved. The company behind the venture ceased construction due to challenging macroeconomic circumstances.
These two establishments were in the process of being developed within Salesforce Park, bearing the names “Sho Restaurant” and “Sho Club Sky Lounge.”
The latter was exclusively reserved for holders of Sho Club NFTs, which were priced between $7,500 and $300,000, offering access to forthcoming hospitality ventures by the Sho Group.
Speaking to the San Francisco-focused news outlet SFGATE on September 7, Joshua Sigel, CEO of Sho Group, acknowledged that the project had become unfeasible and confirmed the company’s lease agreement had been terminated in July.
The CEO emphasized that, “Despite significant interest in the concept, including millions of dollars in pre-sold and reserved memberships […] we found ourselves unable to address the numerous concerns raised by potential investors. Most of these concerns revolved around the future of San Francisco and the escalating construction expenses of the restaurant.”
Furthermore, Sigel pointed out that challenging macroeconomic conditions, including “shortages in labor, disruptions in the supply chain, geopolitical instability, and inflation,” contributed to the project becoming financially unviable.
Sigel added that Sho Group has issued refunds to all individuals who purchased the NFTs.
Binance NFT discontinues its support for Polygon.
Binance’s NFT marketplace has unexpectedly announced the impending cessation of support for NFTs based on Polygon, although it hasn’t offered a clear rationale for this decision.
In a blog post dated September 8, Binance NFT disclosed its intention to discontinue the operation of The Sandbox NFT Staking Program by the end of this month, attributing it to a strategy to streamline its product offerings.
The program enables users to stake their Polygon-based LAND NFTs from The Sandbox, earning rewards in SAND tokens. However, it will officially conclude on September 26. NFT holders will see their assets automatically unstaked and returned to their spot wallets.
Alongside the closure of the program, Binance NFT also mentioned that its support for the Polygon network would conclude on the same day. Users will have until December 31 to withdraw all their Polygon-based NFTs from the platform.
Regarding the decision, Binance NFT simply stated that “further details will be provided to affected users at a later date.”
Reddit introduces NFL-themed NFTs.
In honor of the commencement of the new NFL season this week, Reddit, a social media platform embracing NFTs, unveiled collectible NFL-themed NFT avatars.
The release took place on September 7 and encompasses all 32 teams in the NFL. Each NFT is priced at $25 and showcases the Reddit Snoo mascot adorned in the respective team’s attire.
For each team, a total of 500 tokens were made available. However, as of the current moment, it seems that many of the collections still have over 400 NFTs remaining, indicating that there hasn’t been a significant surge in demand to acquire them thus far.
In collaboration with NBA star Paul George and the popular apparel brand Stance, the NFT initiative known as Rumble Kong League has introduced “phygital” basketball socks.
This sock release is a part of a larger collaborative endeavor called Hyper Socks, which will eventually lead to the launch of a 3v3 basketball game featuring play-to-earn features. The initial phase of this project involved the sale of tokenized socks designed for use in the upcoming game.
In a September 8 announcement, the Rumble Kong League team initiated the second stage by making available 250 sets of physical Stance socks, featuring designs inspired by the project’s cartoon gorilla avatars.
This collaboration represents a noteworthy mainstream alliance for the project, particularly given Stance’s established connections with the NBA and various other professional sports leagues.
Other Nifty News:
The team responsible for the NFT project OnChainMonkey is embarking on a monumental task of relocating their entire collection of 10,000 NFTs from Ethereum to Bitcoin. This ambitious move is expected to span several months.
As per a September 6 announcement by the team, the “Onchain Summer” promotion on the Base network in August led to the minting of over 700,000 NFTs, involving more than 268,000 unique wallets.