Australian fast-food diner Shiba Wings has experienced a steady flow of customers since its grand opening in March. However, despite the establishment’s Shiba Inu theme, the majority of its transactions still occur in fiat currency rather than cryptocurrency. In the first week, the diner saw around $168 (250 Australian dollars) worth of crypto payments, but this amount dropped off in the following months, averaging around $34 (50 Australian dollars) per week.
Strikingly, the most common cryptocurrencies used for payments at the diner are Shiba Inu, followed by Dogecoin and then Cardano. The pseudonymous owner, “Elijah,” does not seem too concerned about this outcome. Instead, he emphasizes that the primary focus of the business is to serve quality food and build the Shiba Wings brand. He even advises customers against using significant amounts of their crypto holdings for food purchases, suggesting they hold onto their digital assets instead.
Using the crypto element as a distinguishing factor, Elijah plans to transform Shiba Wings into a fast-food franchise that can rival industry giants like McDonald’s. Leveraging the immense following of the Shiba Inu community, which boasts over 4.1 million combined followers on Twitter, he envisions the franchise drawing in customers who are passionate about the Shiba Inu brand.
Further capitalizing on the popularity of the Shiba Inu brand, Elijah purchased the intellectual property rights to Shiba Inu in Australia. He plans to use the logo and associated branding materials to introduce several Shiba Wings franchises by year’s end. The crypto element is seen as an innovative way to differentiate the fast-food chain and carve out a unique space in the market.
Additionally, Shiba Wings will soon launch an NFT offering, allowing holders to gain partial ownership in the business. The NFT release will grant “15% ownership of every restaurant to the community,” effectively making them shareholders receiving quarterly dividends. A separate Shiba Wings token will also be made available, providing in-store benefits for token holders.
Despite an August 2022 survey from Crypto.com revealing that 55% of Australian merchants and consumers were interested in using cryptocurrency for purchases, and 47% of merchants were prepared to accept crypto payments within 12 months, the adoption rate among Shiba Wings customers is relatively low. Nevertheless, the diner stands out as an example of using the cryptocurrency market’s unique elements to create a competitive business model.
Source: Cointelegraph
