Solana Spaces Returns as Pop-Up Store Funded by Memecoin

Solana Spaces, a venture that once operated a physical store for Solana-branded merchandise and user onboarding in New York’s Hudson Yards, has made a comeback. The original venture, which was backed by FTX, shut down in early 2023 following the exchange’s collapse. However, this week at Solana’s Accelerate conference, Solana Spaces returned as a pop-up store with a new core team and a different funding source—a memecoin.

The reboot of Solana Spaces has more modest goals than its predecessor. Instead of permanent locations, the new venture will operate pop-up stores during crypto conferences, providing a space for crypto teams to sell their merchandise. Solana Spaces will collect 20% of the profit from these sales. The pop-up store in New York’s Lower East Side was bustling with crypto enthusiasts, who could purchase merchandise from various Solana-based projects and NFT collections using stablecoins or credit cards.

The funding for this new venture is partly self-funded but also includes sponsorship deals and grant funding from the Solana Foundation. A fan of the original Hudson Yards store launched a memecoin called STORE in January, which briefly reached a market capitalization of over $12 million. Some early buyers of this token came together to revive Solana Spaces, with the team imposing a self-imposed vesting period on their tokens.

Amol Gharte, a core team member of Solana Spaces, highlighted the unique nature of the project, noting that it provides a physical space for crypto communities to connect and engage. The vision for Solana Spaces is to continue running pop-ups during crypto conferences, where crypto teams can sell their merchandise and Solana Spaces can collect a portion of the profit. Gharte estimated that 70% of sales volume is paid with credit cards compared to 30% in stablecoins.

Vibhu Norby, the founder and CEO of the original Solana Spaces, expressed initial skepticism about the memecoin community’s efforts to revive the venture. However, he provided initial capital, support, and introductions to the new team, hoping they could make it work. Norby’s belief in the potential of blockchain communities to form network states, as coined by Balaji Srinivasan, was a driving force behind starting Solana Spaces. He sees the venture as more than just a merchandise shop, but as a place where people can find their community and take home a piece of it.