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.
UAE currency: the story behind the money in your pockets
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Sholto Byrnes on Myanmar politics
