Australian fast-food restaurant Shiba Wings has attracted customers flocking to the deep-fried treats after its grand opening in March.
However, their appetite has not translated into crypto payments.
Shiba Inu (SHIB) themed restaurant opened for the first time on March 18 in the Australian coastal city of Surfers Paradise.
Speaking to Cointelegraph, the restaurant’s anonymous owner “Elijah” said they received around A$250 ($168) worth of cryptocurrency payments in the first week. Over the next few months, the total amount of cryptocurrency payments dropped to an average of around A$50 ($34) per week.
Most of these payments are Shiba Inu payments, followed by Dogecoin (DOGE) and then Cardano (ADA).
However, Elijah does not see this as a cause for concern, emphasizing that crypto payments themselves are not the focus of the business. Instead, Elijah says he’s more focused on delivering quality food and building the Shiba Wings brand itself.
“[Crypto payments]are more of an add-on. You generally don’t want to use your cryptocurrency to pay, or you end up like that bitcoin guy who bought pizza.”
“I’m actually advising people not to spend a lot of crypto here. I said ‘Listen, I’m going to keep it, probably not the coin you want to use on food, maybe use a different coin that you hold more of,’ said Elijah.
Elijah said his goal is to use elements of crypto to create a fast-food franchise that can compete with McDonald’s, primarily utilizing the Shiba Inu brand.
Our Shiba Wings vision and brand is about to come true!
Countdown days ⏰️
Location: Cavill Avenue, Surfers Paradise#Shibarium #Shiba Inu Corps #shibainucoin #shiba inu #cryptocurrency #Ethereum #bitcoin #Binance #cryptocurrency #chicken #WINGS #beer # to the moon pic.twitter.com/aDIP7CM6CV
— shibawings (@shiba_wings) January 16, 2023
“I bought the Shiba Inu intellectual property in Australia,” Ilya said, adding that he plans to use his ownership of the logo and related branding materials to launch a series of Shiba Inu Wings franchises by the end of the year.
“My goal was to create the next fast food franchise concept to compete with Maccas, but obviously give it a very different feel and spin, with crypto elements as innovations in the fast food space.”
Elijah also pointed out that Shiba Wings’ upcoming NFT will allow holders to own a share of the business itself. According to Elijah, the launch of the NFT will give the “community 15% ownership of each restaurant,” essentially making them quasi-shareholders and receiving quarterly dividends.
Soon there will be a separate Shiba Wings token that will also offer holders in-store benefits, he added.
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According to August 2022 poll According to cryptocurrency exchange Crypto.com, 55% of Australian merchants and consumers are interested in paying for goods and services in cryptocurrencies, with almost half (47%) of surveyed merchants saying they are ready to accept cryptocurrency payments within a year .
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