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Shiba Wings customers love the food, not so much the crypto, says owner

June 23, 2023No Comments

After a grand opening in March, Australian fast food restaurant Shiba Wings has seen plenty of customers coming through the doors for its deep-fried delights.

However, their appetite has not translated into crypto payments.

The Shiba Inu (shib) The themed restaurant first opened its doors in the Australian seaside town of Surfers Paradise on March 18, 2023.

Speaking to Cointelegraph, the restaurant's pseudonymous owner โ€œElijahโ€ said that in its first week it saw approximately $168 (A$250) in crypto payments. In the months that followed, total cryptocurrency payments declined, falling to an average of around $34 (A$50) per week.

Shiba Wings dinner. Source: Paradise Center.

Most of these payments have been Shiba Inu, followed by Dogecoin (DOGE) and then Cardano (ADA).

However, Elijah doesn't think this is a cause for concern, emphasizing that crypto payments themselves are not the whole point of the business. Instead, Elijah said he is more focused on serving good quality food and building the Shiba Wings brand.

โ€œ[Crypto payments] they were more of an added feature. You generally don't want to use your crypto to make payments, or you'll end up like that Bitcoin guy who bought the Pizzas."

โ€œIn fact, I advise people not to spend a lot of crypto here. I'm like 'listen, I'd stick with that, it's probably not a currency you want to use on food, maybe use a different one that you have a lot more of,'โ€ 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, primarily by leveraging the Shiba Inu brand.

The Shiba Inu community has a large international following. At the time of publication, the Twitter accounts of the Shiba Inu sheet and the shib army flexes a combined audience of more than 4.1 million followers.

โ€œI bought the Shiba Inu intellectual property rights in Australia,โ€ Elijah said, noting 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, with the crypto element being an innovation in the fast food space."

Elijah also pointed to the upcoming Shiba Wings NFT launch, which will allow holders to own a piece of the business itself. Elijah says the NFT launch will see "15% ownership of each restaurant handed over to the community," essentially making them 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 in-store benefits.

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According to an August 2022 survey From cryptocurrency exchange Crypto.com, 55% of Australian merchants and consumers were interested in buying goods and services in cryptocurrency, and nearly half (47%) of all merchants surveyed said they were ready to accept cryptocurrency payments. cryptocurrencies within a year.

Interest in making crypto payments from merchants and consumers in Australia. Source: Crypto.com

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