The crash of NFT and crypto already cost many people a huge amount of money. It includes well-known online influencers like KSI and Logan Paul. They lost a lot of dollars. Yet if someone feels disappointed, angry, or even vindicated regarding such a bubble bursting they hopefully can appreciate one of the ironic side effects. Crypto’s plummeting value is a huge problem not only for investors but also for many businesses that are seen to accept crypto as payment. It included Bored & Hungry, the NFT-themed restaurant. Their management decided to no longer accept payments in crypto. So, if you are planning to trade Bitcoins, you may also consider knowing about the Benefits Of Bitcoin Investment.
Bored & Hungry is the burger joint that opened recently. It is an NFT-themed burger joint. It is no longer accepting crypto as payment for meals ordered from there. This burger joint in Long Beach, California is named after the Bored Ape NFTs. They took the entire world by storm in the past few years.
The restaurant included NFT culture’s aesthetics. They decorated the tables and walls with memes along with the art of Bored Ape. Customers can still pay for their ordered food with the usual old US dollar. But the restaurant listed all prices on their menus in crypto. Thus it is hugely ironic that the crypto crashing values have forced them to stop accepting crypto payments.
When they were questioned one employee of the restaurant mentioned that they are not accepting crypto payments now for their meals but they are not sure when they will. The individual did not give any indication of when this decision will be taken to cut crypto payments from the options menu of payment. He also was not clear on whether the digital currency will be making any payment refund.
The scenario in the burger joint
Initially, the burger joint was launched in April 2022. It was started themed around the crypto trends aesthetics. Bored Ape NFT designs were all over the trays and cups. The owner of the burger joint Any Nguyen mentioned that he paid over $330000 for the designs to adorn the place. He did not reply to any comment that was asked regarding the change.
As per the reports, most of their customers hardly cared about the options of crypto payment. Customers were usually indifferent to the loyalty of the restaurant to the cause of crypto. People were eager to hold their crypto and not use it. Others did not have much knowledge regarding crypto. They just came there to try out the food.
They removed every reference to crypto from their menus. The business now accepts only US dollar payments. It is not clear if such a change will be permanent. No one is sure if they may begin to take payments in crypto again.
Different impacts have been there due to the volatility of crypto and its plunges over the last few months. It included vulture investors who now circled damaged investments along with companies. As per the news, Goldman Sachs as well as others is reportedly attempting to snap up assets at their value fractions.
The market of crypto was seeing firms that once doled out huge amounts of cash now are very alert to their bottom line. Terms are becoming challenging. Investors with all the capital to assist are becoming very ruthless. They are willing to witness wipe-outs of not only institutional investors but also retail ones.
Sam Bankman-Fried, the CEO of FTX, presented himself as the industry’s saviour. He offered distressed firms one lifeline even if the firm loses money. But his BlockFi line of credit will be wiping out every shareholder as well as venture investors. It may also make the options of employees worthless. This is because FTX will be capable of buying the struggling lenders at one almost no price.
Moreover, a lot of restaurant patrons said that they are never complete crypto enthusiasts. The change to the policies of the restaurant’s payment is in line with the huge crypto as well as the macroeconomic recession that is present worldwide. But crypto users can visit Chipotle which started to accept crypto payments through Flexa in the month of June. Various countries are still facing relentless scrutiny and regulation. There are huge transition issues too in the market of crypto.