In this episode, we talk about the world’s first NFT restaurant the Flyfish Club. This episode really helps to understand how creative and innovative you can be with NFTs and how to use them to create real tangible value for your business.

MENTIONED IN THIS EPISODE
Flyfish Club – https://www.flyfishclub.com/
VCR Group – https://vcrgroup.com/
Open Sea – https://opensea.io/
BAYC – https://boredapeyachtclub.com/#/
World of Women – https://worldofwomen.art/
Kinfill – https://kinfill.com/

PEOPLE MENTIONED IN THIS EPISODE
Gary Vaynerchuk – https://www.garyvaynerchuk.com/
David Rodolitz- https://twitter.com/rodolitz
Josh Capon – https://twitter.com/chefcapon
Conor Hanlon – https://twitter.com/ConorHanlon83

We hope you enjoyed the show and it helped you to gain more clarity and give you lots of ideas as to how you can use NFTs for your business.

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IMPORTANT NOTICE
This podcast is for entertainment and education purposes only. We do not give any investment or financial advice and we strongly recommend you always DO YOUR OWN RESEARCH.

Episode Transcript

Cheryl00:03

Welcome to women of the metaverse. I am Cheryl

Angela00:07

Hello, I am Angela Harkness. We have been, and are still on a journey to discover the metaverse with 3.0 NFTs and anything that we are required to know to join this world

Cheryl00:20

From this podcast, we will help you to unlock how the manifest is going to impact your brand.

Your business and even your personal life,

Angela00:31

join us as we take the mystery out of this new digital universe.

Welcome to women of the Metaverse. In this episode, we are talking about the Flyfish Club NFT. We wanted to talk about this because it will show you how versatile NFTs are.  That they are not just digital pieces of art to be traded. They are not just pieces of art that come with a few goodies at the back end, but the NFTs can be used in a very creative, innovative and tangible ways.

We made during this episode start referring to it as the FFC, because the fly fish club is actually a bit of a tongue twister, and I know I will chip over it. So ch Cheryl, do you want to explain what the fly fish club is?

Cheryl01:25

Okay. So the Flyfish Club is the world’s first NFT restaurant. The concept is a private dining club.

However, in order to join the club, you will need to purchase. Yep. You guessed it. An NFT on the blockchain. that NFT in effect becomes your membership card, which then, in turn, gives you unlimited access to a private dining room and they will also have various gourmet and social events. You can again have total access.

On the website. It actually says that the private dining room spans 10,000 square feet in New York. There is obviously the restaurant which they refer to as being upscale, an outdoor area, a cocktail lounge, and a lounge. If you don’t know, because we had to look it up is a Japanese style of dining.

It means leaving it up to you. So, Angela, do you want to explain more about how it came about?

Angela02:37

This is quite interesting because the founders of the restaurant are Gary Vaynerchuk, who is all over NFTs at the moment. And we only did, we did an episode about him a couple of episodes ago about his Vee Friends. And he’s the founder and chairman.

Then there is a gentleman called David Rodolitz sorry if I butchered his name, who is the founder and CEO? He is well known in the restaurant and hospitality industry. Josh Capon, who is founder and Chief Culinary officer, a very experienced chef and businessman, and then Conor Hanlon, who is founder and EVP of operations.

Again, another very experienced person in the hospitality. The four of them have created the VCR group. They state on their website that this is old world hospitality, which meets modern day technology. So the FSC is their first Oray into this venture. I wanna point out this stage. This is for men as founders, and I’m not saying they should have chosen a woman, but it shows again that men are dominating the NFT.

And this could have been something women could have created. And it is one of the reasons why we started this podcast because we really want to inspire and encourage more women to use their incredible creativity. To start to look at possibilities. What they wanted to do was to create a membership that becomes an asset, which we have seen with the board eight yacht club and the world of.

But I feel this is on a different level because this feels like a business first choice, rather than, you know what we can on the end of it after we’ve created our art. Um, it seems a very thought through process. Doesn’t it? Yeah. This is right up my street. Just pure creativity. Yeah, it is just genius. I love it.

Right. So Cheryl, do you wanna explain how it works?

Cheryl04:49

No problem. So there are two levels of membership, two slightly different tokens. So one which is called the fly fish will get you access to the restaurant cocktail bar and outside space. And then there’s the fly fish. EE. Which will get you the same access as the fly fish token.

