With the hottest buzzwords like NFTs and the metaverse becoming part of everyday verbiage used by major brands to to every other social media post is starting to take notice. NFTs (non-fungible tokens), which are the driving force behind our new digital economy. According to DappRadar, which collects data across several different blockchains, NFT sales reached $24.9 billion in 2021, up from $94.9 million in 2020. As NFTs infiltrate every aspect of our new dCommerce from art to music to real estate, it was only a matter of time before they broke into the restaurant sector.
In December 2021, celeb chef Tom Colicchio announced via Twitter that he was entering the NFT space alongside “Top Chef’s” Spike Mendelsohn with CHFTY Pizzas, a release of 8,888 pizza-themed NFTs valued at around $200 each. Other celebrity chefs taking advantage of the NFT craze include Food Network’s Christian Petroni.
The new wave are restaurants taking the concept one step further, offering token holders exclusive memberships and perks as part of their LUV NFT ownership. For example, in 2021, entrepreneurs David Rodolitz, Gary Vaynerchuk and chef Josh Capon announced their forthcoming venture, Flyfish Club, dubbed the world’s first-ever NFT restaurant. A Flyfish Club NFT grants the owner unlimited access to a members-only private dining venue in New York City along with a series of exclusive digital and in-person special events. Even though the exact location of the club, which is slated to open sometime in 2023, is still to be determined, all 1,500 NFTs released to the public sold out in minutes. Initial prices for the NFTs ranged from around $8,000 (basic tier) to $14,000 (premium tier), though their current resale values are going for nearly double those amounts.
Dubbed “The Founder,” the NFT will be a one-time-release collectible chip card that grants its owner exclusive membership access with an array of bespoke benefits redeemable all over the world. Never-before-seen perks include personal invitations to every Chotto Matte restaurant opening around the world, plus first-class flights and five-star accommodations; an annual distillery, vineyard and premium farm visit; New Year’s Eve dinner invitation for six at any Chotto Matte location; an exclusive at-home experience with the restaurant’s executive chef; two tickets to one major sports event per year (FIFA, F1, boxing, etc.); and more!
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