The NFT and cryptocurrency crash has already cost a lot of people a significant amount of money. This includes prominent online influencers such as Logan Paul and KSI, who lost hundreds of thousands or even millions of dollars. However, whether someone feels angry, disappointed, or vindicated about this bubble bursting, they can hopefully appreciate one very ironic side effect.
The plummeting value of crypto is a problem not just for investors but also for those businesses who accept cryptocurrencies as payment. This included the NFT-themed restaurant Bored and Hungry, whose management has decided to stop accepting payments in cryptocurrency.
As one might guess, Bored and Hungry in Long Beach, California, is named after the Bored Ape NFTs, which took the world by storm over the last few years. The restaurant went all-in on the aesthetics of NFT culture, decorating the walls and tables with memes and Bored Ape art. And while customers could still pay for their food with regular old US dollars, Bored and Hungry’s menus also listed prices in cryptocurrencies. It’s thus highly ironic that the crashing values of cryptocurrency have reportedly forced the restaurant to stop accepting payment in crypto.
According to the Los Angeles Times, Bored and Hungry removed all references to cryptocurrency from its menus and the business now only accepts payment in US dollars. LA Times reporters could not reach owner Andy Nguyen for comment, and it is unclear whether this change is permanent. An anonymous employee reportedly told the LA Times that they weren’t sure when or if Bored and Hungry might start taking payments in cryptocurrency again.
NFT sales tanked over the last few months, and the phenomenon isn’t just limited to Bored Apes either. In 2021, an NFT of former Twitter CEO Jack Dorsey’s first tweet sold for $2.9 billion. However, by April, its value at auction fell to only about $14,000. Meanwhile, an NFT of the rapper Snoop Dog fell from $32,000 to only $210. Cryptocurrency prices fell off at around the same time, with the entire market shrinking by over 50% since November 2021.
NFTs have been a controversial subject in the gaming community. A survey released in January revealed that 30% of game developers are interested in NFTs. However, a majority still oppose including NFTs in games either because of the technology itself or the culture around it. Meanwhile, many gamers fear NFTs will be another way for publishers to squeeze extra money from their customers. Only time will tell how the current NFT and crypto crash might affect game companies’ future decisions.
Source: Los Angeles Times