The NFT Restaurant Boom & Food Metaverse: Trends We Should Watch Out For
Over the last year, NFTs have revolutionised the way traditional industries are looking at marketing and monetisation. We have started hearing more and more about brands entering the metaverse, launching their iconic product NFTs, exploring virtual expansions and so much more. The Food industry may not be the first off the blocks, but the recent buzz around NFTs and the possibilities they bring has made businesses take note. Recovering from the devastating downturn caused by the pandemic, F&B businesses are realising the growing demand for embracing new technologies.
The Food Metaverse, aka Foodverse, opens a new virtual channel for Chefs, Restaurants and Brands to engage with global foodies. Through an immersive 3D experience, users can discover new food businesses, join exclusive clubs, play food-inspired games and rewards, and even invest via NFTs. It is an exciting space for creators, curators and consumers to come together and bond as a community of food-and-drink lovers.
It’s still early days yet but there’s no doubt that the Foodverse will be driving the industry forward over the next decade. Here are Four Key Trends that will be driving the next wave of the food-tech revolution:
Dish NFTs with Real Rewards
Food NFTs celebrate the art & the artists – Dishes from all across the world and the culinary masters behind them. Through NFTs, restaurateurs and foodpreneurs can build and grow their brand awareness and engage with a global clientele. Allowing users to claim NFTs in virtual metaverses and swap them for real meals and deals will be the biggest use case for food-related NFTs. Businesses can launch special edition NFTs, event NFTs for specially curated meals, or even membership NFTs allowing for regular perks.
The Recipe Collector
If NFTs can benefit members of any particular trade, it is Chefs. With NFTs, Chefs can mint their recipes and sell them directly to customers on the blockchain. These Recipe NFTs can become a virtual archive of their iconic preparations— securing the intellectual property rights for Chefs and Restaurants. The concept of Phygital will rise as more chefs pair their cookbooks with NFTs, allowing people to peruse their recipes while giving them access to future membership benefits.
NFT Memberships & Loyalty Programmes
NFTs enable Restaurants and Bars to promote membership and loyalty programmes that can help their long-term sales and patronage. Businesses can launch seasonal menus or new cocktails, celebrate new outlet openings, and offer super-select dining experiences via Membership NFTs. Their patrons will be able to access a calendar of such exclusive events and experiences, whether in the real world or in the virtual Foodverse. Loyalty programmes via NFTs will usher a new phase of community-driven memberships which can be sold and transferred while providing constant revenue to businesses.
The Foodverse will change the way foodies discover new restaurants in their own cities, and across the world. Imagine visiting an authentic Italian restaurant in Rome, exploring their menu, and learning how to make a Neapolitan Pizza — all virtually while you’re in Japan. Quality virtual experiences will allow such restaurants to gain global recognition, expand their customer base, and who knows, may be open a franchise in Tokyo. Virtual Food experiences will increasingly influence real-life dining choices.
NFTs will evolve from the current collectable model and combine with the Foodverse to create engaging virtual experiences and real-life utility. They will mobilise food communities for shared experiences and global connections. It’s an exciting time for the Food industry – to discover the early movers, and how quickly they can adapt to the Web3 beckoning.
(The author is Ms. Supreet Raju, Co-Founder OneRare- World’s First Food Metaverse Platform and the views expressed in this article are her own)