- Food NFTs provide a form of traceability by accounting for the food supply chain.
- By using digital artwork to develop recipes, chefs can sell or license the recipe to others.
- Logan Guleff announced the creation of an NFT virtual dining experience.
The web3 community is steadily growing as more governments, enterprenuers, and innovators dive into the vast possibilities of blockchain technology. Throughout the past decade, there have been numerous applications of blockchain technology. The development of decentralized applications has cut across multiple industries. From medical insitions to agriculture dApps have revolutionized the concept of identification, distribution and data ownership. However, one such implementation has left users in awe. The merge between digital artwork and the food industry brings us Food NFTs and virtual diner experiences never seen before, creating new NFT applications.
This new implementation has broadened the use of NFT beyond the art industry, clarifying how flexible blockchain technology truly is.
The broad scope of NFT applications
NFT, or non-fungible tokens, have been the most widely implemented web3 elements besides cryptocurrency. Since 2014 NFT has redefined digital ownership, a feat that its predecessor Web2 still needed to accomplish. Its most lucrative application is found in the artwork industry. Artists from all over have embraced the concept of digital art, and many are significantly earning from their talent.
For instance, Africa’s NFT artists are buzzing throughout the entire industry. Top NFT artists such as Osinachi, the first NFT artist in Africa, Niyi Okeowo, Owow Anieter and Kaysha have each showcased how We3 transforms lives. This NFT application has revolutionized artwork by broadening the scope of views, especially in Africa. Today organizations such as Afroplitan, NFT Africa, Afen, Quidax and many more have opened their doors to Africa’s talent.Its main selling point, digital ownership, has led this web3 element into other industries. Its most recent collaboration is with the music industry. Indeed NFT music is now available. These platforms allow artists to distribute their music through NFTs, alleviating the need for third-party participants.
The music industry needs to be more complex. It contains various parties such as Record labels, Music Publishers, Distributors, streaming platforms, retailers and Promoters. This NFT application virtually links the listeners and artists. This allows the artists to easily earn directly from their subscribers instead of earning meagre payments due to the vast number of third parties.
Governments can use the concept of NFTs to create new identification systems. Indeed the development of NFT IDs is an upcoming concert that many governments are interested in. The idea of NFT ID Cards allows easier traceability and prevents fraudulent activities.
The applications of NFT have led to the establishment of Virtual real estate. Today, a user can own a piece of virtual land in the metaverse. Its sophisticated concept makes it document foolproof, and no single virtual land can have two NFTs.
Aside from the above-mentioned, NFT applications are vast. Despite this, one particular application has pushed the boundaries of its applicability; Food NFTs.
NFT applications merge with the food industry.
Throughout web3, blockchain developers have tinkered with digital artwork. Finally, its concept found its way into the food industry. Like many before, this begs the question of how NFTs can benefit a restaurant or a manufacturer.Simply put, this NFT application is used by restaurants and the food industry to unlock various experiences never seen before. Here are some of the ways Food NFTs apply today;
What most people fail to acknowledge is that food also evolves with time. Today chefs and experts from all over work to create original recipes that would improve their and their associate restaurant fame. Numerous dishes have been discovered and made in the past decade, and now NFT has come to give a form of authenticity.
Technically this NFT application is the process of using blockchain technology to create an immutable digital certificate that very the authenticity and ownership of a recipe. This generally can significantly benefit restaurants and chefs. Despite not being a highly reported issue recipe, fraud exists and can cause immense damage to a restaurant.
For instance, if a competing company manages to steal and duplicate a recipe, most organizations would be unable to prevent them.
By using digital artwork to develop recipes, chefs can sell or license the recipe to others. This creates proof of ownership plus guarantees an additional income for the user. Bloggers and cooks can use such NFT to monetize their content. They can accomplish this by giving exclusive access to some of their recipes.
Also, Read Beyond Art: Non-Fungible Tokens (NFTs) are proving their value in the crypto world.
Like any other NFT application, Food NFTs provide a form of traceability. By accounting for the food supply chain, organizations can keep track of their goods. This builds a quality assurance repo for most restaurants. In addition, it builds trust since consumers can trust their products by openly displaying the ingredients required from fresh crops.
Generally, the number one enemy of restaurants is engaging customers by giving them a reason to suspect poor-quality food. Knowing where the food comes from and the production process creates a tamper-proof digital system that builds confidence in the organization. It brings about food safety since the NFT application can ensure the food is appropriately handled. It also makes customer engagement by providing them with interactive digital experiences.
The food industry can attract more potential consumers by using Food NFTs as a reward system. Presenting unique Digital at work as a reward system for loyal customers builds a sense of consumer engagement. In addition, this NFT application can unlock more perks within the restaurant.
For instance, by setting aside a “secret menu” only accessible by attaining a specific NFT, restaurants can make eating food fun. This is also a marketing strategy that guarantees more users. In addition, unique NFT can also be resold in marketplaces, ensuring that the consumer also earns. It generally builds an “Eat-as-you-Earn” system that provides rewards after achieving specific criteria.
Chefs Tom Colicchio and Spike Mendelsohn launched CHFTY Pizzas, an 8,888 pizza-themed NFT that gives users exclusive events and merch. The Chotto Matte restaurant launched a one-of-one NFT called the Founders. This Food NFT provides access to future restaurant openings, vineyard and a private experience with the executive chef holder.
Virtual Dining Experiences
A virtual dining experience with NFT is a new concept that has led to massive support. Restaurants are now diving into the metaverse and incorporating Food NFTS to give exclusive virtual dining experiences to holders.
The concept of virtual dining experiences is still new; thus, many restaurants can interpret it differently. Some develop Food NFTs to create exclusive access to private dining events, tasting or unique experiences.
At the same time, others might incorporate the use of VR headsets to develop a virtual dining experience while servicing complete meals to users. This NFT application is still relatively new and has different variations.
For instance, Logan Guleff announced the creation of an NFT virtual dining experience. Unfortunately, this concept has nothing to do with actual food. The meal is an important digital artwork that users can bid on at Rarible. This significantly stretches the idea of what a virtual dining experience truly is.
NFT applications are steadily going, with developers stepping into various industries. Its concept of digital ownership is crucial for Africa’s digital transformation. With virtual dining experiences and Food NFTs steadily gaining fame, we might see the birth of an entirely new food industry.