Non-Fungible Token, NFTs or the Metaverse are no longer terms that only techies need to know. It has captivated the minds of all sections of society from across the world.
– Especially so after Beeple made news with the sale of an NFT collage for £50.3m in early 2022. (*Guardian)
Students from content creators to fashion brands, gamers and even mid and large-scale organisations keep their eyes and ears open. Big brands are keen on partnering with an NFT Development Company to define their future course of action.
Some other noteworthy transactions include
The “Overly Attached Girlfriend”is a meme that sold for $411,000, (*techcouver)
The “BAYC- Bored Ape Yacht Club” NFT today has an average resale price of price of 93 ETH ($226,435). It started off with .08 ETH ($235) (*techcouver)
The huge sums involved in NFT Transactions, explain a lot about the rising interest in NFT and metaverse developments. The growth in NFTs and related technologies like Metaverse, Blockchain and Cryptocurrencies are in no way slowing down.
– Open Sea, an NFT Marketplace recorded over $10bn in traded transactions in 2021.
They will redefine the way we conduct business. All sectors will be on board. It’s quite difficult to comprehend how a sector like food, beverages and hospitality can be a part of the mirror world. This post will assess how this consumer interactive sector that hinges on tastes and senses can be a part of the NFT –Metaverse World and redefine culinary experiences.
NFT Digital Creations are Unique
Firstly, we should understand how an item can be termed an NFT. Well, any digital item or creation can be converted into an NFT. NFTs can any represent real-world items .These could be images, videos, artwork, recipes and even memes. NFTs authenticate proof of ownerships through blockchain registration.
This makes the item an exclusive, non-replicable item belonging to the owner. Blockchains generate trust due to their high safety features, enabling digital assets to be secure and preserved as a form of wealth creation and a bequeath.
The Food Metaverse will Facilitate Collaborations and New Experiences.
The entry of the food sector into the metaverse will enable new opportunities and new experiences. It will foster collaboration, networking and participation from various stakeholders. The Food metaverse will bring together food business owners, food & beverage brands, chefs, food bloggers/enthusiasts, food industry workers and many more related to the sector. It will offer a distinctive environment for them to explore and share, be it recipes, cuisines, deals etc.
Technology is a great enabler if used correctly. It can make huge social impacts.
With its outreach and influence, the Food metaverse has the power to bring together people from different walks of life who can network with each other. Considering views and actions to eradicate world hunger can be a great idea.
Let’s see what new possibilities can open up for the food sector.
Producing and marketing recipes
Food brands can conduct surveys and collect real-time feedback
Advertising options will be unlimited; innovative technologies like AR and VR can offer novel experiences.
Celebrity Chefs can launch recipe books as NFTs
Recipe videos can be sold as NFTs
Moreover, many food sector employees can rise in an individual capacity with this ecosystems and launch their creations.
Some Use Cases of how Companies in the Food Metaverse are Offering New Experiences
– The Spoon, a food industry analysis company, sponsored an event called SimulATE, which focused on how food would work in the metaverse and how NFTs, Virtual Reality, and Augmented Reality will open up new avenues to buy, consume and experience food.
– The Flyfish Club is in plans to offer NFT Memberships. Members are at liberty to experience, or trade their memberships. Moreover, as privileges, they can enjoy the experience at the physical restaurant in New York as well as get invites for events such as Super Bowl parties.
– Another innovative food brand example is that of BurgerDAO, which works on a cloud kitchen. To promote NFTs, they enable their token members to avail free hamburgers with the “hamburger NFT”. Moreover, token members can be a part of strategic decision on matters that concern the brand making as well.
– The Bored Breakfast Club offers NFT subscription for coffee.
– In 2021, 18-year-old chef Logan Guleff paved the way for other chefs to understand more about the concept of NFTs. He created a novel NFT virtual dining experience by dishing out a three-course meal at Rarible. It was auctioned and the winner got to watch a video of the meal.
– Michigan-based- Garrido’s Bistro stake a claim to the ‘first ever NFT of food’, by tokenising their product “Extreme Milkshake” on the blockchain as the Alpha Token of their Genesis Series.
It would give food companies an edge to understand the business potential of the metaverse and partner with a metaverse development company who can help them capitalise on the next iteration of the internet.
Wrapping Up
Customers can avail of new experiences in various ways that can enhance their dining experiences. Customers can ask for virtual tours of restaurants, chat with the chef, and give inputs on meal choices etc. before actually booking a table!
Or say, you’re hungry and want a delivery but you want to see the items in the food stores in your locality. You can send your avatar to a virtual street food area and check out the virtual dishes on display. Pay in crypto and you get your meal delivered to your doorstep.
NFTs and the metaverse will rise hand in hand. As technologies like VR become more commonplace, the food metaverse will offer fine NFT dining experiences, which may also be tradeable. The emergence of the food metaverse spells exciting opportunities for business expansion and for consumers to discover new culinary experiences with the help of digital technologies.
Also read: https://www.newscognition.com/empowering-students-through-virtual-learning-experiences