Whether the Metaverse is set to transform the way we live and work, or simply the latest example of an overhyped technology, one will be hard-pressed to find an industry that isn’t investigating the potential opportunities of this virtual world. And the food service industry is no different. From experiencing a restaurant from the comfort of your own home to connecting with others in virtual reality (VR) bar for a drink, the technologies underpinning the Metaverse are starting to transform the way we eat and drink.

The food service industry has been forced to adopt digital solutions at an unprecedented rate. Various technologies, such as online food delivery, mobile ordering, and fintech, have helped companies to bolster revenues, and customer confidence, at a time when in-store footfall is low. This is highlighted by GlobalData’s Q4 2021 consumer survey, wherein 76 percent of consumers globally reported slight to extreme levels of concern when asked about eating out at restaurants because of Covid-19 risk.

GlobalData’s company filing analytics further reveals that between 2019 and 2020, mentions of digitalization in the full-service restaurant (FSR) sector increased by 78 percent, while in the quick-restaurant service (QSR) and fast-food sector, mentions increased by 160 percent.

Channels and operators, catering service providers, suppliers, and online food delivery specialists have been investing in enabling technologies for the Metaverse for many years.

How Metaverse can Help the Food Service Industry Expand Horizons?

Enabled by blockchain technology, cryptocurrency (a digital currency based on mathematical algorithms) will be obligatory in a Metaverse that transcends national borders. Fast-food chains Burger King and Subway have both experimented with cryptocurrencies in selected restaurants globally. Separately, Non-Fungible Tokens (NFTs) are units of data stored on a blockchain to certify the ownership of a digital asset. With a variety of use cases in the Metaverse, foodservice players, particularly in the fast-food sector, are investing in these technologies to attract digitally-savvy consumers. Taco Bell, McDonald’s China, and Pizza Hut have all released NFT collections since the beginning of 2021.

According to Supreet Raju, Co-founder, OneRare, "The past two years have been extremely tough on the global Food and Beverage industry. Battling lockdowns and erratic closures, it has been tough for businesses to survive on current models. The Foodverse creates an opportunity for chefs and restaurants to monetize globally, not just locally. They can harness blockchain tech and create authentic experiences for virtual users, and release NFTs for their food, special offers, or recipes. There is so much to explore in the Metaverse space for traditional businesses.” 

What is the Hype is All About?

According to Raju, when Instagram popped up in 2010, it was considered extremely niche and businesses largely scorned the idea of a photo-sharing app leading to business growth. “Yet here we are in 2022 - with full-time social media managers, agencies, and whatnot. Social media became a marketing tool, a monetizing tool, and a growth channel. The Metaverse is set to take over this mantle, allowing businesses to market in 3D now, improving the experience while giving users something new. The hype comes from curiosity, and curiosity is the rock-bed for any business to grow,” he further stated.

Chefs are artists at heart, and there is a lot of creativity in food. According to Raju, virtual 3D spaces can be extremely powerful tools for the food industry to take their ethos to worldwide audiences. There is no physical barrier, no space optimization, and no limitations to creativity. That is one of the most powerful things to happen to any traditional business. Tomorrow, an Indian chef can gain fame for his unique Dessert NFTs in the foodverse, and attract a franchise in the US. The scope is immense.

Collaborations Galore in India

OneRare, the first-ever project to build a Metaverse for food, gaming, and NFTs on the blockchain ecosystem recently announced its collaboration with Massive Restaurants to redefine the landscape of the blockchain industry in India. The collaboration enabled Massive Restaurants to bring all its entities into the Foodverse, starting with the Farzi Cafe. With the association with OneRare, Farzi Cafe became the first Indian restaurant to enter the Metaverse, and create its first experience restaurant in OneRare's Food Metaverse.

Massive Restaurants will present NFTs celebrating their signature dishes on the blockchain for the first time ever, as well, as to create virtual restaurants, interactive experiences, and more. Both brands are embraced warmly by the audience and with the collaboration, they will now be working in tandem to cater to their patrons more diligently. OneRare and Massive Restaurants will together explore the blockchain world to power up table reservations, online ordering, and much more. 

Similarly, Rage Coffee, the Delhi-based FMCG company that manufactures, markets, and distributes innovative packaged coffee products penetrated into the manifolds of the blockchain bazaar by minting 10 Rage Coffee branded NFTs of a certain value. These NFTs were issued to 10 lucky winners as a part of their valentine’s month marketing campaign. 

Bharat Sethi, Founder and CEO of Rage Coffee said, “A clairvoyant attitude is often the key to cogitation and execution of something which is avant-garde in its segment. Being visionaries in our segment, we capitalized on the crypto craze and now we are happy to make some noise by issuing NFTs which are the hottest thing in the market right now.”

OneRare had also collaborated with Chefs Arnold Poernomo, Saransh Goila, and Jaimie Van Heije where they tokenized the Chefs’ signature dishes as NFTs, and players were able to claim these special artworks by collecting ingredients and playing the game.

“From being a chef in my home kitchen to teaching and creating recipes virtually I've learned that food really has no boundaries. Super excited to explore this new chapter of food in the Metaverse by OneRare. The fact that you can create your favorite recipes in the Metaverse and own dish NFTs is fascinating to me. I'm really looking forward to showcasing my favorite dishes on OneRare, and hoping to make the metaverse a delicious space,” Chef Saransh Golia asserted.

New Metaverse Use Cases in the Food Service Industry 

As the industry approaches two years of economic uncertainty due to the Covid-19 pandemic, in 2022 we can expect further Metaverse campaigns in food service, as companies look to boost revenues and customer bases. Brands already investing in enabling technologies are sure to be keeping an eye on this next mega-theme. Already, in February 2022, McDonald’s filed multiple Metaverse-related patents, primarily for virtual restaurants, including a virtual restaurant featuring online food delivery.