Bored & Hungry, a crypto-themed restaurant based in Los Angeles, won’t be accepting crypto as a form of payment anymore, a report from Investing.com said.
The restaurant had been started in April as explicitly themed around the “aesthetics of crypto trends” with cups and trays adorned with Bored Ape NFT designs.
Owner Andy Nguyen said he’s paid more than $330,000 for the ape-themed designs adorning the place. Nguyen didn’t reply to comments asking about the change.
The report noted that many customers “did not seem to care” about the crypto pay options, not using them much.
Many customers interviewed reportedly said they didn’t have a lot of knowledge about crypto, and had only been coming in to try the food.
One customer said he didn’t “know how [crypto purchases] would work with the crash.’’
There have been numerous effects from the crypto volatility and plunges of the past few months, including “vulture investors” that are now circling damaged investments and companies, PYMNTS wrote.
The news over the weekend said FTX, Goldman Sachs and others have been reportedly trying to “snap up” assets at fractions of their value.
The crypto market has been seeing firms that had once been doling out generous amounts of cash now looking more cautiously at their bottom lines.
And terms have been becoming tougher, with investors with the capital to help becoming “a lot more ruthless.” The investors are reportedly willing to see wipeouts of both institutional investors and retail investors.
FTX CEO Sam Bankman-Fried has presented himself as a savior for the industry, and has offered distressed firms a lifeline even if FTX loses money.
However, PYMNTS reported that Bankman-Fried’s line of credit to BlockFi would reportedly wipe out “all shareholders and venture investors” and might even make employee options worthless, because FTX would be able to buy the struggling lender at an almost zero price.