NFT-Themed Bored & Hungry Restaurant Stops Accepting Crypto Payments

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Bored & Hungry, a Los Angeles-based Bored Ape Yacht Club (BAYC)-themed restaurant, has suspended crypto payments. The Los Angeles Times reported yesterday, citing an employee of the fast food establishment. According to the employee, who declined to be named, Bored & Hungry does not currently accept crypto payments.

The employee also declined to disclose when the establishment removed the crypto payment option. Additionally, they did not reveal when or if Bored & Hungry intends to restore takeover crypto payouts.

Bored & Hungry has priced its delights in US dollars and accepted dollars alongside two cryptocurrencies, Ethereum (ETH) and ApeCoin (APE). The decision to cut crypto payments comes after the company launched on April 9, 2022.

Although it is still unclear why Bored & Hungry halted crypto payouts, bearish market sentiment likely influenced the decision. At the time of Bored & Hungry’s launch, ETH was trading between $3,287.47 and $3,261.96. In contrast, APE was changing hands between $10.63 and $11.04.

Since then, events like the collapse of the Terra ecosystem and the Celsius grid to suspend withdrawals due to liquidity issues saw the tokens drop significantly. As of this writing, ETH is trading at $1,228.32, which is a 62% decline since April 9. In contrast, APE is changing hands at $4.60 after plunging 58% since the restaurant launched.

Most Bored & Hungry Clients Are Not Crypto Enthusiasts

Apart from the poor performance of the crypto industry, most Bored & Hungry clients are not die-hard crypto fans.

According to customer Jessica Perez, she and her friends frequent the establishment because of its food.

She added,

Although some customers have embraced crypto, they don’t want to spend their holdings on food. Marc Coloma, a Bored & Hungry client, said ETH is ideal for buying NFTs and other blockchain transactions. However, he claims that ETH is not well suited for buying food.

Explaining why people don’t want to pay for food on ETH, Coloma said,

At the time of writing, Bored & Hungry’s Ethereum wallet has 0.2084 ETH worth $255.77 and 22 APE worth $101.86.

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