Sho Club: Here’s what membership costs at San Francisco’s first NFT restaurant

This week, the team behind SHŌ Club, the ambitious development that hopes to make history as San Francisco’s first NFT-based club and restaurant, announced more details about the financial side of the project, including how much each of the three membership levels – called Earth, Water and fire – will cost and what benefits members can expect.

First of all, anyone wishing to purchase one of SHŌ Club’s final 3,265 memberships should be prepared to cut down no less than $ 7,500, and as much as $ 300,000 if you were hoping to earn the “ownership-like benefits” that were teased in the project’s media press. earlier this month. The good news for anyone who raises an eyebrow as cryptocurrencies experience wild fluctuations in value: you will be able to buy your SHŌ Club membership with good old-fashioned dollars if you want, but you will still receive proof of membership in the form of an NFT, which of course is linked to the Ethereum blockchain.

For SHŌ Group CEO Josh Sigel, that’s the whole point. “The currency, for us, is less important than the underlying technology that is innate to NFTs,” says Sigel. “We want to make it as easy for people to buy as possible.” Sigel, who brings experience in both food and technology to the project, says that it is the security provided by the blockchain that makes the company attracted to sell NFT-based memberships – as opposed to, for example, physical cards. In addition, he says that the technology allows the company to do things like airdrop extra benefits (think, tickets to an exclusive event) to member holders. “This is a long-term play for us,” he says.

So what does a SHŌ Club membership really give you? At the lowest level, members receive services including a house account and a concierge; access to priority reservations, a members-only menu and a members-only lounge; and experiences including online events, educational programming and guaranteed access to one quarterly member event a year. The company plans to create 2678 of these ground team memberships and will hold 200 more, for a total of 2878 SHŌ Club members at ground level. Sigel says that there are no plans to add any additional memberships afterwards, so if you do not get one at launch, you must get them on the secondary or resale market.

For the middle class, which costs $ 15,000, Water members get all the same land benefits plus a few more: valet parking or a free car service, access to all quarterly member events, plus access to an annual Water and Fire event. These 377 memberships, 50 of which will be held for internal use, also include access to a monthly omakase dinner, although food and beverages are not included in the membership fee. Finally, there is the eye-catching Fire level of $ 300,000 – open to just 10 members who want to enjoy all the aforementioned benefits and more. Most notably, the $ 300,000 NFT entitles the holder to a share of the club’s revenue and a seat on the fire board, according to a press release. It is also a “once-in-a-lifetime” trip to Japan, although it is a one-time benefit which means that if this NFT changes hands, you will be unlucky there.

Sigel says that the team thought “long and hard” about the right price for each level. “We have always looked, when it comes to prices, to make sure we create exponential value for our members,” he says. Given that membership entitles the holder to a lifetime of one-time benefit benefits, he says that even $ 15,000 is a “reasonable price.” And yes, restaurants have a reputation for being too often short-lived, but Sigel’s unwavering SHŌ Club folding and leaving members with a useless digital token is “incredibly unlikely”; in fact, he points out, the company is already in negotiations for more locations in cities such as Las Vegas, Miami and Tokyo. Basic members – as in the lucky 3265 first members of the flagship of San Francisco – can expect some benefits at all future locations as well.

When it comes to food, chef Shotaro “Sho” Kamio (also behind Berkeley’s Iyasare) explains that the two levels will offer distinct dining experiences for both members and the public, who will be able to make reservations at both the fine dining restaurant and the rooftop bar and lounge. On the main floor, the SHŌ restaurant is set around a 12-foot by three-foot irori-style sunken grill. These charcoal grills served both as a stove and a source of light and heat in Japanese homes; at the restaurant he will use it to introduce more diners to what he calls “Japanese farmhouse” cooking. He wants to build deep umami flavors through old fish and meat and utilizes the natural tasty properties of smoke and seaweed. Upstairs, things are taking a more modern turn. The bar and lounge will showcase “San Francisco-style sushi made,” he says – think California rolls and spicy tuna. There will also be a selection of sake for casual dinner guests to explore.

Sigel says that they expect to start the pre-sale of membership in August, with construction of the project that will begin later this autumn. The restaurant will be located at the top of Salesforce Park, the green block with four blocks located on the roof of the Salesforce Transit Center, and there will be a retail market called SHŌ Market on the ground floor. It has been a struggle to navigate the difficulties of building on top of the existing infrastructure, but Sigel says that the team plans to host events and pop-ups between now and the project’s completion. It is a way to build community around the SHŌ club, he explains. “In the world of hospitality, I think we are seeing a movement towards the recognition that community is an integral part of the success of restaurants and brands,” he says. “For us, we really wanted to develop a close-knit group of people we could not only promote a direct connection with … but also create a way for these individuals to come together.”

Advance sales of SHŌ Club memberships begin in August. For more information about SHŌ Group or to get a SHŌ Club membership, visit SHŌ Club website.