World’s 'first NFT restaurant' to open in New York in 2023, but what does that mean?

NFTs are everywhere right now. After successfully turning the financial world upside down, and invading the art and fashion spheres, they’re now coming for our food.

VCR Group, a company helmed by American entrepreneur Gary Vaynerchuk, recently announced it will open Flyfish Club, what it calls the world’s “first NFT restaurant”.

You're probably wondering what that means exactly.

Well, Flyfish Club will be a physical restaurant – this is not some metaverse creation – with a “first location” to be in 2023 in New York City. It will be “designed by a leading architect in one of the most beautiful buildings that exist".

“The space will be both intimate and airy, with high ceilings, special views and curated moments all throughout,” reads the description on the website.

So what sets it apart? Flyfish Club is a membership-only venue – and membership is only available to those with NFTs.

For the uninitiated, NFTs are non-fungible tokens or digital assets that can be stored or transferred. “By utilising NFTs, FFC [Flyfish Club] will be able to create a loyal, member-only community that we can provide special experiences for,” says the description.

To further build on that exclusivity, there are also limited membership slots across two packages: 2,650 NFTs for the regular membership, and 385 for a premium membership.

So far, VCR Group has sold nearly 1,500 tokens and raised a total $14 million, reports Fortune.

These NFTs can be purchased via cryptocurrency, with the cost for a regular membership going for 2.5 Ethereum and 4.25 Ethereum for the premium. Since the cryptocurrency market fluctuates wildly, it’s hard to put an exact number to these, although, at the time of writing, that meant approximately $8,271 or $12,209, respectively.

So, thanks to these fluctuations, membership to this restaurant could be expensive or really rather affordable.

Both memberships give you access to events and pop-ups, an outdoor lounge, cocktail lounge and main dining area, which will be a 150-seat space and features an open kitchen design.

But only those with a premium membership will also be able to access the Omakase Room, a 14-seater area with a master sushi chef creating dishes from the fish flown in daily from Japan.

Not quite sold on the concept? The restaurant is pitching NFTs' “transferability” as one of its many draws. “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.”

There will also be no applications or recurring fees every year, it says.

That being said, NFTs are only your entry ticket into this exclusive space. Once inside, all food and drinks have to be bought in regular dollars.

The restaurant is slated to open in the first or second quarter of 2023.