Italy is one of the most notable and highly regarded countries when it comes to food – especially fast food. When we talk about pizza or pasta or focaccia – and of course lasagna – we must credit Italy, as it is the birthplace of some of our favorite foods. The fast-food industry has proven to be one of the most rapidly expanding industries in the world for several decades. It is estimated to grow 6% annually for the next six years, making it a sizable and feasible business proposition.
Lasagna and Neapolitan pizza (“Pizza Napoletana”) or Naples-style pizza, two of our all- time favourites were created and perfected in Naples, Italy. In this city, the Welly fast-food restaurant opened in 2021 and became one of the best-sellers of UberEATS, one of the largest online restaurant-aggregator platforms.
Like many other highly competitive markets, the fast-food industry faces the Threat of Substitution and New Entries. Being comparatively new gives Welly a fair chance to enter and penetrate the market. With the forecasted growth of the fast-food industry over the next few years, and already a best-seller in the region, Welly positioned itself early for success. Adopting the latest technologies of Blockchain and Web3 will allow Welly to realize even faster growth.
Blockchain Technology – This technology enables data points to be stored on blocks with complete transparency and the ability to correlate when required. The data points (blocks) are more distributed than on a singular network. This feature makes data more accessible to all parties without uncertainty and not dependent on a specific local network. With the aim of being a global brand, Welly will use blockchain technology to ensure its data can be moved and accessed seamlessly throughout the world.
Web3 – Web3 promises better security and transparency, along with the ability to generate curated user-specific experiences. This offers more realistic, 3D-graphics and artificial intelligence (AI) to better understand the users and allow for real-world simulation and problem-solving. Welly can utilize these tools to improve customer experience and understand customer needs using various data points. Web3 technology will also enable Welly to provide services and products on a customer-to-customer basis, reinforcing the idea that a happy customer is a loyal customer.
Market Size – The Web3 blockchain market size is forecast to reach $42 billion by 2028, up from $3.4 billion in 2021. With an astonishing growth rate (42.5% CAGR), it is wise to ride the boom and take advantage of being an early adopter. In economics, we call this First-Mover Advantage. Many major countries and industries are already in the process of adopting blockchain technology.
Flexibility –Blockchain technology ensures efficient data point storage, giving the option of using the data in any way the user wishes. This includes the ability to circulate, correlate, integrate and structure individual design applications based on industry-specific customer needs. Welly – as part of the food industry – can use the technology in its own way. This is where the concept of “Food on Blockchain” arises. Customers can track their food back to the farmers, giving them confidence in the Welly brand, with the goal of ensuring brand- loyal customers in the future.
Decentralisation – This strategy reduces the risk of being affected by individual or small- group decisions, which are often made with limited resources or knowledge. As a community-driven project, decisions relating to Welly’s in-real-life (IRL) and non- fungible token (NFT) projects can be organized through votes. Voting – as a means of consensus – will ensure that the cumulative knowledge, skills, and experience of community members will be considered when making decisions.
NFT Project: Welly launched a 4,273 NFT collection in June 2022, combining digital and real-world ideas in an innovative franchise model. These NFTs will work as Governance Tokens, empowering each holder to cast one vote per NFT owned, with these votes guiding the future of the project.
Age Group: The age group with the highest cryptocurrency adoption rate and that of consumers of fast food are nearly identical (18–40 years old). This gives Welly an additional advantage of reaching potential clientele of their food business through crypto adoption.
In Summary, Welly will rely on the strategies outlined above, including the following concepts: Contract Management, Streamlined Processes, Data Management, Customer Relationship Management, Artificial Intelligence/Machine Learning, Interactive Marketing/Advertising, Decentralized Networks, Collective Ownership, and Supply Chain Management. These are some of the key ingredients by which blockchain technology will shape the Welly Success Story. A perfect recipe indeed.
- Written by Sagnik
- - Edited by CryptoQueen1
- This is the first in a series of Mediums detailing different aspect of Welly’s IRL & NFT projects. Every week, a new Medium will be published. For more details, please visit Welly.
- Happy Reading.
