Is “Boring Ape Restaurant” going to give up cryptocurrency payments? Just a “false alarm”
The bitter "winter" in the past few months has quickly "cooled" the crypto market worth over trillions. The first to be affected is naturally various cryptocurrencies, but the NFT market, which is closely related to cryptocurrencies, is not immune.
Remember this explosive "Boring Ape"? During the period of the "collapse" of the cryptocurrency, the NFTs of the "Boring Ape" series also experienced price cuts. Even the "Boring Ape Restaurant", which only opened in April this year, has caused a misunderstanding of eliminating its own "encrypted elements".
▲ Picture from: Getty Images
Not long ago, the "Boring Ape Restaurant", whether it was meat or vegetarian, was only marked with US dollar prices, which made people wonder: Does this restaurant no longer accept cryptocurrencies for settlement?
But then Bored & Hungry co-founder Kevin Seo responded that the restaurant's system for accepting cryptocurrency payments was temporarily shut down due to a system upgrade, and now it accepts Ethereum and Apecoin as payment methods.
▲ Picture from: Twitter
In April 2022, the world's first "Bored Ape" themed restaurant, Bored & Hungry, officially opened in Long Beach, California. This NFT-themed restaurant naturally has "Web3" elements.
In addition to the "boring ape" that can be seen everywhere on the decoration and food packaging, when the restaurant opened, the restaurant said that in addition to US dollars, customers can also pay with the cryptocurrency ETH (Ethereum) or $APE (ApeCoin). Bored & Hungry is also the first restaurant to list the $APE cryptocurrency as a payment method.
▲ Picture from: Los Angeles Times
Originally conceived as a 90-day pop-up store, The Boring Ape Restaurant has now become a restaurant that plans to last forever, given its subsequent success. The excitement of listing cryptocurrencies as a payment method was still on the pages of social networking sites, but now it has only been about two months, and the excitement seems to have faded.
In fact, people speculate that the reason why “Boring Ape Restaurant” gave up cryptocurrency payment is also very clear. Since April, the two tokens ETH (Ethereum) and $APE, which the restaurant has included in the payment method, have fallen by more than 60%. The volatility is also larger.
▲ Picture from: Twitter
In this case, the restaurant wouldn't risk accepting virtual currencies that don't know what the future holds (owner Andy Nguyen, after all, said he paid more than $330,000 for the different ape-themed NFTs that formed the basis of the restaurant's brand).
Holders risked the "in case" that the future value may rebound, and also did not dare to let go easily. Both sides have their own concerns about virtual currency, and the only option at this time is the "reliable" US dollar.
▲ Picture from: justboredandhungry
It is worth mentioning that although the “Boring Ape Restaurant” seems to be closely related to Web3, the collateral effect caused by the turmoil in the cryptocurrency market does not seem to have as much impact on it as imagined. Because many of the customers who come here are not only curious about the crypto market, but also attracted by the food in the restaurant.
▲ Picture from: yelp
For some customers, it doesn’t matter whether the restaurant has cryptocurrencies in their payment options, they care about the actual food. The owner of the restaurant, Andy Nguyen, hoped to use the restaurant to demystify Web3 and let the public know more about it.
▲ Picture from: justboredandhungry
Now it seems that some customers will be attracted by its concept, and thus have an interest in learning about the encryption market and Web3. But under the "mystery" of Web3, it may still be inseparable from the entity, even if only hamburgers and fries are better than nothing.
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