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Leveling Up the Restaurant Experience
Austin Miller & John Meyer
July 12, 2022
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Front of House Restaurant NFTs
The combination of restaurants and NFTs feel like a perfect marriage. Good food, hot tech, unique collectibles, and community. Front of House is helping that marriage become a reality. FOH is helping restaurants launch digital collectibles that give owners special perks to their favorite restaurants.
“Think of digital collectibles as virtual merch but without the overhead. Instead of making tote bags or t-shirts, we create and manage collections of one-of-a-kind digital art, that cater directly to your best guest.”
The digital collectibles give owners access to perks like exclusive reservation privileges, access to launch events, and more. So far, FOH is only servicing select restaurants in NYC, but they are quickly growing to other markets. 80% of the primary and secondary sales of the collectible will go to the restaurant, so if the item is resold, the restaurant will continue to earn money.
“Emmett’s is one of my favorite spots, but it can be challenging to get a reservation, particularly on short notice," Vreeland said. "The NFT is a creative way to solve that problem because it gives me instant access to getting a reservation for up to 4 people in the main dining and up to 2 people at the bar."
The Mint Staff think the relationship between NFTs and restaurants is a strong one with a lot of potential for growth. FOH is giving restaurants a low-friction revenue stream, connecting them with their best customers, and letting them show off how tech-savvy they are. Thats the definition of a win-win!
Fact.mr’s NFT Market Report
For the last two months or so, the NFT market has been in a bit of a slump. Sales are down, the number of project releases is down, and the skepticism towards NFT adoption is sky-high. To make things easier, we like to view the slump under a macroeconomic lens. The NFT market is cyclical. Cycles often occur because of the emotional decisions of the market. The pendulum will constantly swing from periods of elation to periods of distress. But most of the time, the market will be right in the middle—a healthy state with high adoption and low skepticism.
Since we are currently in a low part of the cycle, it’s important to remember the growth and potential that NFTs will see in the years to come.
Fact.mr, a market research firm, recently released a report on the NFT market. Here are some highlights that we thought we would share with all of you →
Short Term, Medium Term, and Long Term Expectations
Short Term (2022 Q2 to 2025): Significant utilization of NFT in collectibles sectors to positively impact non-fungible token market growth.
Medium Term (2025-2028): The Asia Pacific is anticipated to witness high demand for non-fungible tokens from several end-use sectors, fueled by favorable government initiatives.
Long Term (2028-2032): Rise of NFT companies that offer better performance and lower fees will increase demand for NFTs, exponentially.
From 2017 to 2021, NFTs compound annual growth rate (CAGR) was 652.1%. This is a pretty abnormal amount of growth, and it’s expected to slow down to a growth rate of 25% through 2032 (which is still insanely high).
As you can see, there is so much potential in this space. Although the market is in a slow phase right now, the technology isn’t going away, and the use-cases/ government favorability is only going to grow in the coming years.
To read a snapshot of the report we reference, click here
Gamestop adds NFT Marketplace
Remember going to Gamestop as a kid? Me neither.
After years of financial stress, store closures, and near bankruptcy, Gamestop is somehow still alive and kicking. This is mainly because of the incredible “meme stock” event in early 2021 that tripled the value of Gamestop’s common stock and allowed them to avoid shutting down more stores. Now, in full resurgence mode, Gamestop is entering the NFT space with its own marketplace.
The marketplace is Gamestop’s initial step in an effort to control the gaming industry of the future. Their marketplace isn’t anything special. It’s actually pretty underwhelming compared to marketplaces like OpenSea, FTX, or MagicEden, but it’s a step in the right direction. The company has already partnered with Immutable X, a leading funder and market for web3 games. The two firms have a $100m grant program to help people launch and sell web3 games that utilize NFT and blockchain technology.
Hopefully, Gamestop can create a new name for themselves in the web3 space. We wish them all the best.
B is for Blockchain
Are you still confused about what the blockchain is and why it’s so valuable? If so, check out this video and let John explain the basics.
Synopsis: Blockchain is what makes this whole Web3 thing go. The blockchain is a distributed ledger that safely and securely stored data. Each block is a record of data (like who bought an item, how much they bought the item for, and when they bought it) that connects together to form a chain, thus the blockchain 🎉
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