Generally speaking, NFTs (Non-Fungible Tokens) are tokens on a blockchain’s distributed ledger. The tokens facilitate digital transactions, opening a world of opportunities for restaurants. After the lockdown, companies have been turning to NFTs for brand awareness and enhanced customer experience.
NFTs for Brand Awareness
In recent years, NFTs have been generating a lot of buzz in the digital space. Many food chains have jumped onto the bandwagon to gain more visibility for their brand.
McDonald’s released an NFT in November 2021 to celebrate the 40th anniversary of the barbeque pork sandwich. The McRib occasion attracts a horde of interested fans in a rush to get the limited edition offering.
Previously, McRib fans would browse apps and web trackers attempting to find stores selling the product. Now the food chain is taking advantage of the rush during the occasion to popularize their NFT.
The company is trying to find “a message that resonates with youth, but also resonates more broadly in culture.” The company’s CFO also stated the move gave the company “a big upside” in brand traction with younger audiences.
Users had to follow the Mcdonald’s chain on Twitter for a chance to win the NFTs. The main goal of the McRib NFTs is to promote the brand. Such NFTs appear to be primarily collector items with limited real-world value.
Using NFTs to Improve the Customer’s Experience
Restaurants are also offering NFTs as digital assets for an expanding digital universe. CHFTY pizza recently announced they’ll be issuing more than 8,000 pizza designs on secure digital tokens. The token’s initial offering stands at 0.7 Ethereum.
Users can expect a “one-of-a-kind physical and virtual experience” in exchange for tokens. The company is yet to issue the NFTs, but experts expect the company to generate close to $500,000.
Other chefs offer their NFT creations to promote their brand and boost customer awareness. For example, pizza design NFTs may entitle customers to free entry to exclusive events organized by the restaurant. Some restaurants provide free cooking classes and other incentives to loyal patrons with specific tokens.
NFT Recipe’s as an Additional Income
Besides promoting their brand, chefs create NFTs as a way to generate additional revenue streams. Blockchain technology allows chefs to make cookbooks with recipes curated for their clients.
The cookbook is stored on a distributed ledger highly secure from cyber breaches. The NFT is only accessible to the user with the proper credentials.
NFTs allow chefs to earn money from their unique recipes. Patrons get a customized version of the chef’s creation. As such, NFTs are mutually beneficial items for restaurants and their patrons.
Protecting Intellectual Property
Another advantage of NFTs is the best way for chefs to protect their intellectual property. Chefs may hold recipes and pizza designs on a blockchain platform to verify the authenticity of their creations. Secure tokens may increase revenue streams for chefs besides cooking at high-end restaurants.
It is worth noting that most recipes or pizza designs cannot be copyrighted. Nonetheless, NFTs offer many opportunities for chefs to authenticate their creations. You can share NFTs or lease them to other users in the blockchain ecosystem.