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(Video Credit: Fox Business)
Flyfish Club founder and CEO David Rodolitz announced on Tuesday via Fox Business’ “Varney & Co.” that he will open the world’s first crypto NFT restaurant in New York City next year and explained how the “innovative” exclusive establishment will work.
In order to enter Rodolitz’s club and partake of the “globally inspired” seafood menu, a customer will have to purchase cryptocurrency and then utilize the Ethereum blockchain to buy the Flyfish Club NFT [non-fungible tokens.] The high-end ritzy restaurant is set to open at an undisclosed private location in 2023.
Non-fungible tokens are a special kind of crypto asset where each token is unique as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount. Because every NFT is unique, it can be used to authenticate ownership of digital assets such as artwork, recordings, virtual real estate, or pets, according to Coinbase. They can be traded like any other piece of property.
Flyfish Club promotes itself as “the world’s first member’s only private dining club” where membership is purchased on the blockchain as an NFT and owned by the token-holder in order to gain access to the restaurant.
The VCR Group, a company headed by American entrepreneur Gary Vaynerchuk, had announced a few months back that it will open Flyfish Club, which it calls the world’s “first NFT restaurant”.
.#theclassicart.nft #nft #cryptomemes #crptocurrency #cryptotrading #cryptocurrency pic.twitter.com/AgOjgsm321
— THE CLASSIC ART NFT (@THECLASSICART1) January 26, 2022
After opening, token holders can eat at the Flyfish Club whenever they wish with a prior reservation up to 14 days in advance. NFT owners can make as many reservations as they want per month with payment for food and beverages accepted in U.S. dollars. Each token member can bring any number of guests as specified by their reservation and within reason. Flyfish club’s dining room will consist of two-person, four-person, six-person, and eight-person tables with an intimate dining room available to reserve for small events.
NFTs have become a modern-day phenomenon and sales have skyrocketed. The total value of NFT sales last year was $23 billion. In 2020, less than $100 million in NFTs was sold, according to DappRadar and as noted by Larry Cheng, who is a managing partner at Volition Capital, a Boston-based growth equity firm.
The World's First #NFT Restaurant Opens Flyfish Club
Only users with an NFT membership card will be able to enter this restaurant. The cost of this is 2.5 ETH. This membership provides access to the seafood restaurant, cocktail lounge & private club events#NFTCommunity $GINOA pic.twitter.com/8QothQmknU
— Ginoa NFT & Metaverse Appraisal (@ginoa_io) January 26, 2022
Unlike tangible assets, NFTs are similar to an encrypted JPEG that you can download to your computer. The majority of NFTs reside on the Ethereum blockchain which is the second-largest cryptocurrency platform behind Bitcoin.
“As an NFT, the membership becomes an asset to the token holder, which can later be sold, transferred or leased to others on the secondary market. By utilizing NFT’s, FFC is able to create a loyal, member-community that we can provide special experiences for. NFT’s create new modernistic financial models, which will allow FFC to deliver an exceptional and sustainable product for years to come,” Flyfish Club explains on their website.
(Video Credit: Flyfish Club)
There are two NFT tokens to choose from. The Flyfish token, which was offered at 2.5 Eth, gives holders access to events and pop-ups (both in-person and virtually,) an outdoor lounge, the cocktail lounge, and the main dining room.
The Flyfish Omakase token, sold at 4.25 Eth, entitles holders to the same benefits as well as access to dine in an exclusive 14-person Omakase room.
Rodolitz contends that the Flyfish Club NFT “is just a remarkable innovation.”
“It changes the typical membership model, which is reoccurring fees and essentially just an ongoing expense when you go to a country club or a social club,” he asserted. “Our NFTs allow you to actually own your membership, so it changes a membership into an asset, which you can sell, you can use, you can transfer, you could gift or you could lease if you’re not in town and won’t be available to use it over the time period.”
🐟 @flyfishclub @garyvee @rodolitz pic.twitter.com/FLMqgw7XIW
— Brooklyn Beckham (@brooklynbeckham) January 20, 2022
Rodolitz said the reasoning for opening in 2023 is because “it will take a bit of time to build out the space and find an iconic location that we feel like is special enough for this project.”
He calls the Flyfish Club “a very ambitious project” and said he “will be partnering with one of the best developers in Manhattan.”
Rodolitz told Varney that the establishment “will be about 10,000 to 12,000 square feet” and will have a large cocktail room, a private dining room, and an outdoor space. He made it clear that the restaurant is not only for cryptocurrency advocates but for food and beverage enthusiasts as well. Nonetheless, it will be a futuristic exclusive club that will draw the wealthy crypto crowd in to gather and dine amongst each other.
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