Non-fungible tokens (NFTs) are about more than exclusive internet art and speculative online investment.
Set to open in early 2023, under the ambitious and revolutionary leadership of co-founders David Rodolitz (CEO) and Gary Vaynerchuk (Chairman), Flyfish Club will become the first private dining club in the world where membership is purchased on the blockchain as an NFT, right in New York City.
At a to-be-announced location the restaurant focused on community, membership experience, globally-inspired seafood, and one-of-a-kind cocktails, will combine the values of old world fine dining and bewildering innovations of the digital age. Members who purchased their NFT token have exclusive access to Flyfish.
“I found a new, modern way or financial model of monetizing around this industry. So, what that allows me to do is deliver what I believe is going to be a better experience. We can pay better talent, or you know, incentivize people more. We can provide more value to the customer,” Rodolitz said.
NFTs appeal to many investors because they can be seamlessly and transparently sold, leased, and transferred. In the world of internet art, this creates a vibrant ecosystem of trading, a virtual economy. In the restaurant world, there seems to be a similar opportunity as far as profit, with added utility. Last month, token sale launched publicly with the release of 1151 tokens.
“Imagine the people that are grandfathered into their tables at Rao’s. Imagine if they could actually sell that — if they not only could just allow somebody else to dine there, but if they could transfer ownership,” Rodolitz said. “What would that be worth?”
In the world of Flyfish and VCR Group, the restaurant’s operating company, apparently, quite a bit. From the initial release of tokens for sale, the free market has taken its course, generating profit and freedom for operators at VCR Group.
“We’ve generated over $14 million in less than a minute of selling out our tokens in the initial launch,” Rodolitz said. “But in the last two weeks, over $20 million has traded hands on the secondary market, which [VCR Group] takes 10% of.”
In the restaurant world, where ambitious Manhattan projects typically come with boards of opinionated investors and obligations, this kind of financial freedom translates to almost unheard of operational freedom.
“We have no investors that we owe money to — no anything. We’re financially very stable and healthy. There’s nobody for us to answer to. We make the decisions based on what we believe is best,” Rodolitz said. “It cuts out a lot of that challenging layer which could really hold you down or be very stressful.” Rodolitz also brings extensive restaurant operational experience. The Manhattan native teamed with Chef Alex Stupak to build the successful Empellon Restaurant Group.
Rodolitz’s partner Gary Vaynerchuk has emerged as one of the world’s leading social media voices. He is a proven investor and advisor in the world of startups, and now an expert on the Fortune 500 world, through his work as CEO of VaynerMedia, a social media marketing agency. His books have been consistent best sellers.
He burst onto the scene when he grew his family’s wine store from $3 to $45 million in just a few short years by launching WineLibrary.com, one of America’s first wine websites. Fast forward to now, and he’s continued to use that same business savvy, along with his brother, to build VaynerMedia, a new breed of agency that helps Fortune 500 companies like GE, PepsiCo, Hasbro and the New York Jets find their social media voices and build their digital brands.
Token-holding Flyfish members have access to the restaurant’s 150-seat dining room and cocktail lounge, which, under the direction of NYC culinary legend Josh Capon, look to awe and inspire. Members of the Flyfish Omakase, a tier above the standard membership, have added access to a private, 14-seat room and a menu of fresh fish designed by Michelin Star Chef Masa Ito and Chef Kevin Kim, who specialize in omakase dining, with the collaboration of Chef Capon.
The Flyfish experience extends past the restaurant, however. With over 20 events scheduled across the 2022 calendar, Rodolitz hopes to build something more vast. Token holders will have access, virtually, to wine-tastings and cooking classes with Chef Capon, in addition to private dining and pop-up events, from Minneapolis to the Hamptons. “We’re building a community and a brand,” Rodolitz said. “This is a lot more than a singular restaurant.”
While the venture may seem futuristic and potentially daunting, it is grounded in the familiar values of culinary talent and hospitality. Empathy and kindness, according to Rodolitz, are more than just empty words or “soft skills” at Flyfish. For the lifelong entrepreneur, who got his start at age 12, working at the local bowling alley, humility and gratitude were taught at a young age. “I spent the first three years that we built Empellon sending personal thank you notes to everybody that had dined with us the night before.”
“You have magic in your hand to be able to deploy on people and it costs you nothing. It could change somebody’s day, month, year, it can make their anniversary so special,” Rodolitz said. “Why not just blow people away in every which way? I enjoy that ability.”
