Shiba Wings, an Australian fast-food diner with a Shiba Inu theme, opened its doors in Surfers Paradise in March. While the diner has attracted many customers, crypto payments have not been as popular as expected. In the first week, the diner received around 250 Australian dollars ($168) worth of crypto payments. However, in the following months, the average weekly crypto payments dropped to about 50 Australian dollars ($34).
The majority of these payments were made in Shiba Inu, followed by Dogecoin and Cardano. Despite the decline, the pseudonymous owner of the diner, known as “Elijah,” is not concerned. He believes that crypto payments were always just an add-on feature and not the main focus of the business. Elijah’s primary goal is to serve high-quality food and build the Shiba Wings brand.
Elijah advises against spending large amounts of crypto on food, citing the cautionary tale of the Bitcoin enthusiast who famously bought pizzas with his digital currency. Instead, he encourages customers to use cryptocurrencies they hold more of, preserving their valuable assets.
One of the main reasons behind the diner’s success is its association with the Shiba Inu brand, which has a large international following. The Twitter accounts for Shiba Inu Token and the Shib Army have a combined following of over 4.1 million people. Elijah bought the intellectual property rights to the Shiba Inu brand in Australia and plans to launch a chain of Shiba Wings franchises by the end of the year. He aims to create a unique fast-food concept that can compete with McDonald’s, incorporating the innovation of crypto into the fast-food space.
In addition to the physical locations, Shiba Wings is also planning to release an NFT (non-fungible token) that will allow holders to own a share of the business. The NFT will grant ownership of 15% of every restaurant to the community, essentially making them partial shareholders. These community members will also receive quarterly dividends. Furthermore, there are plans to introduce a separate Shiba Wings token that will provide holders with in-store benefits.
According to a survey conducted by Crypto.com in August 2022, 55% of Australian merchants and consumers expressed interest in purchasing goods and services with cryptocurrency. Almost half of the surveyed merchants (47%) stated that they were ready to accept crypto payments within a year. This suggests that there is a growing interest in crypto payments among businesses and consumers in Australia.
In conclusion, Shiba Wings, the Shiba Inu themed fast-food diner in Surfers Paradise, has not seen high levels of crypto payments despite its initial success. However, the owner remains optimistic, focusing on providing excellent food and building the Shiba Wings brand. The association with the popular Shiba Inu brand has been a significant factor in attracting customers, and plans are underway to expand the business with more franchises and innovative crypto-related offerings. As interest in crypto payments continues to grow in Australia, there is potential for Shiba Wings to capitalize on this trend and become a prominent player in the fast-food industry.
