Enter the Foodverse: NFTs, Crypto, Web3, and Food.

McDonald’s made headlines back in February after filing trademark applications that indicated it would be joining the metaverse craze. With the list of chains in the metaverse now also including Chipotle, Panera, and Subway, the food metaverse (aka foodverse) seems to be in full swing.

The metaverse, which was first proposed by American author Neal Stephenson in “Snow Crash” back in 1992, has become the obsession of tech giants over the past year. If you take a look at Google Trends, interest in the metaverse didn’t reach its peak until October of 2021 after a brief spike in April.

It is estimated that the metaverse could be worth anywhere from $8 trillion to $13 trillion by 2030. However, in order to reach its full potential, the technology would need to be applied in industries like manufacturing, advertising, crypto, and many more. This is still an area that requires work as, unfortunately, most of those working in the metaverse have focused on the entertainment portion of it.

The food industry’s decision to join the metaverse is of extreme importance as it could show other industries that the metaverse is more than just the gamification of social media. For example, McDonald’s intentions go beyond the hosting of virtual events by allowing the chain to use its digital restaurants as delivery platforms. Other projects out there go beyond these applications as they seek to take the food experience to a new level that foodies around the world will love.

Just like the metaverse itself, what constitutes a foodverse is up to discussion due to it being a pretty new concept. However, most people agree that it could range from virtual ordering and delivery to culinary experiences enhanced with digital tools.

The foodverse was the topic of discussion in one of our panels at Grit Daily House back in March. The panel, which was moderated by Miami NFT Week’s Executive Producer Julie Lamb, was all about the role of the metaverse, NFTs, and Web3 in the food industry.

Attendees not only got to learn about the latest developments in the industry but also the personal experiences of the panelists in it, as well as their journeys in the worlds of tech and entrepreneurship. Sosti Ropaitis, Executive Vice President at MediaLink; Lisa Yu, Partner at Checkmate Crypto; Charlotte Selles, General Manager at Robert Mondavi; and Alex Porter, Founder and CEO of Mod Tech Labs, participated in the panel.

If you would like to know what the future of the food industry might look like by learning directly from those who are shaping it, this is the panel for you. Fortunately, all of the panels of Grit Daily House are available on our YouTube channel. Don’t miss the chance to watch them!

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