Latest

Flyfish Club founder to open world’s first ‘innovative’ crypto NFT restaurant in NYC next year

January 26, 2022 | | Print Article

Get the latest BPR news delivered free to your inbox daily. SIGN UP HERE

(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.

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.

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.”

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.

DONATE TO BIZPAC REVIEW

Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!

$10
$15
$25
$50
Other
$
Success! Thank you for donating. Please share BPR content to help combat the lies.
Terresa Monroe-Hamilton
Latest posts by Terresa Monroe-Hamilton (see all)

Comment

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

BPR INSIDER COMMENTS

Scroll down for non-member comments or join our insider conversations by becoming a member. We'd love to have you!

Latest Articles