As crypto markets continue to crash with Bitcoin briefly dipping below $20,000 USD earlier this month and Ethereum nearing $1,200 USD, the recently opened Bored Ape Yacht Club restaurant, Bored & Hungry, has reportedly stopped accepting ApeCoin and any form of crypto altogether.
The 1,700-square-foot fast food joint located in Long Beach, California was opened by Los Angeles restaurateur Andy Nguyen back in April to show the branding and marketing potential of BAYC and NFTs. Nguyen’s Bored Ape #6184, which he purchased for $267,000 USD, and two Mutant Apes he has in his possession are proudly displayed across the food packaging and surrounding decor.
Opening during the heights of Web3 optimism, the restaurant once showed the price of food items in U.S. dollars as well as select cryptocurrencies on the menu. However, just two months after becoming the first restaurant to accept ETH and ApeCoin, it’s been reported that the recent volatility of the crypto markets has temporarily forced the restaurant to stop accepting crypto.
Update: After this story was published, co-founder Kevin Seo followed up with a comment. “We have been testing out newer systems for better transactions. We just switched to a more direct system that we implemented at ApeFest. A backup system now has been put in place at Bored & Hungry so there won’t be any more downtimes. We are using this as a learning opportunity to increase our staff training about the new technology. In the world of Web3, tech changes by the day, so we’re always trying to stay on top of innovation and evolve.”