The ‘World’s First NFT Restaurant’ Is Selling Memberships for U.S. Dollars Now

In a sign that the times are once again changing, what was being billed as “the world’s first NFT restaurant” is now accepting members without digital tokens.

Flyfish Club, slated to open in New York this summer, will now allow people to buy memberships using ye olde American dollars, Eater New York reported. The private members club is offering a standard (individual) membership for $3,500 a year and a standard plus (spouse) membership for $4,000 a year, both with 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,” the club says on its website. “We offer the best of both worlds, offering a new dimension to the club industry which allows some members to own their membership, while also mimicking the framework of decades of success that private clubs have had. The vision remains the same, to create the best culinary-driven members club, wrapped in innovation, that members can enjoy for years to come.”

The restaurant is the brainchild of VCR Group, including the Resy co-founder Gary Vaynerchuk and the chefs Josh Capon and Conor Hanlon. When it opens, it will be home to a lounge, a private dining room, and an omakase counter exclusive to select members only. The 11,000-square-foot downtown Manhattan space was built by the architect Roger Ferris and designed by Garrett Singer Design.

Prior to even having a brick-and-mortar location, Eater reported, Flyfish Club had raised some $14 million in memberships. Those blockchain memberships come with the same perks as the standard options, plus additional benefits like a private dining credit and access to in-person events and pop-ups outside of the restaurant. For that, though, you were ponying up $8,000 to $14,000, according to Eater. And now blockchain memberships are available only on the secondary market.

Given that cryptocurrency has fallen from its peak a couple of years ago, it’s not all that surprising to see Flyfish Club embrace a more typical members-club structure. (A San Francisco restaurant with an NFT-based membership structure called it quits in September before even opening.) For the standard memberships, you’ll need to submit an application, making it more akin to a Soho House or Zero Bond. Some of those similar establishments have lost their cool factor in recent years, though, so it remains to be seen whether New York City really needs another exclusive space. Especially if it’s going to be teeming with crypto bros who can’t stop talking about how great the digital currency is.

Via Robb Report