How are restaurants using NFT technology

Haven’t these died a death? ​
The market for NFTs (non-fungible tokens) took a bit of beating alongside that of cryptocurrency earlier this year. The two markets are closely linked because – typically, at least – NFTs can’t be purchased with regular currency. But you knew that, right? 

I’m still not quite clear what NFTs are… ​
Non-fungible more or less means unique – and has absolutely nothing to do with mushrooms. NFTs are best thought of as a voucher that grants access to something digital (they exist on a blockchain – the same tech that powers crypto – and therefore cannot be replicated). The digital ‘thing’ is usually something that could broadly be termed ‘content’ such as music or pictures. The technology caused a big stir in the art world a few years ago with people scrambling to buy rather questionable looking digital art works in the hope their value would increase exponentially. 

And did they?​
Some early adopters made big sums but in general NFTs have proven to be a poor investment – according to blockchain analytics platform Chainalysis the average price of an NFT sale decreased by 92% between May 2022 and July 2022. The graph it produced bore a striking resemblance to that of the pound following Liz Truss and Kwasi Kwarteng’s tax cuts announcement.

What has any of this got to do restaurants? ​
I’m glad you asked. Technology has revolutionised restaurants but – until someone invents that Replicator thing off Star Trek, at least – food and drink cannot be digitised. That hasn’t stopped restaurants exploring NFTs, though. Upscale Peruvian restaurant COYA – which operates two sites in London and a number of others overseas – is commissioning artists to design and create NFTs that represent each one of its sites in a move that, according to the press release, ‘successfully positions itself as one of the pioneering global brands venturing into the future and investing in the digital art sphere’.