Following its grand opening in March, Australian fast food restaurant Shiba Wings has seen loads of customers come through its doors looking for its deep-fried delicacies.
However, their appetite has not translated into crypto payments.
The Shiba Inu-themed restaurant (shib) first opened in the Australian coastal town of Surfers Paradise on March 18.
Speaking to Cointelegraph, the restaurant’s pseudonymous owner “Elijah” said that in the first week, cryptocurrency payments valued at 250 Australian dollars (USD 168) were recorded. In the following months, total cryptocurrency payments declined, falling to an average of around AU$50 ($34) per week.
Most of these payments have been in Shiba Inu, followed by Dogecoin (DOGE) and then Cardano (ADA).
However, Elijah doesn’t think this is a cause for concern, stressing that crypto payments themselves are not the core of the business. Instead, Elijah said he is more focused on serving good quality food and building his own Shiba Wings brand.
“Cryptocurrency payments were more of an add-on feature. You generally don’t want to be using your cryptocurrency to make payments, or you’ll end up like that bitcoin guy who bought the pizzas.”
“In fact, I advise people not to spend a lot of crypto here. I say ‘listen, I would keep that, it’s probably not a coin you want to use for food, maybe use a different one that you have a lot more of,'” Elijah said.
Elijah said his goal was to use the crypto element as a way to create a fast food franchise that could compete with McDonalds.mainly taking advantage of the Shiba Inu brand.
The Shiba Inu community has a large international following. At the time of publishing this article, the Twitter accounts Shiba Inu Token and shib army they have a combined audience of more than 4.1 million followers.
Our Shiba Wings vision and brand coming to life!
Counting down the days ⏰️
Location: Cavill Avenue, Surfers Paradise#Shibarium #ShibaArmy #shibainucoin #Shiba Inu #cryptocurrency #Ethereum #Bitcoin #Binance #Crypto #chicken #WINGS #beer #ToTheMoon pic.twitter.com/aDIP7CM6CV—shibawings (@shiba_wings) January 16, 2023
Our Shiba Wings vision and brand come to life! Counting the days ⏰️ Location: Cavill Avenue, Surfers Paradise.
“I bought the intellectual property rights to Shiba Inu in Australia,” Elijah said, adding that he plans to leverage ownership of the logo and associated branding materials to launch a series of Shiba Wings franchises. by the end of the year.
“My goal is to create the next fast food franchise concept to compete against a Maccas, but obviously giving it a very different feel and spin, having the crypto element as an innovation in the fast food space.”
Elijah also noted that he will be launching a Shiba Wings NFT, which will allow holders to own a share of the business itself. Elijah says the launch of the NFT will give “15% ownership of each restaurant to the community,” essentially turning them into quasi-shareholders who will see quarterly dividends paid to them.
He added that there will soon be a separate Shiba Wings token that will also provide holders with on-premise benefits.
According to one survey made in August 2022 by the cryptocurrency exchange Crypto.com, 55% of Australian merchants and consumers were interested in purchasing goods and services in cryptocurrency, and almost half (47%) of all merchants surveyed said they were ready to accept cryptocurrency payments within a year.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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