Los Angeles-based cryptocurrency-themed restaurant Bored & Hungry will no longer accept cryptocurrency as a form of payment, according to a report by Investing.com.
The restaurant was launched in April with an explicit theme around the “aesthetics of crypto trends” with cups and trays adorned with Bored Ape NFT designs.
Owner Andy Nguyen said he paid more than $330,000 for the ape-themed designs that adorn the place. Nguyen did not respond to comments about the change.
The report noted that many customers “didn’t seem to care” about crypto payment options, as they didn’t use them much.
Many customers interviewed reportedly said they were not very knowledgeable about crypto and had only come to try the food.
One customer said he didn’t “know how [crypto purchases] it would work with the shock.”
See also: Crypto Firms Looking for Saviors Find Wolves in Sheep’s Clothing Instead
There have been numerous effects of cryptocurrency volatility and crashes in recent months, including “vulture investors” now circling investments and damaged companies, PYMNTS wrote.
News reports over the weekend said that FTX, Goldman Sachs and others had been trying to “grab” assets for fractions of their value.
The crypto market has been seeing companies that had once been doling out generous amounts of cash now take a more cautious look at their bottom lines.
And the terms have gotten tougher, and the investors with the capital to help have gotten “much more ruthless.” Investors are reportedly willing to see the elimination of both institutional investors and retail investors.
FTX CEO Sam Bankman-Fried has cast himself as a savior for the industry, offering struggling companies a lifeline even if FTX loses money.
However, PYMNTS reported that the Bankman-Fried line of credit to BlockFi would eliminate “all risky shareholders and investors” and could even render employee options worthless, because FTX could buy out the distressed lender instead. almost zero price.