In an innovative use of NFTs, hospitality company VCR Group dropped around 1,151 tokens last week for a new concept: a members-only restaurant where membership would be attached to an NFT.
The Flyfish Club plans to be a “seafood-inspired” dining club in an undisclosed city, with a normal dining area and a more upscale “omakase” lounge. The club promises fresh seafood flown in daily from Japan and a Master Japanese chef to prepare the meals in the omakase lounge.
The NFT drop was instantly popular as NFT traders snapped up the tokens corresponding to the membership tiers in the restaurant. There were two separate tokens available: one for the regular dining room and one for the omakase room. The regular dining room token started at 2.5 Ether ($8,200), and the omakase dining room token started at 4.25 Ether ($14,000).
Demand has continued after the drop as the floor prices for both membership tiers has risen. The floor price of the regular membership currently sits at 4.1 ETH ($13,563). For the omakase section membership, the floor price is a cool 9.3 ETH ($30,310).
The spearheader of the effort is none other than Gary Vaynerchuk, a well-known entrepreneur and NFT enthusiast. He was seen on Twitter early last week promoting the drop:
we mint on friday! https://t.co/RSXOcSyLHD
— Gary Vaynerchuk (@garyvee) January 5, 2022
GaryVee, as he is known, is an active member of the NFT community and has teased numerous NFT innovations for 2022.
The Flyfish Club concept takes advantage of an overlooked benefit of NFTs that is gaining more traction lately, especially with big-time investors like GaryVee and Kevin O’Leary: ability to deduce provenance and authenticity.
Because the NFTs are on the blockchain, all transactions involving them are recorded on a public digital ledger, making it easy to prove if membership is valid and tied to the owner. However, the FlyFish Club isn’t in line with all facets of Web 3.0: purchases in the club will require fiat currency.