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Why the Foodverse is food for thought in the UAE – News

Why the Foodverse is food for thought in the UAE – News

Removing geographic restrictions allows brands to create new business opportunities.Emirati brand could grow its Foodverse community and gain traction in the UK, potentially leading to pop-up and franchise opportunities

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by Supreet Raju

published: Monday, February 20, 2023 at 10:02 pm

The food industry has always been at the forefront of technological advancement. What started as home delivery has evolved into a game-changing delivery app, bringing restaurants of all kinds from across the city into our homes. Just when we thought we had reached the pinnacle of technological innovation in the restaurant industry, Foodverse was born. A virtual universe might sound like a straight story out of science fiction, but it’s no longer a distant dream.

Foodverse is short for Food Metaverse – an immersive 3D world where it’s all about food. From virtual restaurants where tables can be reserved, to cooking virtual food, to placing “real life” orders, the Foodverse offers many exciting opportunities for the food industry to market to and monetize globally – There are no physical limitations or scaling barriers. Fueled by social media, businesses have been learning about the power of brand building and digital presence, and Foodverse will take this to the next level with NFTs and Metaverse experiences.

Discover Food in Metaverse

The Foodverse originated in the dark times of the pandemic. Food businesses have been hit hard by repeated lockdowns and contact restrictions – and many are finding it difficult to retain staff, keep up with rising costs and find willing customers. Businesses are feeling the pressure to rely purely on local and brick-and-mortar revenue streams, in stark contrast to the sudden boom and rise of digital food creators and ghost kitchens.

In 2021, Metaverse begins to rise, attracting consumers and businesses. For the food industry, the main question is the utility of the digital world for brick-and-mortar businesses that rely on taste buds. But the Foodverse is no substitute for real life. It enables consumers to engage with their favorite brands, chefs and restaurants in meaningful ways, removing current social media barriers. Foodverse allows users to discover new brands, immerse themselves in brand experiences, and exchange their NFTs for real-life meals, enjoying the experience virtually and physically. Foodverse won’t be one specific idea: it will vary from business to business, depending on their goals.

Pioneers in the UAE

Since the rise of blockchain and the Metaverse, the UAE has been at the forefront of advocating this technology to improve business. The government has been promoting active research and development in this area, and events such as the Metaverse Conference in Dubai have fostered active dialogue across industries.

Pioneers like Pickl, which accepted crypto payments, are now creating virtual restaurants to activate real-life orders. Bhukkad Cafe, China Bistro, Art of Dum, India Bistro, and Cali Poke are launching their signature dishes as NFTs. Big names like Papa John’s Emirates have announced plans to kick off their Metaverse journey with pizza NFTs, while chef Alexandros Sperxos released a series of seven NFTs that are also offered to diners as a special experience.

The UAE is seeing a rapid uptick in interest from brands announcing their Web3 journey, and in the coming months, more announcements will come to the fore.

The Future of the Foodverse

The Foodverse is the food industry from BC to AD. Simplifying the adaptation of blockchain and NFTs for brands can open them up to new opportunities. It caters to global gourmets without being restricted by geographical barriers. It also removes the cost of physical infrastructure considered a barrier to scale in the industry.

Removing geographic restrictions allows brands to create new business opportunities. Emirati brands could expand their Foodverse community and gain traction in the UK, potentially leading to pop-up and franchise opportunities. Whether you’re a small brand or an established food giant, you’ll have equal opportunity and an equal voice in the Foodverse.

Beyond brands, the Foodverse offers an exciting playground for food lovers. For gamers and digital participants alike, the platform will create unique opportunities to discover new cuisines, restaurants and recipes. They can play games, earn NFTs, and trade them in for dinner at local restaurants. Foodverse NFTs can offer users a loyalty program with discounts, select meals, and more.

The Metaverse isn’t a revolution; it’s an evolution. We are unlocking the next stage of possibility. Over the next two years, brands around the world will look beyond social media to realize the true potential of 3D experiences. News of brands ditching NFTs today will become the norm tomorrow. As businesses discover the monetary potential of the Foodverse, we’ll start to see more and more activity in this space.

(Supreet Raju is the co-founder of UAE-based OneRare, the world’s first Foodverse)

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