You might have heard about NFT (Non-fungible token), but chances are very rare that you might be also aware of NFT for restaurants.
Yes, For NFT For Restaurants!
Where Metaverse and NFT appear exciting, at the same time it is a bit confusing about how these tokens can relate to restaurants. First of all, it is crystal clear that once blockchain and metaverse enter our world, they will transform the whole world. There is no denying fact that people will start living two lives- one in the physical world and in the virtual world.
We have already developed White Label NFT Marketplace of Opensea. Get in touch today to launch your own
Are you in accord with this statement?
Definitely, you will be! You can meet your friends, attend meetings or parties, visit restaurants or cafes, and many more. We understand your state of mind. Though you are accepting this phenomenon, still you might need some information about how it is going to work and all.
Let’s start with the basics of NFT!
What is NFT and how does it work for restaurants?
Non-fungible tokens are tokens that cannot be exchanged or replaced. Each NFT has its unique characteristics and identification code which make them distinctive from others. Now, technology has evolved so vastly that it has opened doors for artists as well.
Let’s come to some facts…
Do you know which was the most expensive NFT to date?
- CryptoPunk #5822; it was sold for 8,000 ETH in February 2022.
- And in 2021, artist Beeple’s NFT “EVERYDAYS: THE FIRST 5000 DAYS” was sold for $69.3 million.
When NFTs enter restaurants, how things are gonna displayed- it is quite brain-storming. NFTs are easily relatable to the adoption of digital avatars to shop, socialize, work, etc., but food!
Well, don’t put that much pressure on your brain. Leave that with the NFT experts who will explain everything in detail and build an impeccable and interactive platform for you.
What is an NFT restaurant?
Many of you would be having this query since started reading this blog. So, be attentive and read the information carefully with the motive of creating your own NFT restaurant.
Own digital assets and avail services and solutions offered by the NFT restaurants. This is what NFT restaurants deliver to users. Users need to buy the membership of the NFT restaurant with cryptocurrency. In addition to this, one can get rewards by leveraging NFTs and blockchain solutions.
Did you know the world’s first NFT restaurant?
It is Flyfish Club, founded by Gary Vee in New York City. It became successful in generating more than $14 million for the initial mint of Flyfish Club membership with sales reaching $21 million.
NFT restaurant marketplace development
NFT restaurant marketplace is a new concept in metaverse and blockchain technology. It is the process of building NFT Restaurants in the virtual world. Users get membership by spending cryptocurrencies and become eligible for additional benefits in blockchain solutions.
The rising popularity of metaverse and NFTs have welcomed the NFT for restaurants as well to intensify the ROI of restaurants. You can hire experts in NFT marketplace development and can share your preferred features and functionalities of your virtual restaurant. However, make sure you are hiring the best development team in the market.
How to build an NFT restaurant marketplace?
Developing an NFT restaurant marketplace comprises of few steps. Following them, any business owner may convert his dream of creating a virtual restaurant into reality.
Step 1: Find an NFT marketplace development company
As you are already clear with your idea of the NFT marketplace, your aim is to find someone who is an expert at creating an NFT marketplace. Select some companies, read their reviews on the internet, look at their testimonials, and consult with the one which is selected.
Step 2: UI/UX design
NFT Restaurant Marketplace Platform Development is incomplete without impeccable UI/UX designs. This is the main factor in gaining the attention of users so focus more on user-friendliness and easy navigation.
Step 3: Development
Next comes front-end development and backend development (smart contracts). When the design is ready, now is the time to apply some coding to bring the project into reality. Smart contracts will be built at the backend.
Step 4: Testing
When the development phase is done, the testing team plays their role by thoroughly testing (functional and non-functional testing) the NFT marketplace to find and remove any bugs or issues.
Post testing phase, the final launch of the product is done followed by maintenance and support.
Features you must include in the NFT restaurant marketplace
- Storefront- This feature will store information including previews, bids, owners, price history, and many others.
- Advanced token search- This is another crucial aspect of the NFT restaurant marketplace where users would be able to search tokens with minor efforts.
- Filters- This feature would enable users to find the right product quickly filtered on the basis of prices, best sellers, hot deals, etc.
- Create listing- This allows customers to create a list of collectibles.
- Listing status- Through this feature, one can keep track of the confirmation status of delivered status.
- Bidding option- This enables customers to buy and bid on items.
- Wallet- Customers can securely store and transmit their tokens in wallets.
- Ratings- Here, newbies can find ratings of the platform. It will help users to begin with NFT trading, how to get started, and how it works.
What is the need of NFT restaurants?
NFT restaurants are associated with amazing benefits listed below.
