Entrepreneur and investor Gary Vaynerchuk has been a vocal supporter of non-fungible tokens for a while. Vaynerchuk recently announced a new NFT project that will be the first of its kind.
What Happened: Vaynerchuk shared his plans to create a new spin on the traditional membership restaurant model for which you have to be a member in order to get entry.
“We’re announcing this morning that we’re launching the first NFT restaurant,” Vaynerchuk said in a CNBC interview.
Launching in New York City in fall 2022, the restaurant will offer membership via NFTs that can be owned and transferred.
“The punchline is a very modern restaurant where the token is access to the membership and your table,” he said.
Vaynerchuk said that people who own the NFT may want to eat there four or five times and then sell the token for profits.
“NFTs are going to be a platform for membership," he added.
Holders of the token will get access to the restaurant and “unlimited enjoyment of the cocktail lounge and access to private culinary experiences,” according to the VCR Group website.
There will be three different NFT tokens released, each featuring different experiences.
Why It’s Important: Gary Vee has become one of the largest names sharing their thoughts about the NFT market and providing lessons for early investors and collectors.
Vee has compared the NFT sector to the rise of mobile apps and websites where a huge number was created. Many didn’t have lasting power and some were huge success stories.
Earlier this year, Vee launched Vee Friends, a series of NFTs that come with exclusive benefits. Some of the NFTs, which feature hand-drawn artwork from Vee, come with one-on-one meetings and exclusive in-person events with Vee.
Vee said VeeFriends was similar to the original Disney cells. He will work to build them up over the next 40 years.
“Instead of comic book form or TV form, done through NFT characters,” he said.
Vee told CNBC that VeeFriends had $51 million in upfront sales and have seen more than $31 million in secondary sales since releasing.
Photo: VaynerMedia, public domain
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