What is an NFT restaurant and how it works

What is an NFT restaurant and how it works

For NFT restaurants, it’s just a matter of time, writes an article in New York Magazine this week, presenting an article that promises to be the world’s first non-fungible token restaurant. After all, non-fungible tokens are already everywhere. Since the subject is new to many, let’s go into some parts.

Twitter founder Jack Dorsey recently sold an NFT of his first tweet for about 3 million; Artist Bipal auctioned an NFT artwork for 69 million and a painting by whistleblower Edward Snowden for 4 5.4 million. Melania Trump, the NBA, and the Associated Press have also jumped on the bandwagon of the NFT, just to name a few.

The first NFT restaurant is scheduled to open in the first half of 2023, when the Flyfish Club will open its doors in New York. The home will only be accessible to NFT holders. Still don’t understand? Don’t worry, one step at a time.

NFT means non-fungible token and when we are talking about restaurant, it has nothing to do with mushrooms. A non-fungible token is an encrypted digital item that represents something unique, unique and cannot be replaced.

Conversely, money is, for example, a fungus item. One R $ 10 bill is equivalent to another R $ 10 bill. Simply put, NFT is something digital that cannot be copied.

An NFT can contain something digital: a picture, a GIF, a song, or a meme. The uniqueness of the item is confirmed by blockchain technology, which is the basis of cryptocurrency. Therefore, NFTs are bought and sold through encrypted digital currency.

Gastronomy and back to New York. Flyfish Club will be a restaurant for NFT holders only. Unlike a traditional member-only restaurant, flyfish members will be able to sell or borrow their NFT, meaning their club membership.

It’s too early to say whether the system will work, but FLFish Club’s NFT ownership could, in theory, be an investment. Much will depend on whether people are interested in becoming members of a temporary club.

Entrepreneur Gary Weinerchuk, partner of VCR Group, the company that is investing, has not yet revealed the address of the restaurant, but said it would be 10,000 square meters in an “iconic place” in the Big Apple. All we know so far is that the house will have a cocktail bar, a kitchen based on fish and fruit, and an exclusive lounge with 14 seats where a reliable Japanese menu Omakes will be served with fresh fish imported from Japan. .

Flyfish Club Introduction (in English)


The account will be paid in traditional cash, but the membership is in cryptocurrency. How much does it cost to become a member? When the club put 1,151 tokens on sale last week, the basic gem was priced at 2.5 ETH (Ethereum), or, 7,900, or about R $ 44,000. The membership that gives access to Omakes Saloon sold 4.5 ETH or US 13,485 (approximately R $ 75,000) that day.

But the values ​​are not fixed and, being pegged to the cryptocurrency, they fluctuate wildly. At the moment, the jewelry is for sale in the secondary market, and this Friday (the 14th) morning it was quoted at 4.1 ETH, or R $ 73 thousand. From now on, it is difficult to estimate how much it will cost per week. Perhaps an excessive amount or, perhaps, it would be a bargain.

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