Users will stay engaged if restaurants would provide some best NFTs for signature dishes.
- Unique business model
Incorporating NFTs in restaurants will bring a distinctive business model.
- More revenue
When restaurants will start working in a better way with some trading options of NFTs, it will definitely lead to revenue generation.
- Resalable tickets
NFT restaurant marketplace offers resalable tickets as well through which restaurants can charge deposits for reservations and bear cancellation losses.
- Dynamic pricing
Every NFT restaurant adopts a dynamic pricing model to generate liquidity by assessing reservations.
Use-cases of NFTs in restaurants
Now, you will get some briefs on how NFTs will be incorporated in restaurants. Let’s move ahead!
- Food NFT
In NFT restaurants, NFT of food images and recipes exists and these are owned by food lovers or chefs, or other culinary experts. These food NFTS would give access to a premier NFT dining experience.
- NFT membership
Restaurants offer brilliant offers in the form of NFT membership. The customers of restaurants who hold NFTs get access to exclusive clubs and also food-related subscription services.
- Social cause
Another use case of NFTs is for charity or social purposes. The whole NFT collection by the restaurants goes to charity for the good cause of society.
In addition to this, there are some other use-cases of NFTs as well.
- Discount coupon
- Membership Pass
- Digital transactions
There are some examples of NFT restaurant marketplace which give proof of this unimaginable idea.
Count on the below listed NFT restaurants!
Examples of NFT restaurant marketplaces
- GOI Rolls
It is a UAE-based restaurant offering NFT summer rolls in web3 space. Customers with NFTs at this restaurant can avail 50% discount on real food value. This is how NFT membership in GOI Rolls derives benefits.
- Lion’s milk cafe
Lion milk cafe is in New York City. This cafe has released its NFTs in the form PFPs. It is recognized as the first NFT cafe that put its NFTs for display in New York.
- Pizza Hut
Pizza Hut- a famous Canadian franchise also released the digital picture Pizza “1 Byte Favourites” in the form of NFT. The franchise also releases new NFTs each week.
China’s McDonald’s also came into the limelight when it released 188 NFTs as presents for its customers on the occasion of its 31st anniversary. Rubik’s Cube is NFT designed on the basis of the 3D structure of its headquarters in Shanghai.
- Taco Bell
This is another renowned eatery that also entered into NFT marketplace. It introduced NFT development “Taco Art” which sold 25 NFTs in 30 minutes.
With all these well-known brands already entering into NFT marketplace development, you also might have been convinced to start your own NFT restaurant marketplace.
Cost to develop NFT restaurant marketplace
The cost to develop an NFT restaurant marketplace depends upon numerous factors like location, development company, UX/UI design, tools used, third-party API, complexity, number of features, and number of hours.
Keeping all the factors in mind, the average starting cost for developing a NFT marketplace platform would be $40k and it may rise as per the above aspects.
To know the exact project cost, contact the business advisory team of Suffescom. We will analyze your requirements and build an actual cost of the project.
Why choose Suffescom for the NFT restaurant marketplace?
Suffescom is proud to announce that we have done complete research on NFT restaurants- how they are working, what technology is involved, features and functionalities, etc. We employ a highly skilled team of NFT developers with thorough knowledge of NFT and Metaverse. Our team listens to your requirements carefully and assists you in launching your NFT restaurant marketplace. Before launching, you will be explained all the features like membership, discounts based on owning NFTs, and many more.
The rising popularity of NFT metaverse is attracting businesses from every sector to enter the virtual world. Recognizing the potential and amazing benefits of NFTs, many restaurants and cafes have tried this NFT marketplace development and earned huge ROI.
Till now, we have successfully delivered many NFT restaurant marketplace. If you are also convinced by its capability and want to invest, contact Suffescom for NFT Restaurant Marketplace Platform Development now. We will build an NFT restaurant marketplace to increase engagement and improve brand loyalty.
Our expertise in NFT Marketplace Development
- 5.5 years of experience
We hold 13+ years of experience overall with 5.5 years in Blockchain, NFT, Web3 related technologies.
- In-house experienced team of developers
Our team is comprised of highly knowledgeable developers, designers, and testers.
- Latest technology stack
We stay abreast of emerging tools and technologies to deliver high-tech projects to clients.
- Served industry giants
We are honored to serve many industry giants in the blockchain and NFT domain so far.
- 24/7 support services
Our specialty lies in the fact that we provide round-the-clock services to our clients.
NFT restaurant marketplace is booming and soon it will make the whole world crazy with its unique working in the virtual world. NFTs hold the potential for making the business more profitable. Hence, make the first move by entering into the digital space to attract the audience and increase the ROI of physical restaurants.