Buy artwork and clothes. Play video games or fantasy football. Buy, sell or trade videos of NBA players. And now he’s also eating sushi at a fancy restaurant in New York. The capabilities of NFTs – non-fungible tokens, a special type of cryptographic token or digital token that represent unique and recognizable digital objects – never seem to run out. In 2023 in New York and specifically in Manhattan – even if its location is not yet known – the world’s first NFT restaurant will open. Flyfish Club, that’s its name, will be the only supper club where only token holders are allowed. In order to access the restaurant, members will need to own Flyfish NFT, a unique digital asset that is stored on the blockchain and purchased using the cryptocurrency Ether, which is tied to Ethereum, the most widely used decentralized platform to purchase NFTs. However, only digital tokens will be used to access the restaurant, while traditional currency will still be required to pay for food consumed, in this case dollars.
But what does NTF Flyfish consist of? It is an artistic reproduction of fish or sushi, that is, the food that will be served in the new restaurant. In particular, there are two levels of club membership, dependent on the type and value of NTF purchased. With the standard digital codes representing yellowfin tuna, you can purchase a basic or standard club membership, which means you have unlimited access to a dining room of approximately 1,000 square metres, a restaurant, cocktail bar and open space. Then there is the exclusive level, which can be obtained by purchasing tokens that always represent the various sushi and sashimi dishes that are part of the restaurant’s menu. With this membership, customers have access to the club’s omakase room as well as the basic level rooms, where chef-prepared multi-course sushi is served.
NTF determines who can join the club
Simply check the NFT to understand what kind of services each customer can access. In fact, the NFT operates as a digital contract, it is a certificate of authenticity registered in the blockchain, a public digital record and is therefore open to all and cannot be modified or tampered with. So it is possible through the token to identify the owner of the digital object. And then in the same way that you can track the owner of a digital artwork, so you can track who has access to the fine dining restaurant.
Since last January 7, it is possible to purchase NFTs associated with the restaurant. The initial fee for joining the Flyfish Club, Fortune.com reported, was about 2.5 ether, the equivalent of $8,200 to reach the benchmark. For the premium subscription, you had to pay 4.25 ether, which is just under $14,000. So far, however, as reported by the Washington Post, a token that entitles its holder to subscribe at the standard tier costs $13,600. NTF, which allows exclusive access, costs $29,500. In just a few weeks, VCR Group, the leading hospitality and catering group responsible for the project, has already sold 1,501 tokens. “It’s worth about $15 million,” David Rudolitz, founder and CEO of VCR, told the newspaper.
The VCR group, led by American entrepreneur Gary Vaynerchuk, announced the opening of the Flyfish Club a few months ago, calling it “the world’s first NFT restaurant.”
It is clear that many investors and traders are grabbing Flyfish’s NFTs with no intention of entering the building. The strength of the new NTF restaurant also lies in the fact that token owners and therefore club members can in turn sell or rent the NFT to other people. “Once a place’s registration is funded, it becomes an economical resource: the owner owns the NTF and can use it to enter the place, as expected, but can also rent or sell it if he can’t go there,” he explains. To Fortune Rodolitz.
What’s new in Flyfish: Exchange NTF in the real world
The Flyfish Club is an absolute novelty. Usually people who exchange NTFs do this in a digital environment, or even in the metaverse. In this case, on the other hand, NTF exchange is centered on a very realistic experience. This is the innovation that the locals brought. Because, on the other hand, there are already many examples of connections between NTF and catering to date, and they all exist in the virtual world. Fast food chain Taco Bell, for example, announced on Twitter that it will sell its NFTs in March 2021, the proceeds of which will be donated to social purposes through the Taco Bell Foundation.
In Canada, Pizza Hut back in March presented fans of the brand with a new pizza-themed image every week. Pringles is also on the same line, which announced at the same time that it would come with virtual tubes signed by artist Vasya Kolotusha called CryptoCrisp. Chipotle instead It was the first restaurant to create a virtual event on Roblox, the gaming platform, which was attended by many players with their avatars. But also the wine world has already done many experiments with NFTs. In 2021, the Italian Wine Crypto Bank was born, the first Italian blockchain-based wine bank, headquartered in Dubai and Hong Kong and with its own virtual currency, Iwb, to be used to buy bottles.
In short. The food sector has been opening up to the lucrative world of NFTs for some time now. So far, however, lunches and dinners have included a digital menu. However, with the new Manhattan restaurant, the courses will be real. And then we won’t just eat crypto sushi.