Bold plans to build a non-fungible token (NFT)-based restaurant and private members lounge in San Francisco came to an abrupt end when the company behind the project halted construction due to macroeconomic factors.
The two venues, being built on Salesforce Park, will be called “Sho Restaurant” and “Sho Club Sky Lounge.”
The latter is only available to holders of Sho Club NFTs, which range in price from $7,500 to $300,000, and will provide access to Sho Group’s other future hotel services.
Sho Group CEO Joshua Sigel told San Francisco news site SFGATE on Sept. 7 that the project was no longer possible, confirming that the company had terminated the lease agreement in July.
The CEO added: “Despite strong demand for the concept, pre-sale and reserved memberships are worth millions of dollars […] We were ultimately unable to address the many concerns raised by potential investors, most of which centered around the future of San Francisco and the rising costs of restaurant construction. “
Siegel went on to highlight macro factors that ultimately make construction too expensive, such as “labor shortages, supply chain disruptions, geopolitical uncertainty and inflation.”
Sigel said Sho Group has refunded everyone who purchased NFTs.
Binance NFT ends support for Polygon
Binance’s NFT marketplace suddenly announced that it would soon stop supporting Polygon-based NFTs, without providing a clear explanation.
In a September 8 blog post, Binance NFT said it would cease its sandbox NFT staking program later this month, citing a decision to simplify product offerings on the platform.
The program allows users to stake Polygon-based Land NFTs from The Sandbox to receive SAND token rewards; however, it will officially close on September 26.
The user’s NFT will be automatically unstaking and returned to the spot wallet.
As part of the end of the program, Binance NFT also said that support for the Polygon network will end on the same day, and users will have until December 31 to withdraw all Polygon NFTs from the market.
In explaining the move, Binance NFT said only that “further details will be provided to affected users at a later date.”
Reddit launches NFL NFT
To celebrate the new NFL season, which kicked off this week, NFT-friendly social media platform Reddit has launched an NFL-themed NFT avatar collectible.
Today is the day of the NFL introduction #RedditCollectibles All 32 people @NFL Teams (limit 500 units per team). Draft yours now! #NFLxReddit #2023NFL Kickoff https://t.co/e43sIHl9oW pic.twitter.com/WOjRagyJmv
— Reddit (@Reddit) September 6, 2023
The series launched on September 7 and covers all 32 teams. The NFTs are priced at $25 each, and the artwork depicts the Reddit Snoo mascot in various uniforms.
Each team has 500 tokens available; however, many sets still appear to have over 400 NFTs available at the time of writing, suggesting there’s not yet a rush to snap them up.
Rumble Kong League x stance
NFT project Rumble Kong League has launched physical basketball socks as part of a partnership with NBA star Paul George and popular sock, underwear and T-shirt brand Stance.
The release is part of a wider collaborative project called Hyper Socks, which will culminate in a 3v3 basketball game with earn-as-you-play functionality.
related: NFT startup Rario loses founder after raising $120 million last year: report
The first phase of the project is to sell tokenized socks that can be used in the upcoming game.
In an announcement on September 8, the Rumble Kong League team kicked off the second phase by beginning sales of 250 physical boxes of Stance Sox, featuring the cartoon gorilla heads from the project.
Two legends in their respective fields, joining forces to create greatness.
xx @attitude HyperSocks is online!
Top performance rare fur quality that sparks sparks on any basketball court.
Limited to 250 people!
Grab your box before they go! pic.twitter.com/3rQXtTtciI
— Rumble Kong Alliance (@RumbleKongs) September 8, 2023
The partnership marks an important mainstream partnership for the project, given Stance’s ties to the NBA and other professional sports leagues.
Other exciting news:
The team behind NFT project OnChainMonkey is moving its entire collection of 10,000 NFTs from Ethereum to Bitcoin, a massive undertaking expected to take several months.
Base Network’s “Onchain Summer” promotion in August resulted in more than 268,000 unique wallets minting more than 700,000 NFTs, according to the team’s Sept. 6 announcement.
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