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Chick'nCone launching NFTs

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February 11, 2022

Chick'nCone is entering the world of NFT's with Chick'nCoins, giving possessors benefits from a specific geographic area in which it operates. The chain's intention is to use the program to help reach royalty sufficiency while the brand continues to develop new franchise locations, according to a company press release.

How it works

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.

"We couldn't help but notice all of the buzz and excitement surrounding the NFT space right now," co-Founder and CEO Jonathan Almanzar said in the release "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. Chick'nCone's initial franchise fee is $45,000, which means that on the first sale of a 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% royalty fee built into the sale going back to Chick'nCone.

Founded in 2014, Chick'nCone has 24 locations in the U.S., Canada and the United Arab Emirates.