Blockchain-Powered Collectibles: A New Revenue Stream for Restaurants
The restaurant industry is increasingly exploring the potential of Web3 technologies like blockchain and digital collectibles. On a recent episode of the "Rock My Restaurant" podcast, hosts Paul Barron and Shelly Rupel discussed these emerging trends with Andrea Miele, founder of Beezie, a platform for digital twins of physical collectibles.
Miele explained how Beezie allows collectors to create blockchain-based digital versions of physical items stored in secure vaults. This enables easier trading of collectibles while maintaining provenance. The platform aims to streamline logistics for resellers and open up new revenue streams through royalties on secondary sales. While currently focused on traditional collectibles like trading cards and vintage video games, Beezie plans to expand into categories like sneakers and streetwear.
The hosts noted growing interest in Web3 among restaurant brands, though adoption remains in early stages. Some brands are experimenting with NFTs, digital collectibles, and blockchain-based loyalty programs. The ability to extend brand IP into digital realms and build engaged online communities is appealing to many operators. However, regulatory uncertainty in the U.S. remains a concern for some companies exploring this space.
Rupel, whose company Devour is developing blockchain-based ordering and loyalty solutions for restaurants, emphasized the need for real-world utility beyond just digital collectibles. She sees potential for blockchain to transform areas like loyalty programs, marketing, and e-commerce in the restaurant industry. The pandemic-driven shift toward digital ordering has primed many operators to consider new technologies.
Looking ahead, the speakers were optimistic about continued growth and innovation in Web3 for restaurants and retail, despite challenges. They predicted loyalty programs may be one of the first major use cases to gain traction. The ability to offer unique digital experiences and rewards could help brands differentiate and build stronger connections with customers.
However, education remains key to driving adoption among operators who may not be familiar with blockchain concepts. The hosts stressed the importance of focusing on tangible benefits and use cases rather than technical details when explaining Web3 to restaurant industry professionals. As more brands experiment in this space, real-world examples will help demonstrate the potential to others in the industry.
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