Understanding how Non-Fungible Tokens or NFTs work may seem like a lot on your plate, but their market has ballooned since 2020. NFTs have redefined how we certify ownership and originality of almost everything around us. With all the hype building up and nearly everything from artworks to tweets being converted to Non-Fungible Tokens, how can Food take a backseat?
Future of Food as an NFT
One thing common to all of us is Food. There is no other emotion as global and unique as the love for Food. Bringing it to the blockchain will add relatability to real life experiences for metaverse and its users. Compared to artworks or tweets, the value of a Food NFT can be expanded beyond just collectibles. It welcomes opportunities for users to engage with NFTs in different ways, be it via food-related games, minting your dish NFTs, or owning a pop-up restaurant in the metaverse. Bringing Food to the blockchain in the form of NFTs will provide every person across the globe with something to connect to the blockchain in an interactive and fun way.
Brands like Budweiser, McDonald’s, and Taco Bell of the F&B industry are hopping on the NFT trend to keep their customers hooked. This in turn, has only validated the possibilities of Food as an NFT. Following the trend, several artists are creating a series of food-related artworks to be made NFTs. Chefs are turning their signature recipes to NFTs, and everyone in the F&B industry, along with the foodies, are enthusiastic about tokenizing Food as they understand it, one way or the other. By far, all these advancements are based on aspirational value and create an investment opportunity for collectors. But not all of them are offering NFTs as mere collectibles. The new wave is to be able to do much more than keep an NFT as a collectible.
Let’s say you own the NFT for French Fries. Now, imagine being able to swap that NFT for actual fries at your favorite café. The current advancements in the metaverse with the tokenization of Food promise the possibility of providing utility to these NFTs and giving people something, they can exchange for real life experiences.
It is no more out of sci-fi, but you can attend virtual restaurant invitations to relish a specially curated menu through your NFT passes, or maybe swap a Burger NFT for a real Burger at your favorite Fast-Food joint, not just chains, with the globalization of metaverse, you may be invited for a virtual wine tasting by a famous vintner, or try a Chef’s special in his own kitchen, as a bonus to owning that NFT.
For Businesses, tokenizing their menus or services will change how things function today, for good. It will become easier to swipe through multiple menus, look for offers, and place an order at your favorite virtual restaurant. Overall, providing a user-friendly experience to its customers.
Since all transactions will be recorded on the blockchain, record-keeping will be simpler than ever. With these applications, there lies no doubt about the tangible use cases for food NFTs for the F&B industry. The question boils down to how quickly businesses can embrace this technology to improve their margins and attract new audiences.
What else is on the table?
The metaverse is an extension of our current social life, more virtual than ever. We are already witnessing weddings and concerts in the metaverse. Like every social event, virtual dining experiences will also become a part of the metaverse experience. Hence, Food NFTs and Food-based metaverses will become relevant. Virtual menus for events in the metaverse, curated menus for virtual avatars and pets, and food NFTs will open doors to new experiences in web3.0. The Food Metaverse will also allow its users to exchange NFTs as gifts to a loved one, aid charities working against global hunger, and add a personal touch to food-based memories by tokenizing them. Taking personalization one notch further, users can now harvest or “mint” their own NFTs!
The possibilities are really as vast as the metaverse itself.
OneRare’s Foodverse
These are not far-sighted milestones for Food’s journey as an NFT anymore as OneRare is already bringing Food to the blockchain with the Foodverse. OneRare is collaborating with the global food & beverage industry, with brands, chefs and other metaverse projects to build a one-of-its-kind food metaverse where you can do all of this and much more. Witness the exciting journey of NFTs from being collectibles to becoming a key to unlocking the metaverse and all its possibilities.
