While many industries are making use of NFTs these days, the restaurant sector has been one of the more interesting use cases. Take the Flyfish Club, a restaurant championed by Gary Vee has raised $14 million earlier this year by selling membership through its NFTs. The sale sparked a massive debate online about NFTs and their merits, with some calling it a cash grab.
A Restuarant Built on NFTs
In January 2022, the NFTs named Omakase tokens began selling for around 2.5 ETH. They have offered the NFT holders membership to the restaurant once it launched. David Rodolitz, one of the restaurant founders explained why membership was sold as tokens. It was to avoid taking investments from people who would not actually visit the restaurant. 501 of these tokens were sold initially and they now command up to 22.8 ETH on marketplaces like OpenSea, proving that they were not just a one-off success.
The resale of these NFTs also provides an income to the restaurant which takes 10% royalties.
Now, the restaurant is moving forward with its plans, having leased its first space. The new space is an 11,000 square feet location in Manhattan, showing just how ambitious the project is. The restaurant, which is due to fully open in 2023, was strategically placed in line with its vision for the future, according to the owners.
“We chose this location due to the dynamic neighborhood, the beauty of the building, and the shared vision with ownership of the future of members clubs,” Rodolitz said.
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.