The impact of the FTX meltdown extends beyond the Web3 and crypto ecosystems, according to the report.compileThe Financial Times said Miami nightclubs were also negatively impacted by the collapse of FTX.
Nightclub owner said Young crypto customers who used to spend lavishly on champagne and booking $50,000 tables at clubs. Now they’ve completely disappeared.
Andrea Vimercati, director of food and beverage at the Moxy Hotel chain, told the Financial Times, “They used to order 12 or 24 of the most expensive champagne and shower them with nothing.” new generation of millionaires Always walking around clubs showing off their digital wallets. and bragging about how much money they make
However, the unexpected explosion of FTX led to the loss of capital. And the declining value of cryptocurrencies has completely transformed Miami nightlife, with a new generation of crypto millionaires crowding nightclubs. It now appears to have disappeared visibly after the FTX debacle.
Gino LoPinto, operating partner of Miami nightclub E11even, recalls when his establishment started accepting digital currency payments. The company had over $6 million worth of transactions between April and December 2021. However, in the past three months, There are only $10,000 in crypto transactions.
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