As times change, society is evolving and technology is seeping into all aspects of our everyday lives – even the parts we least expect. The collaboration between crypto and restaurants may be in the early stages, but large companies are already reaping the benefits. Whether it’s to improve customer relations, publicize rebranding, or reward loyal members, our guide on how to use non-fungible tokens (NFTs) in your restaurant will allow you to understand the gradual shift into the crypto environment and how you can apply them to your business.
What Are NFTs?
A non-fungible token or NFT is an original digital asset purchased with cryptocurrency that represents real artwork, music, videos, or anything with an online presence. An NFL is encoded with an underlying software similar to that of cryptocurrency. Each NFT purchase is registered under a specific set of numbers that proves the authenticity and ownership of the original item. What makes NFTs non-fungible, compared to the fungible cryptocurrencies, NFTs are not necessarily worth the same. One NFT is not equal to another NFT just because they’re on the same platform. The value of each collectible is constantly shifting with every sale or trade.
How Are NFTs Safe?
The NFT data is stored in the Ethereum blockchain that is maintained forever but also encrypted so that every transaction is unique. Each transaction is recorded and stored and can be told apart from other transactions without fail. This avoids the risk of human error while completing and processing transactions.
Foodservice Uses For NFTs
Several chain restaurants and foodservice businesses are using NFTs to appeal to their customers in a way never been done before. This new digital crypto method’s involvement with foodservice has led to a wave of big industry names carrying over their brand presence into the virtual world. While the connection between crypto and the food industry may seem hazy, there are a few advantages of incorporating NFTs into your business.
Appeal to a specific target audience. Most individuals in the crypto community are younger and have a wide range of technological influence. Franchises are looking toward this move into NFTs as an opportunity to stay relevant within the young crowd. Pushing new items, promotions, campaigns, or projects through the ways of crypto has become a unique platform for forming connections with their more techie customers.
Highlight the new business changes. While some restaurants may be focusing on the hype of their NFTs and the loyalty of their fanbase, crypto tokens could be used to boost the overall brand image. Just by establishing a non-fungible token, the example being set forth is one that relates to the circulating trends and translates into a more contemporary branding style and voice. Prying into the competitive online platform allows you to market components such as updated social media accounts, modified websites, or redesigned logos to attract attention to your business.
Customer Loyalty Benefits
Reward customers for their loyalty. Serving like a punch card, NFTs could be gifted to customers to incentivize them into returning again. After a certain amount of orders or visits, customers could earn a special edition NFT with special promotions to use online or in-store.
Create long-lasting relationships. Purchasing an NFT could allow customers/buyers access to an elite group that has the same loyalty or interest. Apart from creating these business NFT clubs, it also allows the business to develop connections with an intimate group of customers.
Support For A Cause
Give back to the community. Many businesses and franchises have set up NFTs to support a cause, charity, or organization of their choice. As customers buy the digital assets, the proceeds are collected to be donated. Whether the goal is to boost awareness for the arts, raise funds for a scholarship, or promote culinary sustainability, consider choosing initiatives that can be linked to the beliefs or motto of your business.
Crypto To Better Your Business
While introducing NFTs into your business plan can benefit you, pairing the uses together maximizes the advantage of incorporating the new digital method into your establishment. Setting up a combination of NFT uses allows your business to advance in the area of digital cash while also promoting the original marketing concept.