But in addition, you will have access to the McCarthy room where you can dine on sushi prepared by one of the world’s best sushi chefs. Now I dunno about you, but I love sushi. I

Angela05:26

don’t like

Cheryl05:26

she, Angela, not so much. So you wouldn’t be

Angela05:29

getting that token, would you? Like, I would not buy that token. Sushi is like my worst nightmare.

I, I may buy it to sell it, but I wouldn’t, I wouldn’t enjoy that. There you go. That’s your business

Cheryl05:40

brain speaking. Yeah. Yeah. Okay. So when they dropped their NFTs, they sold 2,655 fish tokens. They were released at a cost of 2.4 E which in today’s price is 3,447 pounds. And the McCarthy was 385 tokens were released as a cost of 4.25 E.

And in today’s price, that is 5,861 pounds. But I think that’s a very reasonable price for a private members club. I mean, there, it’s a private dining room that it’s kind of on par with

Angela06:29

Soho house.

Cheryl06:31

Yeah. And we’ve got the, we’ve got a few clubs in London that, yeah. That would the sliding quite nicely. Yeah.

And I’m sure

Angela06:39

the same in New York, what was the one that we belonged to the allright? The Albright? Yeah. Allright. So kind of similar. Yeah, not far off it. Yeah.

Cheryl06:51

So they have been released in sages. So some were put on early release in December, 2021, and there was a bigger sale in January of this year. And the VCR group held some back to build the brand.

Overall. They have sold 1200 fly fish club memberships and 301 oh McCarthy, which means an overall total revenue of 5 million. 947,747 pounds

Angela07:26

it’s numbers. Every time we do these podcasts, they blow us away. It’s nothing to be. It just numbers, numbers.

Cheryl07:34

So get this. There is no interview for the membership and there is no annual fee.

You purchase the NFT and that gains you access to the fly fish club for life. Also for the owner, the NFT becomes an asset, so you can lease it out to the other people, or you

Angela07:56

can sell it on. This is where it starts to get genie, too. Absolutely.

Cheryl08:02

On open sea at the moment, some Ooma Cari tokens are selling for around 15 E, which is around 20,000 pounds.

If you do not own a fly fish club NFT, the only way you can come to the restaurant is with a token holder. And there are different rules for different areas of the re. As an NFT holder, you can book a reservation via their reservation system, and you will need to connect to a wallet, to show proof of ownership, to be able to enter the club with regards to the leasing they have created.

We got this from their website, a leasing mechanism where the token holder can lease the token on a monthly basis. Which means the opportunity for passive income, very clever, very clever. Every time someone sells their fly fish club, NFT 10% goes to the VCR group.

Angela09:06

It’s genius. I don’t know if, what happens with the leasing.

I don’t know if they all, they get money from the leasing as well, because I think it’s their leasing mechanism or whether that they must get a kickback. I would imagine. So, yeah, it’s very, very clever. It’s very clever. And I have to say we we’ll put the link to the website, um, in the show notes, but the website’s really good that FAQs on the website are, are, you can get a lot of detail from them.

So yeah, just so clever. I love it. It’s

Cheryl09:37

brilliant. So Angela, let’s talk about what it, this means for the evolution of NFTs.

Angela09:42

This to me is the next generation of NFTs and she and I have spoken about. We don’t think there is a business that couldn’t create something around an NFT where this is different is because the concept of the restaurant and the NFT is all encompassing.

I think with other NFT collections, they have created the collection and then thought about the perks that could be attached to it. I think we actually spoke about this maybe in our last one where I was saying people aren’t getting. People have stopped becoming creative around what you yeah. Or it might be Gary they’re offering the same thing.

They’re offering the same thing. Yeah. Or do a membership. Yeah. Whereas this to me felt like it was, um, oh, how can we create this whole encompassing thing at NFTs income and a restaurant? I think that’s where, what I really love about. It works very much around the whole construct of decentralization. So you buy a token and this is with no interview process.

There is no board saying you do and don’t get a membership. And this is either a good or bad idea. I was thinking about this because a lot of membership clubs, you do have to like fill in a form, get accepted, vetted. Aren’t you, you sort of vetted like months on end. Yeah. Sohow house is what? 18 months for like Soho me.

