Restaurant brands incorporate NFTs into their dining experiences
Trend - The current popularity of NFTs has resulted in food brands getting in on the craze and incorporating them into campaigns and/or dining experiences. These include restaurants that require an NFT purchase for membership, and NFT-funded cafes.
Insight - As consumers learn more about NFTs, and NFTs are increasingly used as both long-term investments and short-term novelty purchases, brands in a wide range of industries are having to adapt to see how they can meet niche consumer demands in this space. The wide range of implications NFTs have in everything from purchasing to marketing, coupled with the lack of general consumer knowledge about them, makes brands that utilize them appear more exclusive.
Insight - As consumers learn more about NFTs, and NFTs are increasingly used as both long-term investments and short-term novelty purchases, brands in a wide range of industries are having to adapt to see how they can meet niche consumer demands in this space. The wide range of implications NFTs have in everything from purchasing to marketing, coupled with the lack of general consumer knowledge about them, makes brands that utilize them appear more exclusive.
Workshop Question - Where does your brand see itself getting involved with NFTs?
Trend Themes
1. NFT Integration in Dining and Restaurants - The current trend of incorporating NFTs in dining experiences allows for exclusive and novel ways of generating revenue streams for new or established businesses by creating a community of like-minded customers who will invest in the brand and future projects.
2. Virtual NFT Shopping Malls - The creation of virtual NFT shopping malls like LifeStyles In 360 provides customers an inclusive and private way to shop while also supporting women-owned and minority-owned businesses.
3. Members-only Restaurants - Members-only restaurants like Flyfish Club require NFT purchases for access, providing unique dining experiences to like-minded individuals while allowing for the creation of a community invested in the brand and future endeavors.
Industry Implications
1. Hospitality and Dining - Hospitality and Dining industries need to learn how NFTs can create a profitable marketing ecosystem, as it is a new way of approaching revenue streams.
2. Retail and E-commerce - Retail and E-commerce industries can integrate NFTs to reach a more exclusive market and can provide a unique user experience with private shopping platforms that cater to specific segments of society.
3. Art and Entertainment - Art and Entertainment industries can use NFTs to create a new way to forge communities and add more value to limited edition products.
