Collapse of NFT-Based Restaurant Project and Other NFT News Updates

Collapse of NFT-Based Restaurant Project and Other NFT News Updates

Unforeseen Halt to NFT-based Restaurant Project in San Francisco

Ambitious plans for a Non-fungible token (NFT) themed restaurant and members-only lounge in San Francisco have hit an unexpected roadblock. Sho Group, the company behind the venture, has stopped construction because of uncertain market conditions.

The two establishments, situated in Salesforce Park, had been named the 'Sho Restaurant' and the 'Sho Club Sky Lounge'. The lounge was to be exclusively available to Sho Club NFT holders, prices for which ranged from $7,500 to $300,000. The company's CEO, Joshua Sigel, confirmed in September that the lease agreement had been terminated in July. He cited potential investor worries about San Francisco's future and shifting costs as some of the issues behind this termination.

Binance NFT Withdraws Support for Polygon

A sudden decision by Binance's NFT marketplace announced that it will stop supporting Polygon-based NFTs. The reason behind this move, however, has not been sufficiently explained.

Binance NFT’s The Sandbox NFT Staking Program, which lets users stake their Polygon-based Land NFTs from The Sandbox for SAND token rewards, will end in late September. As a result, the site declared that it would stop supporting the Polygon network entirely after the staking program termination. The users have till the end of December to withdraw their Polygon NFTs from the marketplace.

Reddit Introduces NFL-themed NFTs

Ring in the fresh NFL season, Reddit, the NFT-friendly social platform, has released a batch of NFL-themed NFT avatar badges. The launch took place on September 7 and celebrates all 32 teams. Despite being priced at a modest $25, many of these digital treasures are still available.

Significant Collaborative Effort: Rumble Kong League Partners with Stance

The Rumble Kong League NFT project has teamed up with NBA player Paul George and worldwide apparel brand Stance to create physical basketball socks. The socks will form part of a series nicknamed Hyper Socks. The collaboration also anticipates launching a play-to-earn 3v3 basketball game.

Other Noteworthy NFT Updates

In another landmark happening, the team at NFT project OnChainMonkey plans to move their entire collection of 10,000 NFTs from Ethereum to Bitcoin - a massive operation predicted to span several months.

Meanwhile, Base network's "Onchain Summer" promotion in August saw over 700,000 NFTs created by more than 268,000 different wallets, indicating the growing trend and popularity of NFTs.