Well, it depends who, you know, you see. Yeah. So I think sometimes that’s the side of it. It can be who, you know, that will get you into these membership clubs. But also if you are just selling these spoken to anybody, you could just get some awful people at the, you know, at this place. So there is pros and cons to it, I guess.

Um, but also it stops that who know who, you know, type, um, yes. Membership as. So for your business though, you could do something similar, but you don’t have to go all in. For example, if you own a restaurant and you have a special dish or meal that you create, that people love, maybe you create an NFT for that dish or meal, and only NFT holders can order it.

I have just purchased a kin fill kit, which is it’s beautiful. I’m such a sucker for exquisite brand. But it’s a sustainable cleaning company. So they send you this beautiful pack with glass jars in and each season. They have like a set of sort of regular scent, beautiful SC that you put water into the glass jar, add your scent.

But each season they do an exclusive scent just for that season. So maybe something like that. If you had that type of company, you could create an exclusive scent. And only NFT holders could have access to. It could be a more luxurious, more expensive scent.

Cheryl12:35

Or can I just say Angela’s house has never been sick?

Angela12:38

I haven’t used. No, that’s not true. Oh, you’re not used yet. I’m not used it yet. Cuz they’re too nice. They’re too nice to use.

Cheryl12:46

I thought you’d been up and down, you know, doing this,

Angela12:48

everything. I’ve just looked at it. Cause it’s, they’re just so beautiful. It’s so pretty. Yeah. I don’t work for Kim. Fill the amount.

I have mentioned Ville over the last few days. It’s just unbelievable. I don’t, I don’t get anything from this company, but if you’re listening, I’ve talked them up. I can tell you. Amazing anyway. So if you were a, um, personal trainer or a yoga teacher or anything in that area, you could of, you could have private one to one yoga sessions for NFT holders.

This whole concept creates FOMO that that kind of Ima model of bags, where you really have to go on a wait list if you want them. And you don’t always get. Where there is only limited access. So without a doubt, it can be set up in the right way for a constant stream of income for a business owner. The risk actually is on the NFT holder because the smart contract can ensure that if it was to fail or it became less popular, you could change the terms of the Contra.

So that’s what could happen with the fly fish club is if all of a sudden they stopped reselling these NFTs. People stopped coming to the restaurant or whatever, they could just change the terms of the smart contract to either release more NFTs or, you know, mm-hmm so it’s on the NFT holder, whether this is gonna be a success or not.

Well, when

Cheryl14:16

you buy any NFT, you have to do your research and the risks

Angela14:20

on you. Yeah, exactly. Exactly. So the leasing element also, I think is a really interesting side to this. So, so there is certain areas that this would work for, for example, Ville, you could lease your NFT for a season, so somebody else could get your scent.

You could lease your signature dish, or if you were a florist and you did an F and Ft where you got a regular B of flowers you could lease. So somebody else could get the bouquet of flowers for other things. The leasing may not. But you could release packages in levels as NFT. So Cheryl as a web designer could release different levels and she could release the high end one where maybe she does a refresh of a website every two years, or as a coach, you could release different one to one packages.

It’s just the ideas that endless that, you know, you just, I don’t think you can limit yourself. I think if you have an idea, do it rather than thinking, oh, nobody’s done that one. And if you wanna get some ideas, then go and study Gary Chu, cuz he’s really does be, does seem to be embracing this NFT world.

He just gets it and he’s doing business in, in a lot of new ways. And I think you’ll see a lot coming out from him in the future. So Cheryl, do you want to end us on some wise words?

Cheryl15:44

Absolutely. NFT services have many uses and their potential will only grow over time. More and more digital artists are appearing on the horizon while celebrities also are diving into this niche to maintain an online presence and increase their net worth.

So, what can you do to stay current and on brand in your business? We

Angela16:10

hope you’ve enjoyed this episode. Join us next week as we continue this journey into the mid first. Bye. Bye for now.

Thank you for listening to this episode of women of the metaverse.

Cheryl16:26

You can find all information links and people we talked about in the show notes on our website. If you have

Angela16:32

enjoyed this podcast, please comment and subscribe.

Cheryl16:36

Join us again in the next episode, as we continue this exciting metaverse journey.