Nifty News: NFT restaurant crumbles, Binance NFT ends Polygon support and more

The restaurant under construction alongside a private members lounge, exclusively accessible to NFT purchasers, was stopped due to increasing construction expenses.

Bold plans for an NFT-based restaurant and private members lounge in San Francisco have abruptly come to a halt. The company leading the project ceased construction due to challenging macroeconomic factors.

These two venues, "Sho Restaurant" and "Sho Club Sky Lounge," were originally planned for Salesforce Park. The latter was intended exclusively for holders of Sho Club NFTs, priced between $7,500 and $300,000, granting access to future Sho Group hospitality offerings.

Sho Group CEO Joshua Sigel spoke with the San Francisco-focused news website SFGATE on September 7, confirming the project's cancellation and the company's termination of its lease agreement in July.

The CEO further explained, "Despite strong demand for the concept and having millions of dollars in both pre-sold and reserved memberships, we were unable to overcome the numerous concerns raised by potential investors. Most of these concerns revolved around the future of San Francisco and the escalating construction expenses."

Sigel emphasized that challenging macroeconomic factors, including labor shortages, supply chain disruptions, geopolitical uncertainties, and inflation, contributed to the project's escalating costs.

He also noted that Sho Group has refunded all individuals who purchased the NFTs.

Binance NFT has made a sudden announcement that it will discontinue support for Polygon-based NFTs, without offering a clear explanation for the decision.

In a blog post dated September 8, Binance NFT revealed that it will be winding down its The Sandbox NFT Staking Program by the end of the month. The reason given is a decision to streamline its product offerings on the platform. This program currently allows users to stake their Polygon-based Land NFTs from The Sandbox in exchange for SAND token rewards. It will officially cease operations on September 26, with users having their NFTs automatically unstaked and returned to their spot wallets.

In addition to ending the staking program, Binance NFT also announced that support for the Polygon network will be terminated on the same day, and users will have until December 31 to withdraw all their Polygon NFTs from the platform. However, the post did not provide a detailed explanation for this move, stating only that "more details will be provided to impacted users at a later date."