Cryptocurrencies have been around for a while now and as the decade draws to its close, it’s no surprise that they’re becoming more popular. Businesses across industries allow their customers access with cryptocurrency through various means, giving holders an alternative way of paying.
One of the first restaurants in California to take digital currencies is also one that may have been a bit too early with their implementation. The Long Beach location made headlines when they became an appealing place for crypto enthusiasts.
The recent market crash has proven to be a major obstacle for Bored & Hungry, the crypto-centric restaurant. They were hoping that this would pave way into unprecedented success but it seems like things are not going according to their plan right now as they face some serious financial problems due to the crypto market crashes.
For the past couple of days, Bored & Hungry has only been taking payments in USD. It remains to be seen when they will return to their crypto roots.
The restaurant was founded by Andy Nguyen after buying four BAYC NFTs. From there, he created his business, using his NFTs image and rights.
“We spent a little over $267,000 on the main ape, which is the one with our logo,” said Nguyen. “On the mutant apes, we spent between $65,000 and $75,000 each.”
The temporary business that was only meant to stand for 90 days became a permanent one when Nguyen realized that people were going to keep coming back, giving birth to the Bored & Hungry restaurant.
The restaurant offers both traditional burgers made from beef and an alternative for people practicing the vegan lifestyle.
The restaurant used all the aesthetics of the crypto-era, adorning its walls and tableware with Bored Ape NFT. And while it prided itself on using cryptocurrency, there were also prices listed in US dollars.
The struggling restaurant has listed all prices in US dollars recently when the crypto market crashed. An employee said they were uncertain of Bored & Hungry’s future plans to return to crypto as a form of payment.
The unpredictable and fast-paced nature of the crypto market means that it’s difficult to predict how long Bored & Hungry will stick with the USD before returning to cryptocurrency.
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