How it works
Introduction
As the first of its kind, FFC is focused around utility. Our members can use and enjoy our club, converting a typical membership into an asset.
- There are no applications or reoccurring fees each year
- Members can lease or resell their membership
- Payments in the club will be in USD
Why NFT ?
As an NFT, the membership becomes an asset to the token holder, which can later be sold, transferred or leased to others on the secondary market. By utilizing NFT’s, FFC is able to create a loyal, member-community that we can provide special experiences for. NFT’s create new modernistic financial models, which will allow FFC to deliver an exceptional and sustainable product for years to come.
The membership to Kheyed Club is purchased with a cryptocurrency called Ether (ETH) in the form of a Non-Fungible Token (NFT).
It will be available on our website in January 2022.
What is ETH and how do I get it?
ETH is the cryptocurrency of Ethereum and you can buy ETH on exchanges like Coinbase.
What is an NFT?
A non-fungible token is a unique and non-interchangeable unit of data which uses blockchain technology to establish a verified and public proof of ownership. NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items stored on a digital ledger.
Why can’t I purchase my membership with US dollars via my credit/debit card?
You will need a private hot wallet to receive your membership token. We’ll explain more below.
When the drop happens (aka when the membership is available for purchase), you will need to have enough ETH in your own hot wallet to check out.
What is a hot wallet?
A hot wallet refers to a virtual currency wallet that is accessible online, and it facilitates cryptocurrency transactions between the owner and end-users. A collection of private keys stored on a program connected to the internet is used to store and send different currencies such as Etherium, Bitcoin, etc.
There are two wallets you will need. One to purchase the cryptocurrency ETH (we recommend Coinbase) and the other to purchase the NFT (we recommend Metamask).
Why do I need a hot wallet? Can’t I just transfer money from my account from a crypto-exchange?
Hot wallets is how you would store NFTs. When you buy ETH from an exchange, the ETH is often stored in an account balance for you. These account balances might not be set up to receive NFTs if you use it to send funds.
What do I need to be prepared?
We have a checklist for you!
After the process is successful, the Membership NFT will be automatically transferred into your hot wallet.
Once you own the Kheyed Membership NFT, you will be able to make reservations on our website.
When is the restaurant open?
We are planning to open in Q1/Q2, 2023. You can see more on the Roadmap page.
How long does the membership last?
For the lifetime of the restaurant
Do we have to pay to make a reservation?
There will be no transaction fees involved to make a reservation, however members will need to have access to the wallet where their membership NFT is kept in order to verify ownership.
As a NFT, the memberships are tradable on the secondary market.
What does it mean by the secondary market?
Once a person purchases the original token from Flyfish Club, all future transactions happen on a secondary market, such as Opensea.io.
OpenSea is the first and largest peer-to-peer marketplace for cryptogoods (like an eBay for crypto assets), which include collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell these items through a smart contract.
Only holders of the Flyfish Club membership can make reservations.
Why Only holders of the Flyfish Club membership can make reservations?
The reservation is made online through our private members portal. Members will need to connect their hot wallet to verify ownership prior to every reservation.
The member must also be present for the reservation, therefore guests of the member may not be seated until the token holder arrives.
How do I make reservations?
Only active members are allowed to make reservations. These reservations are not done “on-chain” therefore there will not be any transaction fees to make a reservation. Members will need to create an account and sign in to Flyfish Club’s website in order to make reservations.
We will have more information once we are closer to opening the restaurant!
Token
What is an Non-Fungible-Token (NFT)?
A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to establish a verified and public proof of ownership.
How many different types of tokens are there?
There are two types of tokens; Flyfish and Flyfish Omakase.
Do all tokens come with the same utility?
Flyfish tokens give you access to the restaurant and cocktail lounge. Flyfish Omakase tokens give you access to the restaurant, cocktail lounge, and omakase room.
Can a person purchase more than one token?
Yes, there is no limit on the number of tokens one can purchase.
How many tokens can one mint at once?
A person can mint two tokens at once, with no limit on the amount of tokens one can purchase if they’d like to repeat the process over and over.
Membership
Is there an age requirement to be a token holder?
