NFT Digest: NFT-Backed Restaurant’s Demise, Binance NFT Drops Polygon Support, and More Updates

NFT Digest: NFT-Backed Restaurant’s Demise, Binance NFT Drops Polygon Support, and More Updates

The End of the NFT-Based Restaurant Project

The ambitious plans for a nonfungible token (NFT)-backed restaurant and private members lounge in San Francisco have come to an abrupt halt due to challenging macroeconomic factors. The project, situated in Salesforce Park, was set to feature two venues known as the “Sho Restaurant” and “Sho Club Sky Lounge.”

The Sho Club Sky Lounge was intended exclusively for Sho Club NFT holders, with NFT prices ranging from $7,500 to $300,000. These NFTs also provided access to future hospitality offerings from the Sho Group.

Speaking to San Francisco-focused news website SFGATE on Sept. 7, Sho Group CEO Joshua Sigel announced that the project could no longer proceed, and the company terminated its lease agreement in July. Sigel cited multiple concerns raised by potential investors, primarily related to the future of San Francisco and the escalating construction costs.

Sigel attributed the soaring construction expenses to various challenging macroeconomic factors, including labor shortages, supply chain disruptions, geopolitical uncertainties, and inflation. The Sho Group has refunded all NFT buyers.

Binance NFT Ends Support for Polygon

Binance’s NFT marketplace has unexpectedly announced the discontinuation of support for Polygon-based NFTs, without providing a clear explanation. In a blog post dated Sept. 8, Binance NFT revealed its decision to terminate The Sandbox NFT Staking Program later this month as part of its efforts to streamline its product offerings.

The program allowed users to stake Polygon-based Land NFTs from The Sandbox and earn SAND token rewards. It will officially cease operations on Sept. 26, with users’ NFTs automatically unstaked and returned to their spot wallets.

Simultaneously, Binance NFT declared that support for the Polygon network would conclude on the same day, giving users until Dec. 31 to withdraw their Polygon NFTs from the marketplace. Further details will be provided to affected users at a later date.

Reddit Launches NFL NFTs

In celebration of the new NFL season, Reddit, a NFT-friendly social media platform, unveiled NFL-themed NFT avatar collectibles on Sept. 7. These collectibles cover all 32 teams and are priced at $25 each. The artwork features the Reddit Snoo mascot donning various team uniforms.

Each team has 500 tokens available, although at the time of writing, most sets still have over 400 NFTs remaining, indicating a lack of immediate demand.

Rumble Kong League x Stance

In collaboration with NBA star Paul George and the popular clothing brand Stance, the NFT project Rumble Kong League has introduced phygital basketball socks. This release is part of the broader Hyper Socks project, which will eventually feature a 3v3 basketball game with play-to-earn features.

The initial phase of the project involved the sale of tokenized socks for use in the upcoming game. In a Sept. 8 announcement, the Rumble Kong League team initiated the second stage by releasing 250 boxes of physical Stance Sox featuring the project’s cartoon gorilla avatars.

This partnership marks a significant mainstream collaboration for the project, given Stance’s affiliations with the NBA and other professional sports leagues.

Other Notable News

The team behind the NFT project OnChainMonkey is embarking on an extensive endeavor, migrating their entire collection of 10,000 NFTs from Ethereum to Bitcoin. This massive undertaking is expected to span several months.

The Base network’s “Onchain Summer” promotion in August resulted in over 700,000 NFTs minted by more than 268,000 unique wallets, according to a Sept. 6 announcement from the team.