Chefs like Tom Colicchio, entrepreneurs like Gary Vee, and culinary consultants like Caryl Chinn are all using NFTs to create, fund, and promote new dining experiences.
Here are the top 3 use cases for which new and existing businesses use NFTs.
We've already seen use cases of NFTs sold to raise funds internationally to start a project or a product. The most infamous announcement to hit the news in 2021 was Gary Vaynerchuk's Flyfish Club.
Gary V. raised $14M by selling 1,500 tokens to start building the upscale omakase Japanese restaurant. 12% of this funding came from resale royalties alone; that wouldn't be possible if they went with crowdfunding platforms.
Flyfish tokens sold for around $8,200 and offer unlimited access to the 10,000-square-foot dining lounge, restaurant, cocktail bar, and outdoor spaces. The NFTs for Flyfish Club act as membership/VIP access that can be leased or resold anytime, allowing the club member to leave if no longer interested or lend it when not making the most out of it. While Flyfish Club comes with membership perks, some projects prefer to offer shares within the company or club, creating a different incentive and ownership level. There is no right or wrong regarding what to provide holders as long as there is clear communication from day 1.
Exclusive clubs have been around since the inception of NFTs. NFTs can easily be traced and identified for their authenticity, and the application to create an exclusive club has sparked the attention of those in the space and mass media.
NFTs' significant difference is their inability to create fakes. No one can sneak into your club!
Some top-of-mind applications include:
Reservations benefit both the restaurant owner and those who wish to dine.
As for guests:
Over the next 2–3 years, we expect the food industry to experiment more with proof-of-attendance for experiences, collaborations, or loyalty programs and incorporate them into their marketing strategies.
Kairos helps businesses enter the NFT space. Contact us for strategic partnership and to build your crypto infrastructure!