How about dining with the usage of NFT ? Seems unrealistic right !
Here is what we call the magic of non-fungible token, evolving much more than we ever thought. This virtual space of assets is just growing at a pace faster than reality can ever achieve.
Apart from assets, real estate, and word wide places, now the NFT range has its first NFT restaurant as well!
What Is Flyfish Club?
Flyfish club with the short name of FFC is termed as the first-ever NFT restaurant that has its financial modelling in terms of Non Fungible Tokens.
The restaurant is a members-only private dining club, where the individuals who have the access to memberships would only be able to book for the dining.
Much of the amazement, these memberships can be purchased only via blockchain in terms of NFTs.
The reality meets the virtual world.
And this phrase will be fulfilled in New York city by the makers of the idea.
Flyfish Club is planned to be established in a premium location of New York city with more than 10,000 square feet of an area having a bustling cocktail lounge, upscale restaurant, intimate omakase room and outdoor space.
The idea has gathered pace and would be executed on real land by 2023.
The restaurant is all set to provide international seafood cuisine with members having special access can pick up a private sushi omakase that will make them eligible to have fresh fish imported from Japan every day.
Who Made The NFT Restaurant?
The idea is curated by the VCR group and was initially announced by Gary Vaynerchuk on 20th August 2021.
By the end of 2021, the VCR group distributed around 350 private tokens to associate helpers of the ideas.
This ideation became realistic on 7th January 2022, when the group launched 1,151 tokens as a public issue for memberships.
Since then it has been giving several privileges such as virtual demonstrations of chef kitchen, private boat parties, wine tasting events and all the pre-grand opening exclusive events as complementary opportunities for existing members who enrolled via blockchain.
Structure Of The Restaurant
As far as the area usage is concerned the architect is such having 3 major compartments for utmost utility:
The area that needs no reservation prior to the visit, this can be accessed by the members of all categories.
150-seat restaurant with open-kitchen design, this needs prior reservation through the flyfish club website. With seating tables of capacities ranging from 2 to 8.
As discussed earlier, this exclusive place is reserved only for members of special purchased tokens. The capacity is of 14-seat room.
How Does It Work?
Purchasing the membership via blockchain and cryptocurrency particularly Ethereum (ETH). The easiest way to buy ETH is using any cryptocurrency trading platform and then utilising them to buy the Flyfish club NFT.
The tokens can be purchased via website of the club started from January 2022. For this purpose, you need to have the exact number of ETH in your hot wallet.
Once your NFT is purchased it will be transferred and stored in your hot wallet.
Now you are ready to make reservations to visit the place in reality via the club’s website. There is no reservation cost involved and membership once taken sustains for lifetime.
At the visit, entry would be accessed after verifying the wallet. The payment for ordered food can be made in USD.
You can now even trade the NFT on the secondary market and ownership can be transferred via resale.
How To Become A Member?
The ideation led to two categories of memberships. They both give general and exclusive rights over areas of restaurants.
Flyfish (FF) and Flyfish Omakase (FFO) are two of the memberships that can be purchased via public issue or secondary market of NFT.
This membership contains the capacity of 2650 members with 1 design available.
The cost to this public issue is 2.5 ETH per Non-fungible token for Flyfish (FF) token.
You can access all the stuff like events and pop-ups both physical and virtual, outdoor lounge and cocktail lounge with main dining room as well.
Flyfish Omakase (FFO)
This membership contains a capacity of 385 members with 7 designs available.
The cost to this public issue is 4.25 ETH per Non-fungible token for Flyfish Omakase (FFO) token.
The member of this exclusive token can access events and pop-ups both physical and virtual, outdoor lounge and cocktail lounge with main dining room.
The benefit of paying for this token is that you get access to the limited private space of the Omakase lounge in the restaurant.
Till now in the public launch, 1151 tokens are opened for purchase whereas the company has held back reserves of 1534 tokens in total for further expansion in future.
Features Of Membership
There are several features of membership which can be availed:
- No application or recurring fees.
- Membership can be leased.
- Using USD for food bill.
- Private dining and exclusive community socialising.
The hype over NFT artworks and assets has clearly shown signs of its evolution and multiple usages.
This is a mere beginning, the membership of the Flyfish club is the first step towards realising the importance and utility of NFTs.
Anticipating as the concept becomes more famous throughout, the demand for FF tokens and FFO tokens will hype the market values in the secondary market.
Initial token holders will enjoy enormous profit under volatile markets with hyped demand and an ultra-limited supply of membership tokens.
Moreover, the specific location and usage of the restaurant itself would provide for young cryptocurrency enthusiasts to enter the market.
Concluding the high attractiveness of party opportunity with high-end membership at the prime locations, this restaurant has become a centre for reality equipped with virtual ownership.
Even before actual real land is developed, the first NFT restaurant concept has been in all the high conversations.
What makes it special is a community-building opportunity with private access to parties and individual space.
Looking forward to immense response over the public issue of tokens, we can expect the concept to get widely used and innovative in near future.
This one type of usage of NFT as a means of record ownership will bring out more ideas and innovation forward along with the best possible uses of Non Fungible tokens and blockchain.