First Resto to Accept Crypto Reverts Back to Fiat

The first restaurant ever to go all-in on crypto has just decided to revert back to fiat money and now, it no longer accepts Ethereum and ApeCoin. The resto's switch to fiat money happened just shy of three months after its launch.

Bored & Hungry is the First Resto to Accept Eth and Ape

According to the story by the Los Angeles Times, customers were initially offered the option to pay for their meal with cryptocurrency. Not even reaching three months since it launched in April, this is no longer the case.

As seen in a tweet, when the restaurant first opened, it accepted either Ethereum or ApeCoin as forms of payment while the prices were listed in US dollars. The restaurant, which is called Bored & Hungry, and another tweet showed a customer trying to pay for food by choosing ApeCoin.

No Clarification Given as to Why They Made the Decision

In the video, the buyer made a purchase with 2 APE coins but still had to pay $10 in gas fees in order for the transaction to push through. As of recent, the options to pay in both ETH and APE have suddenly disappeared despite being the main concept of the restaurant.

Andy Nguyen, the owner of Bored & Hungry, also did not respond when asked regarding the decision to change. When asked, a certain employee declined to give their name but said that the store no longer accepted crypto payments.

How Much Did the Restaurant Spend on NFTs?

In an article by Entrepreneur, Nguyen noted that they spend over $267K on the main ape and between $65K to $75K on each. The Bored & Hungry uses four NFTs from the BAYC collection as a part of its branding.

The employee also did not clear just how long the restaurant will stop accepting crypto payments. As per the LA Times, since both coins are down by over 60% ever since April, it would be an understandable move for the businesses to decide to accept the coins as a substitute for US dollars.

Read Also: Polygon Edge Provides Dogechain with EVM Compatibility to Bring More Utility to Dogecoin

What Customers have to Say About the Situation

Utility, however, could also be a factor in the restaurant's decision to no longer accept crypto payments. During the resto's grand opening, a staffer gave a note to The Times saying crypto payments were being "largely ignored by customers."

As of press time, the article notes that it is hard to find a person that cares so much about the restaurant's commitment to its crypto cause. Marc Coloma, a crypto-enthusiast diner, said that although ETH is a way for people to exchange NFTs and stuff, it might not be for buying food.

Marc Coloma said that this is also because people would rather hold Ethereum instead of using it to make purchases. In an article by Coin Telegraph, another customer by the name of Richard Rubalcaba noted that they do not know how crypto purchases would work "with the crash."

Related Article: Cardano Founder Talks to US Congress, Proposes 'Self-Regulating Organizations' for Crypto

This article is owned by Tech Times

Written by Urian B.