NFT Dining

The Lempert Report
March 10, 2022

Phil: Interesting story about NFTs and how two restaurateurs have decided to, you know, basically raise money using NFT's before they actually launch their restaurant. Tell us a bit more, 

Sally: This is a fascinating story. First of all, the makers of the original burger boy, they make this burger sound so delicious when you read about it. Yep. But, but they're, they're working in kind of a reverse order when it comes to marketing because they're, they are, they're promoting and creating hype of the, with about this product in the midst of raising funds, by selling NFTs that are connected to these digital art creations by Courtney Casus and their images of the burger boy mascot in different forms, like in one form, he's the classic burger boy, and he is got a tattoo and he's wearing a v-neck shirt. And then another one, he's the fancy boy with the mustache and the top hat. So they're gonna try and raise the money and then you'll be able to eat the burger. 

Phil: But, you know, what's, what's interesting to me and I'm gonna get my calculator out. I should have done this before, but they are hoping to release 9,000 and Ft. So 9,000 and the price of a NFT today, and they haven't decided what their, what their cost is gonna be. But it's between a half of a half of one to 0.1. One is, is $3,234. So it's 3, 2, 3, just round numbers. If they go for 0.1 of an NFT, they're gonna raise 2.9 million to do, do their restaurant. So I've got a question. I love the marketing of it. I think it's brilliant of it, but if they're gonna raise 2.9 million to open up a burger place, to me, it's like a little bit of a scam and they're gonna start selling burgers out of ghost kitchens for $7 a burger, and then they're gonna sell it in the metaverse. So they're only gonna have a virtual restaurant. We, we should do this. We should raise $2.9 million and have a ghost kitchen. 

Sally: Well, virtual brands seem to be popping, you know, all over in TikTok and in the metaverse. So it's, it seems to be a big trend. 

Phil: Well, if you look in November Budweiser, they launched an NFT connection with 1,936 digital cans to Comme, to commemorate the original can of Budweiser. In 1936, 36 of the cans were priced at $999. Again, these are not actual cans, but just in the metaverse. And then they have silver cans, 1900 silver cans that went for $499 each. And now two weeks after the release, they sold out in less than an hour of these cans. I, I don't know where people are getting all this money from to do this. Now you can buy one as a resale for $400,000, $400,000 for a virtual can. I'm missing something.