The non-fungible token (NFT) frenzy has extended into the new year. And this time, it might tickle your taste buds, or even prompt you to vote. NFTs are unique cryptographic tokens that are almost impossible to replicate. With immense popularity and newer applications, the NFT market is making businesses sit up and take notice.
VCR Group, owned by American entrepreneur Gary Vaynerchuk, plans to launch a members-only restaurant that requires you to own an NFT to enjoy a lavish dinner at its club that offers astonishing views of New York city. The NFT-themed restaurant is called the Flyfish Club.
Flyfish NFTs can be bought from online NFT marketplace OpenSea. There are two types of NFTs offered by the Flyfish club—the Flyfish, and the Flyfish Omakase.
Flyfish Omasake is a premium membership that provides members access to a special Omakase Room–a 14-seater area with a master sushi chef creating dishes from the fish flown in daily from Japan. However, all members get access to physical and virtual events and pop-ups, an outdoor lounge, cocktail lounge and main dining area that comes with a 150-seat space and an open kitchen.
The Flyfish token can be bought in exchange for 2.5 ether (native token of the Ethereum blockchain) and the Flyfish Omakase token can be bought for 4.25 ether. At current rates of ether, this translates to around $7,800 and $ 13,300, respectively. There are 2,650 NFTs available for the basic membership tier and 385 for a premium membership, as per reports. Though one might expect some freebies in lieu of the NFTs, the food you order at Flyfish club is chargeable, and the payment can be done in US dollars. The restaurant that is the first of its kind will likely launch in 2023.
As per a Fortune report, VCR Group has sold nearly 1,500 tokens and raised a total $14 million. And the USP of these NFTs is their transferability. As an NFT, the membership becomes an asset to the token holder, which can later be sold, transferred or leased to others on the secondary market, per the company. There will be no applications or recurring fees every year, it says.
Several other food joints are now taking a step towards the adoption of cryptocurrency. The Buffalo Wings and Rings restaurant franchise, for instance, has started to accept bitcoins as a mode of payment for buying into their business. This means you can now buy a Wings and Rings franchise by paying the parent company in bitcoin. You would need roughly 0.96 bitcoin (BTC) or $40,000 cash to buy into the sports-based restaurant’s business.
Recently, agri-food holdings company Feel Foods had also announced limited-edition NFTs, inspired by plant-based food influencers who are helping to promote a healthy lifestyle and end animal cruelty. Customers who purchase Black Sheep Vegan Cheeze products on a Binance-powered marketplace were to get these NFTs.
However, the restaurant business is not the only business that has entered the crypto community. Politicians have taken a liking to digital tokens as well. The Texas Democratic Party has partnered with an NFT marketplace called Front Row, which is building an NFT platform that allows voters to donate money to their favourite candidates and campaigns. This step is taken to not only give voters more freedom and involvement in the politics of their country but also to get the tech-savvy voters to take an interest in the Texas Democratic Party.
The adoption of cryptocurrency has not only picked up pace in the US but also in South Korea. Lee Jae-Myung, a South Korean presidential candidate, has announced they will now use NFTs to raise funds. The political party that Lee represents will issue Lee’s images and party policies in the form of NFTs. The local currency received from sale of NFTs will be used to fund their election campaign for the upcoming presidential elections in the country. About 10 percent of the total population in South Korea has invested in cryptocurrencies. Thus, raising funds for the campaign through NFTs will help Lee attract a significant percentage of millennials to vote for him.
The popularity of NFTs, cryptocurrencies and metaverse is growing rapidly. NFTs have found application in the apparel and gaming industries as well. Well-known sports fashion brands like Nike and Adidas have already entered the NFT market. The gaming industry, too, has also not shied away from NFTs. Prominent gaming companies such as Tencent and Roblox have already taken steps to mix NFTs with the games they offer.