It seems as though groundbreaking headlines in cryptocurrency emerge every day. Whether it’s a celebrity tweeting about the latest meme coin or historic dips in the value of Bitcoin, it can be challenging to stay ahead of the curve in the crypto community.
A notable trend in crypto is the wildly popular discussion of non-fungible tokens (NFTs). NFTs are taking the world by storm and many businesses are experimenting with this new type of digital asset — some of those businesses being restaurants.
Let’s discuss what an NFT restaurant is and explore some of the top NFT restaurants open right now.
The Rise of the NFT
If you don’t know what an NFT is, don’t worry — you’re not alone. An NFT is a one-of-a-kind digital asset stored on a blockchain. Most NFTs are stored on the Ethereum blockchain. This digital ledger belongs to Ethereum, a cryptocurrency similar to Bitcoin or Dogecoin.
NFTs gained a lot of traction in the last few years. In 2021, investors generated a total of $5.4 billion in profits from the sales of NFTs alone. It’s becoming increasingly common to see commercials or digital ads of NFTs, as some of the world’s biggest brands are getting in on the action.
Some of the most popular NFTs right now belong to the Bored Ape Yacht Club (BAYC) collection. This collection consists of 10,000 unique, digital photos of stylish, cartoonish Apes. Paris Hilton, DJ Khaled, Post Malone and Lil Durk are some celebrities who own NFTs from BAYC.
What is an NFT Restaurant?
Now that you know more about NFTs and their growing popularity, let’s discuss NFT restaurants. An NFT restaurant is a unique food eatery that allows customers to access services using digital assets.
Anyone interested in dining at an NFT restaurant must own the restaurant’s native token, a unique NFT, to gain entry.
The first NFT restaurant, Flyfish Club, is expected to open in New York City in 2023. The restaurant was created by VCR Group, which is a company made up of entrepreneurs in the culinary industry.
Gary Vaynerchuk, founder and chairman of VCR Group and commonly known as Gary Vee, is a popular internet personality and entrepreneur who has expressed a strong interest in NFTs and their potential.
According to its website, Flyfish Club is a members-only private dining club where membership is purchased as an NFT. Flyfish Club, however, offers more than just a delicious meal. Members can also participate in culinary, social and cultural events and experiences.
5 Popular NFT Restaurants
NFT restaurants could be the next big thing for people, whether they’re looking for a quick bite or a more formal dining experience.
In addition to NFT restaurants, crypto-themed restaurants are cropping up. These establishments accept crypto as payment, feature crypto-style decor and even name some menu items with crypto-related terms.
Below are five of the most popular NFT restaurants shaking up the industry.
1. Crypto Street Restaurant — Clearwater Beach, Florida
Crypto Street Restaurant in Clearwater Beach opened its doors in December 2021. It offers a variety of foods from different cultures, including Native American burgers or South American cuisines. The most popular cryptocurrencies inspired some of the names of items on the menu.
2. Piya — Miami, Florida
The Piya restaurant in Miami is in the construction phase. It will offer three areas in one, which could be a good incentive to get customers in the door. The masterminds behind the Piya restaurant concept want to make membership affordable and accessible, so the NFT you’ll need to go to Piya will likely be inexpensive.
3. Doge Burger — Dubai, United Arab Emirates
In February 2022, Dogeburger opened in the United Arab Emirates (UAE) and started taking customers’ online orders for burgers and other food items. It’s considered an online retail e-commerce restaurant and was launched with the help of Rocket Kitchens, a successful chain of virtual restaurants.
Customers across the UAE can order Doge Burger and pay for their meals using cryptocurrency, including Bitcoin, Ethereum, Binance, Dogecoin, Tether and more.
4. Goi Rolls — Dubai, United Arab Emirates
Goi Rolls is also located in Dubai and claims to be the first restaurant in the UAE to create NFT summer rolls using its Web 3.0 space.
When users mint an NFT from Goi Rolls, they can claim 50% of its value for food at the Goi Rolls location in Jumeirah. Most of Goi Rolls’ menu consists of Vietnamese-inspired dishes and delicacies, like bao buns and pho.
5. Welly’s — Napoli, Italy
Lastly, Welly’s is an Italy-based NFT restaurant. Welly’s is the first restaurant associated with a cryptocurrency, specifically Shiba Inu. The first Welly’s emerged in February 2022, and a second location is in the works, expected to open next year. The restaurant has a fun, Shiba Inu theme and runs on blockchain technology.
Because many people are still skeptical about the legitimacy of crypto investments and NFTs, it’s uncertain whether or not NFT restaurants will completely disrupt the traditional dining industry.
NFT Restaurants: the Next Big Thing?
As discussions around NFTs continue and people spend more money on NFTs, it shouldn’t be surprising that restaurants will want to experiment with the trend.
Some restaurants may start to accept crypto as a form of payment, while others might make their dining rooms exclusive to those with their branded NFT. It should be interesting to see how NFTs impact restaurants and other businesses as they become increasingly popular assets among investors.
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