NFT Restaurant Flyfish Club Now Accepts Standard Memberships
Image Credit - Flyfish Club
26 April, 2024

NFT Restaurant Flyfish Club Now Accepts Standard Memberships

The Flyfish Club was supposed to make history as the world's first restaurant selling memberships through NFTs (non-fungible tokens). But in a sign of changing times, it has now accepted a more traditional approach - taking good old US dollars for membership.

Originally marketed as an ultra-exclusive private dining experience secured via cryptocurrency, the New York City seafood restaurant has shifted to offer standard annual memberships for $3,500 (individual) and $4,000 (spouse), plus a $1,500 initiation fee.

"We believe our dual approach that blends technology with tradition is truly unique, original, and is the smartest model for us to launch with," states the club's website, keeping a modern twist.

When it opens downtown this summer, Flyfish Club will feature a cocktail lounge, 150-seat dining room, outdoor space, and an intimate 14-seat "omakase" room where a master sushi chef will carefully select and prepare a multi-course tasting menu using fish flown in daily.

Before construction, the club pre-sold nearly 1,500 NFT memberships for ethereum cryptocurrency worth $8,000 to $14,000 each, raising $14 million. Those blockchain tokens can be resold on NFT marketplaces and allow extra benefits like private dining credits.

The idea of hospitality firm VCR Group (including Resy co-founder Gary Vaynerchuk), Flyfish Club was envisioned as the first major restaurant enabling members to "own" their place via NFTs during last year's $41 billion NFT market boom.

However, with crypto prices dropping from their peak, offering regular paid memberships using normal US currency is a smart move. It allows more people to join and provides a reliable way to make money.

Only time will tell if New York's wealthy crowd will be drawn to the unique seafood spot or view it as a fad hangout for "crypto bros". But Flyfish Club is mixing the best of digital and traditional worlds in its pioneering membership model.

New York City is clearly a place for innovative new restaurant concepts, like Kernel - the vegan eatery from Chipotle founder Steve Ells that utilizes robotic arms for a futuristic, automated dining experience.