Fancy owning a business where you not only get to keep all the net profits but are not liable for any losses? And you’re not even required to be onsite but have staff and management to take care of day-to-day operations on your behalf?
Sounds too good to be true, but Australian food hospitality brand Sushi Sushi is the first retailer in the world to offer a store for sale via cryptocurrency, with all of the above benefits as part of the deal.
For a cool million AUD in a choice or combination of bitcoin (BTC), ether (ETH), Cardano (ADA) or Solana (SOL), anyone over 18 can become the new owner of Sushi Sushi’s store on busy Cavill Avenue in Surfers Paradise on Queensland’s Gold Coast, with a non-fungible token (NFT) to prove it.
Munching into the Metaverse
According to Sushi Sushi CEO and director Scott Meneilly, the brand is “entering the metaverse” with this sale. “You have to innovate or die, and part of this is about stepping outside of your comfort zone and pushing the minds of others,” he says.
We see a massive opportunity in using blockchain, and we felt that selling a franchise store using crypto was a great way to let people know we are serious about playing in this space.
Scott Meneilly, CEO and director, Sushi Sushi
The successful franchisee will not need to physically run the business, Meneilly says, as Sushi Sushi will take care of daily management and operation while the buyer receives all the net profit. The buyer will also not be responsible for any losses.
We believe that this is the future and that people will follow our lead. We want to innovate in this space and create a groundswell of new opportunity. I am a crypto enthusiast and I believe this is a currency that needs to be approached, seriously and respectfully, and we feel the best way to underscore this is with a serious business transaction.
Scott Meneilly, CEO and director, Sushi Sushi
Before becoming CEO of Sushi Sushi, Meneilly was the chief executive of Boost Juice and previously ran Australia’s largest tanning salon business, Body Bronze, between 2002 and 2008.
Check the Fine Print
If you’re thinking of visiting the Sushi Sushi website to register your interest, prospective franchisees should be aware of the following details listed in the fine print:
- You will be part of a “joint venture” with Sushi Sushi by buying its Cavill Avenue business in crypto to the value of A$1 million.
- You will receive 100 percent of the net profits from Sushi Sushi Cavill Ave (sales revenue minus total operating costs, being all expenses incurred in operating the store, including a management fee payable to Sushi Sushi) [Crypto News Australia‘s italics].
- You will receive an exclusive one-of-one NFT of Sushi Sushi Cavill Ave (although said NFT is “currently in development and will be shown directly to the purchaser before being released for public viewing”.
As they say in the classics, caveat emptor (let the buyer beware). Just last week, Crypto News Australia reported that Australian auction house Lloyds was auctioning 50 NFTs of classic ’70s Aussie muscle car the Holden Torana A9X. That’s virtually one every week between now and next Christmas.
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