Web3 EmpireDAO Coworking Center closed due to market downturn
EmpireDAO is leaving its New York City apartment at 190 Bowery less than a year after founder Mike Fraietta opened the doors to a community that has grown to 1,500 members through 300 daily visits.
EmpireDAO, the cryptocurrency co-working space created by entrepreneur Mike Fraita in the SoHo section of Manhattan, is finding it difficult as the extended crypto winter continues. Pressure Web3 business.
The price of ETH was around $3,140 when EmpireDAO started its lease in March 2022, which is 163% more than the price of ETH now, which is around $1,210.
The EmpireDAO Foundation also lost solana in March 2022, a core blockchain to showcase various projects, and the SOL token has lost 90% of its value so far.
Efforts to save EmpireDAO
Remember, due to the severe effects of the crypto winter, many Web3 startups have closed due to no new money coming in. Although the historic Bowery 190 building was WeWork of Web3 a year ago, Fraietta hinted at moving elsewhere.
In December 2022, Fraietta launched a last-minute crowdfunding effort to earn 215 ETH (about $260,000) to secure EmpireDAO office space. But it received only 27 donations totaling 6.71 ETH, or about $8,100, and the initiative finally fell through.
Freita hints at moving to another place
According to Fraietta, decentralized autonomous organizations (DAOs) will eventually move to a new location for a “second season,” and there may also be EmpireDAO pop-ups at upcoming crypto conferences and SXSW in Austin, Texas, this year.
However, Fritta added that for now, the focus is on a “clean exodus.” From 190 Bowery.
Meanwhile, the announcement of EmpireDAO’s closure prompted hundreds of supportive comments from its Telegram community. One community member described the development as a move that will open the door to “people, projects, minds and movements”.