When COVID-19 Pandemic almost annihilated restaurant industrybusiness owners scrambled to turn a profit from meal deliveries, employees were plagued with furloughs and layoffs, and certain entrepreneurs tried to figure out how to keep their favorite establishments alive. The methodology has to do with cryptography and blockchain.
This week, writer Maya Kossoff tweeted a screenshot Example listing for Greenwich Village seafood restaurant Dame with an interesting sidebar – Reservations at the popular Dame are hard to come by, but patrons have the option to purchase a custom $1,000 NFTs Offered by restaurants with priority reservations via the Dames Afable Hospitality Club. The Daily Beast reached out to her Dame for comment.
“I dare you to say, New York’s restaurant reservation culture is overkill.” Kossov’s commentand many respondents to her tweet seemed to agree.
But co-founder Phil Toronto front of housethe curation platform for “Off-Menu Digital Collections for People Who Love Restaurants,” said of the work FoH did for Dame: Emmetts on Grove When Hanoi House (all in New York City) bring new revenue streams to eateries that want to survive.
By offering diners additional benefits such as quarterly tastings, priority reservation access, and a custom-made birthday cake with collectible purchases, NFTsrestaurants are increasing opportunities to convert casual visitors into regulars, Toronto said.
The Daily Beast reached out to Emmet’s on Grove and Hanoi House for comment.
of NFTs The idea of reservations comes at an interesting juncture for the restaurant industry. Due to inflation, Union Square Hospitality Group founder Danny Meyer says many restaurant workers who fled the industry during the big resignations are being pulled back into their jobs. restaurant gig by higher tips.
Similarly, while fine dining restaurants struggled at the peak of the pandemic, fast food chains are doing better than ever. shot upwards It’s up 14.4%, proving that in uncertain times, Americans are turning to Big Mac comfort. In other words, restaurants aren’t dead, but chic metropolitan eateries can give a boost.
“We were like, ‘Hey, we can make some income for the restaurant from this crazy fake internet money.”
— Phil Toronto
“My day job is in consumer venture capital. Just before the pandemic, I was thinking about putting together a fund for restaurants, operating in a similar way to tech startups, and offering additional services to restaurants.” said Toronto. Daily Beast. “This idea probably evolved a year after him during the pandemic, when NFTs and merch started to become popular. I thought it was possible. The bottom line is to make the restaurant business model more robust, giving restaurants a variety of revenue streams that don’t require them to be seated. ”
Of course, in addition to the perks, when a restaurant-goer purchases an NFT, they add digital art to their collection.
Front of House only opened in June, so it’s too early to tell if the NFT booking idea has long-term potential, but Toronto is optimistic. “Our business model is that the restaurant gets his 80% of all revenue and he gets 20% for the heavy lifting of creating NFTs and organizing art,” says Toronto. “But most of the revenue goes to the restaurant itself.”
Kelly Healy, Director of Marketing and Membership Relations, New York State Restaurant Association, told the Daily Beast:
When The Daily Beast asked if he would consider implementing an NFT reservation program at one of his many eateries, including Balthazar, Pastis and Minetta Tavern, iconic New York restaurateur Keith McNally replied: “What are NFTs?”