- by eigital content team |
- October 11, 2021
- eatOS | 5 min read
Is Cryptocurrency Next in Restaurant Digitization?
The food service industry is becoming more automated and online. From contactless ordering to mobile payment, restaurants have digitized themselves more and more. As part of that, some are now pushing the boundaries further: Soon, customers may pay for their meals with cryptocurrency.
Though crypto has gotten bigger and bigger, restaurants are still a new territory for this type of transaction. Yet the illustrious Gary Vee, entrepreneur and motivational speaker, has his sights on opening a restaurant that runs on blockchains and smart contracts to manage customer relationships and beckon in a new future for food service.
Cryptocurrency Comes to Restaurants
Gary Vaynerchuk, known professionally by the moniker Gary Vee, has long backed grand advancements in restaurant tech. For the first time, he’s introducing a brand new restaurant concept: One run on NFTs.
Set to open in autumn 2022, interested parties can buy memberships with non-fungible tokens, known commonly as NFTs. These grant exclusive access to the restaurant as well as the unlimited cocktail lounge and other “private culinary experiences” earned through three membership tiers. Each provides new options to enjoy based on how much they spend.
Why Memberships Are Smart
While it’s unconventional to expect people to sign up to dine with you, there are two massive upsides to this approach that entices customers and has a tangible result for the business.
For starters, this is a great basis for loyalty. Memberships that only work at your restaurant, and which provide perks the more you use it, guarantee that these parties will return to you again and again. Frequent visitors tend to spend more on average than newcomers, which means this restaurant model is set to potentially make more on average, too. Meanwhile, these perks keep customers satisfied with a worthwhile purchase.
There’s straightforward monetary benefits that come from this, too, besides the obvious way that the restaurant profits. Since memberships come as NFTs, guests can sell them once they’re done coming by as often. That’s only possible in a restaurant run by cryptocurrency. If it gets more popular in the meantime, the customer even turns a profit. Since the NFT is executed via smart contract, the company could potentially gain a percentage of subsequent sales if they include that in the agreement. This has the potential to blow open the doors to further digitization.
How Cryptocurrency Is Changing the Market
This latest endeavor to push crypto-based food service to new heights isn’t the only way NFTs have crept into restaurants. More places accept Bitcoin and Ethereum as payment, in addition to USD; others use blockchains to accrue loyalty points at sister franchises. Already blockchains encrypt customer data for easy reordering and perusal of customer data. This supports better future business decisions. Launching an NFT-based restaurant is also another way to appeal to younger, technology-minded demographics.
All of this demonstrates a push toward digitization, and above all, convenience. Smart Point of Sale systems smooth the transition into an automated and online future that prioritizes efficiency and ease of use.
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