Are NFT Restaurants the New Trend?
The first half of the year has brought a whirlwind of emotions to the world of cryptocurrency, with the markets going on a downward trend. We saw certain coins and tokens pumping more than 30% within 24 hours, pixelated owls selling for 100’s of ETH, and of course, stablecoins losing their peg. It almost seems like crypto enthusiasts can’t catch a break nowadays.
Imagine, rather than venting our feelings on Twitter; we go somewhere in real life to hang out, forget about that coin we bought for double the price it is now, and just share our appreciation of crypto with one another over some food and drinks with other like-minded individuals. How amazing would that be?
If you’ve thought of this for a second, then the topic we’ll be discussing in the article is definitely one you’ll find interesting. So sit back, relax and enjoy.
Introducing, NFT Restaurants
There are many potential ideas that immediately come to people’s minds when the topic of NFT utility arises, and many of them center around proof of ownership. Although the ability to prove that your house, car, or the bicycle you ride to work every morning is yours by simply showing a JPEG carrying an underlying code(who remembers their bike’s serial number anymore?).
This is exactly what Andy Nguyen, owner of fast food restaurant Bored & Hungry did. Instead of just using his Bored and Mutated Apes as his social media profile pictures, Andy had bigger plans. He didn’t use his NFTs to represent an already existing person but created a whole new entity for it. In his new creation, the Bored Ape #6184 and Mutant Apes #2477, #4414, and #7214 owner exercises his ownership rights and uses his 4 NFTs as logos on the burger and fry containers, drink cups, interior design elements, and anything else you might see the McDonalds logo on, inside a McDonald’s shop.
In addition to this, customers can pay for their meal using ApeCoin or Eth instead of cash if they choose, making the restaurant the first of its kind.
In addition to Bored & Hungry, there are a number of other NFT restaurants planned to open in the near future. If you’re thinking, “what other gimmicky restaurants are planned?” then you’ve got another thing coming. With major corporations diversifying their portfolios to amass large ownership of web3-related assets, the rest of the world is following suit.
Recently, Flyfish Club raised $14 million in support of their crypto-charged food and beverage ecosystem. So in what ways do Flyfish Club and Bored & Hungry differ? Well, aside from them both being restaurants — they differ in every way. In contrast to Bored & Hungry’s casual dining experience, Flyfish Club will be a high-class, ritzy restaurant that operates on a membership-only basis. Access to their 10,000+ square-foot restaurant, dining lounge and cocktail lounge located in New York sold for 2.5 ETH during their January 7, 2022, public launch, with options for access to their omakase Japanese restaurant and other amenities for an additional premium. Memberships are verified through ownership of a Flyfish Club NFT.
Conclusion
So why is this a big deal? Adoption. Aside from the ability to earn money by “buying low and selling high,” NFT restaurants put the beauty of crypto and NFTs on full display. You may not find the need to trade, stake, or invest in crypto or NFTs, but we’re certain that you will have a hankering for a juicy burger one day, and you can walk into Hungry & Bored at any (reasonable) time to get your fix without ever buying single crypto, and that’s what makes this so great. The creativity shown through Bored & Hungry and Flyfish Club is exactly what has been driving crypto all this time, and we’re excited for what’s to come!
ABOUT SPACE
SPACE is a metaverse catering to the arts and commerce and aiming to provide powerful builder tools that allow users to design and create immersive commerce spaces without barriers.
It is the glue to the various metaverses, bridging the many virtual worlds into one trading hub. We are focused on creating a vibrant user-owned economy through unifying knowledge, joint effort, and fair rewards distribution based on a culture of collaboration and economic opportunities.
For more information on this immersive and personalized metaverse, check out the link: space-metaverse.com.
