Shiyun Fried Chicken launches world’s first “edible NFTs” on OurSong platform
In December 2021, a 30-year fast food business took the internet by storm overnight when it became the world’s first NFT-issuing fried chicken restaurant. Issued on the OurSong platform, Shiyun Fried Chicken NFTs (non-fungible tokens) incorporate images of the shop’s classic food items including their fried chicken, fried squid, and fried king oyster mushrooms. To everyone’s astonishment, the price of one Shiyun NFT soared by 134 times after going on sale, which resulted in an explosion of noise in both the media and on online forums.
Pricing on the NFTs starts at around one US dollar. What’s more, owners can take the NFT to Shiyun’s physical store to exchange for an actual fried food item!
Beyond forming a brand new source of revenue for the famous fast food shop, the NFTs became a marketing phenomenon that drew attention from around the globe. Shiyun’s success created a cascade effect that prompted other F&B players such as Niko Bakery and Hong Kong brand Dim Dim Sum to jump onto OurSong to issue their own “edible NFTs”.
Looking at the story behind this phenomenon, one of the key factors to Shiyun’s success was in pedaling the strength of its own brand into the fast increasing momentum around NFTs. Their story is a best practice in the benefits issuing NFTs can bring to a brick-and-mortar business as well as the opportunities for new revenue streams that they create.
We all know that personal valuation of a beloved product – which can be unrelated to its quality – can lead to an increase in that product’s price, and NFTs work much in the same fashion. To owners, NFTs offer something beyond an investment opportunity: a feeling of belonging to an exclusive community and the enjoyment of discussing the latest trends with like-minded people. Brands along with individual creators that are brave enough to jump on the NFT craze while it’s hot are poised to draw great benefits.
With concepts like gamified blockchain finance (GameFi) and Metaverse gathering steam, NFTs hold even more possibilities for brands that find creative ways to synergize NFTs with their physical businesses. Imagine if besides redeeming a fried chicken NFT for food, you could use it to replenish your character’s strength bar in a blockchain game, or bring it to share as a late night snack with a friend in a virtual environment. How awesome would that be?
Physical brands have unlimited potential in the blockchain space that’s just waiting to be tapped by those creative and adventurous enough to try. By issuing an NFT, you can take your first step into this uncharted realm, or even just get the lay of the land. And the best place to get started is on the OurSong platform. We’ll be holding the door for you!