NFTs
the metaverse is impacting the foodservice industry
The Influence of the Metaverse on the Food Service Industry
Whether the metaverse is poised to transform the way we live and work, or is simply the latest example of an overhyped technology, you’d be hard-pressed to find an industry that isn’t investigating the potential opportunities of this virtual world.
The foodservice industry is no different. From experiencing a restaurant from the comfort of your own home to connecting with others in a virtual reality (VR) bar over a drink, the technologies underpinning the metaverse are beginning to transform the way we eat and drink.
COVID-19 has forced the food industry to digitally transform
The foodservice industry has been forced to adopt digital solutions at an unprecedented rate. Various technologies such as online food delivery, mobile ordering and fintech have helped businesses increase revenues and customer confidence, at a time when in-store footfall is low. This is highlighted by GlobalData’s Q4 2021 consumer survey, in which 76% of consumers globally reported mild to extreme levels of concern when asked about eating out at restaurants due to the risk of Covid-19.
Analysis of records from the company GlobalData also reveals that, between 2019 and 2020, mentions of digitalization in the full-service restaurant (FSR) sector increased by 78%, while in the quick-service restaurant (QSR) and fast-food sector, mentions increased by 160%.
Food service investments in metaverse-enabling technologies are nothing new
Channels and operators, caterers, suppliers and online food delivery specialists have been investing in metaverse-enabling technologies for many years.
Enabled by blockchain technology, cryptocurrency (a digital currency based on mathematical algorithms) will be a must-have in a metaverse that transcends national borders. Fast-food chains Burger King and Subway have experimented with cryptocurrencies in select restaurants globally. Separately, non-fungible tokens (NFTs) are units of data stored on a blockchain to certify ownership of a digital asset. With a variety of use cases in the metaverse, foodservice players, particularly in the fast-food sector, are investing in these technologies to attract digitally savvy consumers. Taco Bell, McDonald’s China and Pizza Hut have all launched NFT collections since early 2021.
Augmented reality (AR) and VR are critical components of the metaverse, thanks to AR’s ability to allow the user to see the real world overlaid on a layer of digital content and VR’s ability to place the user in a virtual environment where they can interact with other users and digital items. Examples of AR being used by foodservice before the COVID-19 pandemic include Burger King’s viral “Burn That Ad” AR campaign in Brazil in 2019 and Sodexo’s use of AR smart glasses for remote operations. There are fewer examples of VR due to issues with the technology; however, Walmart has been using VR headsets in employee training and evaluations since 2017.
The story continues
Food service companies are capitalizing on the metaverse
Following the explosion of enthusiasm around the metaverse, foodservice brands are jumping on the bandwagon given its marketing and marketplace potential.
The metaverse has been used in several restaurant chain marketing campaigns, such as Chipotle’s opening of a virtual store on Roblox in October 2021, McDonald’s collaboration with Opening Ceremony to create an interactive exhibit to honor the Lunar New Year in January 2022, and Miller Lite’s planned metaverse bar for Super Bowl LVI in February 2022. The metaverse has also been used to provide unique sensory experiences in restaurants, such as Colossalbit’s December 2021 launch of MetaTerrace, a mixed reality lounge in Dubai with a VR bar.
New Metaverse Use Cases Will Emerge in the Food Service Industry
As the industry approaches two years of economic uncertainty due to the COVID-19 pandemic, we can expect more metaverse campaigns in foodservice in 2022 as companies look to grow revenues and customer bases. Brands already investing in enabling technologies will certainly keep an eye on this next megatheme. Already in February 2022, McDonald’s filed several metaverse-related patents, mostly for virtual restaurants, including a virtual restaurant with online food delivery; Bareburger claimed the first NFT restaurant, operating exclusively online; and Panera Bread Company filed for its ‘Paneraverse’, featuring virtual food items and NFTs.
Register for GlobalData’s Exploring the Metaverse webinar, February 24, 2022, 4:00 PM GMT/11:00 AM EST, here.
“Floating French Fries and Burgers NFTs: The Metaverse Is Disrupting the Food Service Industry” was originally created and published by Food Service Verdicta trademark owned by GlobalData.
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