Let Them Eat Crypto

NFTs have rapidly materialized in all aspects of the human experience, even in that most physical and present of leisure pursuits: dining. We look at how this new medium is set to change the restaurant industry, for better or worse

- Gavin Yeung

You would be forgiven for thinking that, between menu-planning and navigating supply chain issues, staff shortages, and ever-changing pandemic regulations, the world's chefs and restaurateurs would be too busy to wrap their heads around DAOs, cryptocurrency, and the metaverse. But a motley crew of celebrity chefs and food-obsessed crypto dudes are leveraging the power of NFTs to create new ways of experiencing the joys of dining out.

For the uninitiated, NFTs are one-of-a-kind digital assets that are "minted", or published, on blockchain networks like Bitcoin, Ethereum, or Solana, and ascribed a unique identity. It's this manufactured scarcity that allows creators of NFTs to use the technology for access tokens, event tickets, or even a loyalty programme.

In the food world, for example, "a speakeasy could offer an exclusive members-only lounge to its NFT holders, a bakery can allow its NFT holders to redeem exclusive products", says Justin Choo, co-founder of Hong Kong-based NFT project DreamX. "The possibilities are endless."

Perhaps the most prominent food-related example so far is the self-proclaimed "world's first NFT restaurant", Flyfish Club. Founded by tech entrepreneur Gary Vaynerchuk, restaurateur David Rodolitz, and Josh Capon, the chef at New York's Lure Fishbar, the restaurant is slated to occupy "10,000-plus square feet in an iconic, New York City location" when it launches in 2023, granting access only to holders of the Flyfish Club NFT. For a starting price of 2.5 Ether (US$7,500), NFT holders have free rein of Flyfish Club's cocktail lounge, main dining room, and outdoor lounge, as well as various virtual and physical events. However, members will still need to pay for their food, while the restaurant's omakase room will only be accessible to those holding a premium, more expensive tier of the NFT.