The world’s first NFT restaurant is almost here.

Non-Fungible Tokens (NFTs) are finding their way into almost every industry, from art to retail and politics. So, really, it was only a matter of time before NFT restaurants began popping up.

Enter FlyFish Club, the world’s first NFT restaurant, will be opening in NYC in 2023. The food is physical, as are the US dollars that are required to pay for it, but membership to the exclusive dining club requires the purchase of NFT tokens.

This is just the latest boundary-pushing concept from the VCR group–which is known for using modern tech to deliver unique hospitality and dining experiences. For those who are familiar with the group’s chairman, Gary Vaynerchuk, aka the ‘serial entrepreneur’ founder of Resy, this mission may not come as a surprise.

Earlier this month, FlyFish Club released its first 1,501 membership tokens–netting about $15 million–with roughly 1,500 more to come. The standard members got an uncredited artist’s rendering of a yellowfin tuna. The exclusive membership tier, which includes access to a private room serving omakase, gets pictures of sushi and sashimi–which will likely be on the menu.

While I am always excited when restaurants find new ways to innovate, I do have some reservations about this particular use of NFTs.

For example, some skeptics are quick to point out the environmental implications of a seafood restaurant that runs on NFTs. Namely, that the extraordinary energy consumption required to mine crypto contributes to climate issues, such as rising ocean temperatures and smaller fish harvests.

As of now, there are still many details of the FlyFish Club that we don’t yet know–such as the address of the 10,000 square-foot venue. But I’m sure I’m not the only one waiting with bated breath to see how its opening inspires or throws cold water on future NFT restaurants entering the market.

Danilo Diazgranados is an independent investor in the global food and wine, financial services, real estate, and the hospitality sectors.

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