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RDE, Inc. (RSTN) Shares Down After Subsidiary Restaurant.com Signs NFT Venture

Thursday, May 13, 2021 02:08 PM | Slav Kandyba

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RDE, Inc. (RSTN) Shares Down After Subsidiary Restaurant.com Signs NFT Venture

What’s going on with RSTN?

The stock of RDE, Inc. (RSTN), parent of Restaurant.com, Inc., dropped after the latter entered a memorandum of understanding with CurrencyWorks Inc. (CWRK) to jointly develop and build a non-fungible token (NFT) platform for celebrity chefs, brands, restaurants and personalities within the restaurant and hospitality industry. Shares of RSTN were down 10.53% to $2.55 per share, while CWRK stock rose 6.09% to $1.22 per share on Thursday afternoon.

The deal calls for CurrencyWorks to create a customized label for the Restaurant.com platform through the foodiesNFT.com community. The base cost of the project is $250,000 and will be paid through either cash or equity. CurrencyWorks must achieve certain milestones “as a ratio to be determined and mutually agreed upon,” the companies announced.

What does this mean for RDE, Inc.?

The MOU is the first step towards the blockchain-based NFT venture for Restaurant.com, which was founded in 1999 and is a pioneer in the restaurant deal segment. The MOU provided a 60-day period for the companies to reach a definitive agreement. 

The Restaurant.com platform will be home to celebrity chef related NFTs, ranging from unique cards, videos, experiences, and exclusive recipes. Multiple restaurants and vendors, suppliers, as well as hospitality brands will be able to tap into the NFT promotions and coupon offers.

“We’re excited to use the endless possibilities of NFTs to highlight the genius behind the celebrity brands, restaurants, and personalities at Restaurant.com,” said Ketan Thakker, CEO of Restaurant.com. “We’re excited to work with CurrencyWorks, a pioneer in the NFT space, to help us to enable culinary fans to own an original digital asset such as an original recipe, menu, or food photography. There is literally no limit as to the ways NFTs can be sliced and diced.”

Cameron Chell, chairman of CurrencyWorks, added “NFTs are a great vehicle to generate buzz and awareness around just about any unique digital asset. The creativity that can be extrapolated with these digital assets and shared with Restaurant.com’s fan base has no limits.”

Overall Score - 0

RSTN has an Overall Score of 0. Find out what this means to you and get the rest of the rankings on RSTN!

RDE Inc is an operating digital marketing site for restaurants. It is a dining deals site which offers deals on restaurants nationwide.

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