Nfts
Sigh, someone is trying to do this NFT-only club and workspace thing again, calling it a “crypto sanctuary”
Despite the collapse of the so-called “NFT restaurant” that was supposed to come to the Salesforce Transit Center and the broader demise of many similar NFT and Web3 boondoggles, someone still thinks an NFT-only members club in SoMa can appeal. beyond a shrinking subset of crypto bros.
Remember this brief and weird phase of 2022 where all this blockchain and NFT nonsense was supposed to revolutionize every aspect of our lives? And those NFT Bored Ape Were they touted as if they were worth millions of dollars? At the time, we were told that a kind of NFT-backed sushi restaurant would be the next big thing at Salesforce Park. But this restaurant totally fallen into the waterthese bored monkeys it seemed like a scamand the crypto brothers from Silicon Valley need a government bailouturging them to “pivot to AI” so they can pretend they never fell for this ruse.
But apparently there are still those who are resistant to Web3 and NFT, and investors ready to please them.
Picture: Zo House San Francisco
The San Francisco Business Times reports that a new NFT Members Club Reserved 24/7 called Zo House opened at 300 Fourth Street in SoMa. According to a press releasethey call it a “cryptocurrency sanctuary” and “the premier hub for cryptocurrency enthusiasts in San Francisco,” saying it is “exclusively for holders of the Zo World founder’s NFTs, ensuring an experience private and elite.
The Business Times estimates that only about 450 people own this NFT, so its appeal appears limited.
And the Zo House organizers are still on that Bored Ape thing, with monkeys all over the renderings of what they aspire their club to be. (Although Bored Ape NFTs have lost 90% of their value). Zo House’s website says it will feature “NFT-themed suites and dorms,” co-working spaces, a “Web3 Events Hub,” a gaming lounge, a podcast studio, and a 24-hour chef /24 and 7 days a week.
Better make sure you get paid in advance for this one, 24/7 boss.
The founders have at least been upfront about the background of the NFT market. “I obviously lost a lot of money in NFTs,” co-founder Dharamveer Singh Chouhan admitted to the Business Times. “But I think the consumer layer of the larger crypto ecosystem has not yet been revealed.”
The Business Times notes that it is an apparent offshoot of the founders’ India-based Zostel hostel chain. The Business Times adds that Zo World is funded by an “unspecified amount from a family investment office in India whose name Zo World declined to provide.” So when it comes to spending other people’s money, it seems these founders are still at the top of their game.
Related: It’s not shocking: the NFT-backed restaurant in Salesforce Park doesn’t exist [SFist]
Pictures: Zo House San Francisco