Yes, all token holders must be at least 21 years of age.
How long is my membership valid for?
Your membership will remain valid as long as you are a token holder.
Can a family member use the token instead of the actual token holder?
Unfortunately, not. The token is intended for the person that purchased it. A family member can enjoy the restaurant with the token holder, but not in place of the token holder.
If ones does not intend to use the token, should they buy a token?
Since we have created a leasing mechanism where a token holder can « lease » their token to a non-token holder on a monthly basis, there is a potential « passive income strategy » that could exist here, in addition to the potential appreciation of the token price due to the scarcity and demand of the token. That being said, we encourage all token holders to enjoy the restaurant, as this is how the tokens were conceptualized, as our project is focused on utility.
Can I lease my token to someone else if I can't use it for the month?
Yes, you can lease your token on the secondary market for someone else to enjoy.
If I sell my token, are there fees associated with the transaction?
Yes, all secondary sales on Opensea include 2.5% to Opensea and 10% to VCR Group, both of which are paid by the seller.
What does my token pay for? Are F&B costs included in the token price?
Your token gives you membership and access to the restaurant. All food and beverage costs are additional.
How does a token holder pay for their Food & Beverage while at the restaurant? Is it in Cryptocurrency or USD?
At the restaurant, all payments will be in USD, not cryptocurrency.
If you are a token holder, are you penalized if you do not use your token?
No, however, we encourage all token holders to enjoy the restaurant and experience.
Reservation
Will non-members have access to the restaurant?
Non members will only have access to the restaurant if they are a guest of a token holder.
As a token holder, do you need a reservation to enjoy the restaurant?
Reservations are made on a first come, first serve basis to all token holders. You do not need a reservation to enjoy the restaurant, however, you’re also not guaranteed a table without a reservation. If there are available tables while you’re enjoying the cocktail room, token holders will be offered any available tables that exist.
How far in advance can I make a reservation?
You can make your reservation up to 14 days in advance of the date you’d like to visit.
How many reservations can a Flyfish token holder make each month?
Flyfish token holders can make as many reservations as they’d like monthly.
How many reservations can a Flyfish Omakase token holder make each month?
Flyfish Omakase token holders can make as many reservations as they’d like each month in both the restaurant and the private omakase room.
How many guests can you bring if you have a Flyfish token?
Flyfish token holders can bring the amount of guests that the reservation and table is reserved for. For example, if you reserved a 4-person table, you can bring 3 guests. If you reserved a 6-person table, you can bring 5 guests.
How many guests can you bring if you have an Flyfish Omakase token?
Flyfish Omakase token holders can bring one guest to the omakase room.
How often can a token holder use the cocktail room?
All token holders can use the Cocktail room as much as they’d like.
How many guests can you bring to the Cocktail room?
All token holders can bring one guest to the Cocktail room, per visit.
What size tables does a token holder select from for their reservation?
The restaurant consists of two, four, six and eight person tables for you to choose from.
Can I gift or make a reservation for someone else to enjoy the token?
Unfortunately, not. All token holders must be present with their guests to enjoy the restaurant, omakase room, and cocktail room.
Are token holders penalized if they do not show up for their reservation and do not notify the restaurant in advance?
There will be a charge incurred for Omakase Reservations if the member does not cancel their reservation within 24 hours of the reservation and does not show up. If you do not show up or cancel your reservation, however, we strongly encourage you to notify us so we can provide the best experience for each of our members. If this becomes a recurring theme, we will give the token holder a warning. If this behavior continues, ownership reserves the right to not honor the token.
What size tables can the restaurant accommodate?
There will be a charge incurred for Omakase reservations if the member does not cancel their reservation within 24 hours of the reservation and does not show up. There are no charges incurred for no-shows at non-Omakase reservations. If you cannot make it to your reservation, we strongly encourage you to notify us so we can provide the best experience for each of our members. If this becomes a recurring theme, we will give the token holder a warning. If this behavior continues, ownership reserves the right not to honor the token.
Will there be a private dining room (pdr) that members can rent out for private events?
Yes, the restaurant will have an intimate private dining room that can be reserved for smaller events.