Empowering the Membership Club Model: Analyzing the World’s First NFT Restaurant

Flyfish Club (FFC) is the world’s first NFT membership-based private dining club, its membership is purchased on the blockchain in the form of non-fungible tokens (NFTs) and owned by NFT holders, Gain access to FlyFish restaurants and a variety of culinary, cultural and social experiences. FFC members will have unlimited access to a private dining room spanning over 10,000 square feet in an iconic New York City location. The space will include a venue for cocktail receptions, upscale restaurants, an omakase room and an outdoor space.

While the New York City location has not been revealed, the Flyfish Club will operate as a private dining club with iconic views of the city, and these NFTs can be leased or resold on the secondary marketplace Opensea.io, which is described as “and eBay” Similar”, but for cryptoassets.

Flyfish has issued a total of two levels of membership – Flyfish (FF) membership and Flyfish Omakase (FFO), which allow members to enter the restaurant, enjoy cooking and a series of other benefits.

Empowering the Membership Club Model: Analyzing the World's First NFT Restaurant

The total amount of FF Membership is 2650 NFTs and the selling price is 2.5eth/piece

Owner’s Equity

  1. Ownership of Private Dining Club Membership.
  2. Access to cocktail parties, restaurants, outdoor spaces and private events is on a first-come, first-served basis.
  3. The right to choose the size of the table booked (from a table of 2 to a table of 8) and the right to bring guests (non-NFT holders) to join.
  4. All food costs are paid upon visit and are not included in the NFT price.
  5. As a collectible on the Ethereum chain, lease or resell.

The second is Flyfish Omakase Membership NFT

Empowering the Membership Club Model: Analyzing the World's First NFT Restaurant

The total amount is 385 NFTs and the selling price is 4.25eth/unit

Owner’s Equity

  1. Ownership of Private Dining Club Membership.
  2. Access to cocktail parties, restaurants, omakase rooms, outdoor spaces and private events is on a first-come, first-served basis.
  3. Flyfish Omakase members have access to a private omakase room (with one guest) in addition to all the benefits of a Flyfish member.
  4. All food and beverage costs are paid upon visit and are not included in the NFT price.
  5. As a collectible on the Ethereum chain, lease or resell.

The NFT has been sold out on the website, but interested buyers can buy it on OpenSea . Flyfish NFT has accumulated a total transaction volume of 3.7k ETH in the past few days, and it is within the top 20 of OpenSea’s transaction volume as of the time of publication.

Membership, however, only gets you in, and the 10,000-square-foot restaurant — which isn’t expected to open until 2023 — will pay for food and drinks in more traditional dollars rather than cryptocurrency. But the idea of ​​the Genesis team is to turn membership into an asset in itself – if members lease their NFTs to others for a period of time (which is allowed), or if they sell them at a higher price Passive income may be generated.

Empowering the Membership Club Model: Analyzing the World's First NFT Restaurant

club background

The seafood concept restaurant was created by New York-based VCR Group, which was co-founded by serial entrepreneur Gary Vaynerchuk with Empellon Restaurant Group founding partner David Rodolitz, CEO, along with chief culinary officer Josh Capon, who Most recently at Lure Fishbar; and Conor Hanlon, Executive Vice President of Operations, who previously worked at NoHo Hospitality. Investor, serial entrepreneur, and New York Times bestselling author Gary Vaynerchuk will head MUFSO.

NFTs are mainly used as a marketing tool in the restaurant industry. Most are digital artworks of some sort or the creations of other one-of-a-kind artists. In this case, the NFT is a membership that gives access to a restaurant.

Cryptocurrencies are entering mainstream finance, and VCR Group is not the only restaurant operator exploring opportunities. For example, Cincinnati-based Wings and Rings will accept bitcoin for an franchise fee this year , while Starbucks’ app has integrated with the Bakkt digital wallet, through which special members can use digital assets to top up their Starbucks cards.

What’s special about NFTs

NFTs don’t just provide a digital “contract”. Because the blockchain is programmable, it is possible to endow NFTs with features that allow them to expand their branding over time and even provide immediate benefits to their holders. In other words, NFTs can seamlessly switch between the digital space and the physical world.

NFTs can function like loyalty cards or tickets, providing access to social events, exclusive merchandise, and as digital keys to the metaverse. Furthermore, since the blockchain is public, it is even possible to send additional products directly to those who own a particular NFT. All of this provides NFT holders with value beyond ownership — and provides creators with a vehicle to build a highly engaged community around their brand.

It’s not uncommon for us to see BAYC creators organize offline meetups for their NFT holders, in other cases having a specific NFT in your wallet may be a requirement to gain access to a discord separate chat room or merchandise store. Also, creator teams sometimes airdrop additional products to their NFT holders in a way that expands the product ecosystem.

So owning an NFT actually makes you an investor, club member, brand shareholder, and loyalty program participant at the same time. At the same time, the programmability of NFTs supports new business and monetization models — for example, NFTs enable a new type of royalty contract, where each time a work is resold, a portion of the transaction’s profits go back to the original author.

The Brand Economy Can Transform Customer Loyalty

The most interesting potential of NFTs really lies in the concept of the brand economy, which can trigger a real paradigm shift in customer loyalty. Allow me to explain: most current loyalty systems are completely out of balance: the company benefits more than the customer. For example: Airlines allow Gold and Platinum customers in addition to providing separate lounges, or, faster boarding times than other passengers, but most of the (financial) value is owned by the airline. (Not for sale or lease)

On the other hand, NFTs will enable customers to have more experience, and if I, as a frequent flyer, have a stake in an NFT in a company, we will have a mutual interest, not an antagonistic one. In other words: if the company does well, the value of the NFT will go up, and then I will also make a decent profit by selling or leasing it, which is a win-win process, and I may also become its ambassador to help promote it.

That’s why it’s an economy, because the customer becomes an active part of the exchange, not a passive one. If NFTs are successful, sellers and buyers will be on the same side of the economy, working together to make the company better. It’s almost as if the client is a shareholder, but a sentimental one. It could even have an impact on a company’s sustainability efforts: clients don’t want any assets in a company with a bad reputation, and they’re working to build a better future together.

Returning to the story of Flyfish NFT, the author believes that this is also the difference between it and traditional clubs. After the club is open, the price of NFT will rise or fall due to the value obtained by users through it. When the user’s purchase or sale behavior is recorded on the non-tamperable blockchain, it improves our discrimination and efficiency for identifying some clubs that use “high-end private social networking” as a gimmick.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/empowering-the-membership-club-model-analyzing-the-worlds-first-nft-restaurant/
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