NFTs = Free Food?
I bought, er, minted, NFTs for the promise of Free Food.
TL;DR: Free Food for JPEG.
Hi curious readers of Professional Curiosity!
In a classic purchase that exemplifies my interest in food, NFTs, and well me for the randomness, I got my hands on two NFTs from the Food Fighter Universe collection.
As always, you can find TL;DRs explaining the concepts.
Cheers!
In Case You Missed It
Sections You Can Skim To
What did you get?
What do you expect to get with these Food Fighter Universe NFTs?
So uh what now?
What did you get?
TL;DR: Some food icons that are supposed to get me free food.
When I think of NFTs, I think of the many practical operating business processes it could solve. Then I remember the spectacle of a conference that made me lose brain cells (NFT LA), as well as the okay time spent waiting in line to eat at the first NFT Restaurant - Bored and Hungry. While both times were widely subpar to the average anyone, I did come out with a photo with Andrew Yang and Lucas Peterson, so that was nice.
On a whim, I checked out the community behind the NFT restaurant - Food Fighter Universe. To my surprise, they were minting NFTs that day, and they were revealing the avatars at 4pm 7pm 9pm PST that same day.
Here are the two NFTs I minted, both at 0.35 ETH each.
#2051 is a corn cob wearing a hat with a rolling pin. #2176 is an anchovy pepperoni pizza with a hammer. I have a bias for the corn one, because that looks random enough to represent me in a zombie apocalypse.
There isn’t much innate value with the visual graphics themselves, but there is a bit of value for what the team has planned.
What do you expect to get with these Food Fighter Universe NFTs?
TL;DR: Free Monthly Food.
I’m genuine when I say I’m in it for the food. In college, I was bribed pizza to check out the accounting society. I was told all meals would be paid for when I worked for my College’s dorms. Those who know me shouldn’t be surprise at how delicious “free food” is.
The Food Fighters Universe offers free monthly food to NFT holders.
It cost me .35 ETH each (about $367 each NFT), and I have two. One for me, and one for my SO - or any other guest with me.
If the free monthly food offer is real, with a value of $15 a meal, I’ll need to eat 24 meals to make up for it for each NFT. That’s 24 months of holding it.
There are 8 restaurants that are part of the network.
One of the guys behind it all is Andy Nguyen, a food entrepreneur who has started a lot of food projects in Southern California. His food I can characterize as fun, like Afters Ice Cream.
So there you have it, I’m here for the food. I also got to watch the Discord light up, so that was cool.
A Look at the Project
TL;DR: I stopped looking when they said free food, but here’s the rest
I don’t have the same NFT project analysis as TPAN. In fact, you shouldn’t look to me for any advice on perceived value and NFT project value at all. I’m one of those folks that buy it because they like it, or its a meme.
But what I can tell you about the Food Fighter Universe is that the NFT and community behind it is a clever way to generate new community-revenue to the company(s) that can sustain it. Specifically, the restaurants.
Increasing Lifetime Customer Value (LCV), and getting repeat plus referral customers, is the best thing any restaurant can do. To increase LCV, I imagine you have to treat your repeat customer base really well. If you can pull that off, you can be like Starbucks, with a lifetime customer value of $14,000 for each customer.
Knowing how razer thin the margins of a restaurant always are, to me it stands to reason that the founders behind FFU innately have to sustain it all for their businesses to survive. If they don’t, their physical stores lose out.
The underlying businesses are propped up by a lot of guerilla & fashion-like marketing - so hype marketing. That hype marketing is backed by their reputation to deliver and market. Now they using NFTs to help propel incrementally forward.
I don’t imagine these NFTs to be a moonshot for them in anyway, but I do imagine it bringing a few percentage points to their margins. To sustain that, or even grow it, they’ll have to invest and hold themselves to their roadmap. I think they can do that.
If they can’t, well, it’s more than JPEGs at stake for them.
Upcoming Potential Topics of Interest that I’m Looking At:
A look into an actual DAO including their townhalls and business goals
Crypto Accounting Software BS
Mint vs Buy - the terminology, and when to do.
See you next time.