Cryptocurrencies have been around for quite some time and it is only recently that they’ve really taken off, especially with the NFT boom of 2021. With more businesses integrating cryptocurrencies into their system, this means there’s an alternative way to pay for people who don’t wish to bring cash around.
In Long Beach, California, a restaurant has taken the concept of cryptocurrency one step further by implementing it into their system. While this idea may be appealing to some people in today’s day and age, others have expressed concern over how early they were on board with such an innovation when other restaurants are uncertain given the volatility of the crypto market.
The recent market crash has left its mark on the Bored and Hungry restaurant. The eatery opened in April with ambitions to be pioneers for crypto-centric cuisine, but the market crashes have created a major obstacle that the restaurant is suffering from.
Bored & Hungry has been taking payments only in USD for the past couple of days, bringing uncertainty to the reintegration of cryptocurrency.
The restaurant was founded by Andy Nguyen, who got the idea after acquiring four Bored Ape Yacht Club NFT.
“We spent a little over $267,000 on the main ape, which is the one with our logo,” said Nguyen. “On the mutant apes, we spent between $65,000 and $75,000 each.”
When Bored & Hungry first started, they had a temporary stall for 90 days. But the pop-up became so successful that Nguyen decided to make it permanent and turn his business into a restaurant.
The burger joint has something for everyone. The menu features traditional beef burgers, but there’s also a vegan option available.
Bored & Hungry uses all the aesthetics of crypto, adorning its walls and tableware with Bored Ape NFT illustrations. While it prided itself on using cryptocurrency as payment for food orders, the restaurant also added prices in USD for those who didn’t have crypto.
The Bored & Hungry restaurant has struggled to find its footing since the crypto market crash in May. As a result, all prices are listed only in USD. Nguyen made no comments but an anonymous employee revealed the restaurant’s uncertainty in integrating crypto for some time.
The volatility of the crypto market makes it difficult to come up with a sure prediction, and it remains to be seen how long Bored & Hungry will retain the USD payment before reintegrating crypto.