Bold plans for a nonfungible token (NFT)-based restaurant and private members lounge in San Francisco have ended abruptly after the company behind the project halted construction due to challenging macroeconomic factors.
The two venues were being built on Salesforce Park and were going to be dubbed the “Sho Restaurant” and “Sho Club Sky Lounge.”
The latter would only be accessible to holders of the Sho Club NFTs, which cost anywhere from $7,500 to $300,000, and offered access to other future Sho Group hospitality offerings.
Speaking with San Francisco-focused news website SFGATE on Sept. 7, Sho Group CEO Joshua Sigel stated that it was no longer possible to build the project and confirmed that the company ended its lease agreement in July.
Early rendition of the restaurant and members lounge. Source: Sho Group.
The CEO added: “Despite a strong demand for the concept with millions of dollars in both pre-sold and reserved memberships […] we ultimately could not address the many concerns brought about by potential investors, most of which have been around the future of SF and the rising costs of constructing the restaurant.”
Sigel went on to highlight difficult macro factors that ended up making construction costs too expensive, such as “labor shortages, supply chain disruptions, geopolitical uncertainty, and inflation.”
Sigel says Sho Group has refunded everyone who bought the NFTs.
Binance NFT ends support for Polygon
Binance’s NFT marketplace suddenly announced that it would soon wind down support for Polygon-based NFTs but did not provide a clear explanation as to why.
In a Sept. 8 blog post, Binance NFT stated that it will discontinue its The Sandbox NFT Staking Program later this month, citing a decision to streamline product offerings on the platform.
The program allows users to stake their Polygon-based Land NFTs from The Sandbox to earn SAND token rewards; however, it will officially shut down on Sept. 26.
Users will have their NFTs automatically unstaked and returned to the spot…