Chick’nCone is now announcing its entrance into the world of NFT’s. Called Chick’nCoins, the brand’s new NFT’s are now available for purchase and allow their possessor to secure benefits from a specific geographic area in which Chick’nCone operates. It is Chick’nCone’s intention to use its Chick’nCoin program to help reach royalty sufficiency while the brand continues to develop new franchise locations.
New owners of a Chick’nCoin will be assigned a geographic area in the United States and receive 50% of the initial franchise fee for any new Chick’nCone locations to open in that area. They will also earn 2% royalty on sales at all locations within the area paid monthly. This will be divided into equal portions among the number of tokens issued for that area. Multiple Chick’nCoins will be issued for more populated areas and all areas can hold a minimum of three locations, while most can hold up to five. In areas with multiple Chick’nCone owners, there can be as many as 25 Chick’nCone locations.
Chick’nCone’s recent success can be attributed to its unique menu offerings and the simplicity of its franchise-ready business model. The brand has been able to create an entirely new category of menu items, transforming the familiar comfort food of chicken and waffles into its photo-worthy and on-the-go staple. Since its founding in 2014, Chick’nCone has been praised for its natural ability to be showcased on social media and has opened a total of 24 locations. Its entrance into the NFT marketplace displays the brand’s consistent efforts to innovate and set itself apart in the fast-craft industry.
“We couldn’t help but notice all of the buzz and excitement surrounding the NFT space right now,” says Co-Founder and CEO of Chick’nCone, Jonathan Almanzar. “A forward-thinking spirit is what has really propelled our brand thus far and we were confident that if we established an NFT program of our own, it would successfully take off. We are extremely excited to go down the direction we are headed and can’t wait to hear what people have to say about the opportunities that our new Chick’nCoin has to offer.”
Each Chick’nCoin is set to cost $14,500, or 5.5 ETH. Currently, Chick’nCone’s initial franchise fee is $45,000, which means that on the first sale of a new location in a specific area, a Chick’nCoin owner of that area would earn $22,500. If there are existing locations open in the Chick’nCoin owner’s area, that owner will begin receiving monthly dividends immediately. Chick’nCoins can be sold at any time on OpenSea with a 10 percent royalty fee built into the sale going back to Chick’nCone.