VCR Group, the hospitality company founded by entrepreneur Gary Vaynerchuk, announced the live token sale of its latest members-only private dining club in New York City, called Flyfish Club. Prospective seafood-restaurant-goers must purchase their membership on the blockchain, sold as a nonfungible token (NFT).
VCR Group answered the question “Why NFT?” on the Flyfish Club website, stating:
“By utilizing NFT's, FFC is able to create a loyal, member-community that we can provide special experiences for. NFT's create new modernistic financial models, which will allow FFC to deliver an exceptional and sustainable product for years to come.”
There appear to be two types of memberships available on the official website. The regular tier alleges to give members access to the main dining room, outdoor space and cocktail lounge, and special events for 2.5 Ether (ETH), or $8,474 at time of writing. The second, pricier tier — Flyfish Omakase — will grant access to all of the above plus a 14-seat omakase room and is now available for 4.25 ETH or $14,400.
According to its website, Flyfish Membership NFT holders can lease their token to non–tokenholders on a monthly basis, or they can resell it. There are also no reoccurring annual fees. And despite cryptocurrency being required to acquire membership, customers can pay for their food and beverages in U.S. dollars.
Flyfish Club is the second concept from VCR Group, following the opening of the omakase-style Japanese restaurant Ito, which is also in New York City but not members-only. Flyfish Club plans to open in early 2023.
Flyfish Club claims to be the first members-only NFT restaurant; however, it is not the first culinary concept to integrate crypto into its business model. More recently, Crypto Street Restaurant opened up in Clearwater, Florida, boasting crypto-themed wall art, menu items and the acceptance of crypto payments.