The precipitous decline in the valuation of cryptocurrencies presents a challenge not just for traders but also for companies who welcome cryptocurrency transactions as a form of payment. As a result, the NFT-themed eatery Bored and Hungry has chosen to discontinue taking crypto transactions.
— Bored & Hungry (@BoredNHngry) April 9, 2022
As one would expect, Long Beach, California’s Bored and Hungry is dubbed just after Bored Ape NFTs, a viral video sensation that swept the globe in recent years. Memes, as well as Bored Ape paintings, adorned the walls & tables, and the establishment went all-in on NFT culture’s features. The menus at Bored and Hungry also included pricing in cryptocurrency, so consumers could pay for their meals using their preferred method of payment. Because of this, the eatery has apparently stopped taking bitcoin payments due to the falling value of the digital currency.
Customers at Bored and Hungry are no longer able to order their meals with any mention of cryptocurrencies. The owner, could not be reached for confirmation by the LA Times, and it is unknown whether this alteration is permanent or not. An unnamed employee allegedly informed the LA Times saying they would be unsure if or when Bored and Hungry would resume accepting cryptocurrency transactions again.
Over the past six months, NFT sales have plummeted, and it’s not simply Bored Apes to blame. In 2021, an NFT of the first tweet by ex-Twitter CEO – Jack Dorsey sold for $2.9 billion. When it came up for sale again in April, the bidding had dropped to barely approximately $14,000. Meanwhile, Snoop Dog’s NFT plunged from $32,000 to just $210. The total market has shrunk by nearly 50% after November 2021 as a result of the simultaneous decline in price volatility.