First, there was Cryptocurrency, then there was talk of the metaverse. Now everyone is discussing NFTs (or non-fungible tokens). At first, these all seem like concepts only applicable to tech industries or gaming forums. But some notable restaurant chains like Mcdonald’s and Panera have jumped in on these virtual trends, including NFTs. While the practical uses of NFTs for restaurants are not well-defined at this point, here are ways the industry has already incorporated them:
Bolster Brand Loyalty
NFT’s can be more than just a publicity stunt or digital “artwork” for collecting. They can be a chance to connect with customers about what they are excited about. Younger generations are more ready to embrace the metaverse. So, if restaurants with a loyal fanbase can engage with them in the metaverse, they can future-proof an iconic status. Digital spaces and tokens can also provide the opportunity for new brands to foster engagement without the costs of traditional brick-and-mortar operations.
Creates New Membership Driven Concepts
Restaurant NFTs can also become a core part of a business model. Restaurants can sell NFTs as a form of membership (like this one opening in New York City). Not only does this create an ultra-exclusive atmosphere, but the NFTs can be transferred to other diners. This means that instead of being locked into a traditional dinner club membership with monthly or annual dues, membership can be easily leased out, like an Airbnb for club access
Possibilities for Investment
Despite its seemingly vague nature, an NFT can produce tangible results. Some growing restaurant concepts have used it as a type of crowdfunding concept. People can invest in an NFT that represents a form of investment in the company, resulting in actual dividends. Start-ups can also use it to raise funds to launch new concepts, offering free products or access to events in return.
Find Forward Thinking Restaurant Leaders
While you probably won’t be seeing diners pay for their burgers with an NFT any time soon, the restaurant industry is quickly embracing the metaverse in general. If you are looking for restaurant managers who can embrace and adapt to the newest industry shifts, our restaurant recruiters can help. Contact us today to learn more.