What Is an NFT, and Why Are Chefs and Restaurants Getting Into Them? | Eater
"Announced as an NFT-based private dining concept by founders including a restaurateur and NFT evangelists, this project promises NFT ownership that grants unlimited access to a planned 10,000+ sq ft private dining complex in New York City featuring a cocktail lounge, fine-dining room, intimate omakase, and outdoor space. The model uses blockchain tokens to authenticate membership ownership with no recurring initiation fees, allows token holders to resell or monetize memberships on secondary markets (with the club taking fees on resales), and leverages engineered scarcity to sustain demand. Early tranches sold out and tokens are trading on secondary marketplaces for multiples of the initial price, but the venture has not yet secured a physical site and critics warn failure could render thousands of JPEG-like tokens worthless despite the founders’ argument that tokenized membership aligns owner and member incentives." - Adam Reiner
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