“It dawned on me that this is a space that is here to stay. I think that the crypto world is going to become much more significant in ‘the real world,’” Meneilly told Inside Retail.   “Cryptocurrency [is worth] just over a trillion dollars right now globally, and there are crypto millionaires and billionaires in Australia and across the globe. There is a whole new market there that we’re not tapping into. It’s a bit daunting because it’s still relatively new but the best way to learn is to get involved.”  Sushi Sushi has created an NFT, a digital piece of 3D art, which includes the smart contract that leads through to the sale of the store. The new owner will be the beneficiary of all future store profits but Sushi Sushi will run the day-to-day operations.  “The sale could come from anywhere in the world, so we have to think through how that’s practically going to work for them,” Meneilly explained.  “The buyer of the store will be a passive investor, they get all the profits that are generated from that store but we will run it on their behalf. We’ll be responsible for all of the financial, legal, OH&S, running of the store.” Although it’s a completely new area for the business, Meneilly says many of the same rules apply as with a traditional sale process. “It’s very similar to doing a deal in any other way; we still have franchise requirements to meet, we just need to have the right language in there to specify currencies and cover taxes in relation to crypto currencies and the fact that these may, and most likely will, change over time in terms of legislation,” he said.  There has already been some strong interest in the store both in Australia and overseas.  “We’ve already had eight interested parties, so we’ve got offers out to each one of them. Seven of them are from Australia, one of them is from Singapore. Out of those eight, we believe that we have two very serious buyers,” Meneilly said.  Reinvigorating retail For Sushi Sushi, the sale is about getting immersed in the space and understanding how to adjust as retailers “to stand out”. And it’s part of a new phase for the business of entering the metaverse, which Meneilly believes will help connect with future customers and reinvigorate retail post lockdown. “We’re always thinking about innovation, ways in which we can truly stand out and offer something different to the consumer. The first thing that we did was think through our experience and how we could offer something really different that consumers could come up and explore … something more interactive,” Meneilly said.  Sushi Sushi engaged design studio Bromley & Co as directors of creative innovation to create a concept store featuring bespoke packaging, inspired by traditional Japanese art, created by artist David Bromley. The art also features within the digital asset that represents the purchase of the Cavill Avenue store. “Our Sushi Sushi concept store will be launching in the first three months of 2022,” Meneilly said.  Sushi Sushi expects to grow its Australian store count by 32 to a total of 185 stores in the first six months of 2022 and will continue to drive growth through wholesale markets. Blockchain technology will continue to be a big focus for the business into the future with plans to use NFTs in three key areas: for customers, team members and investors.