Aberdeen fast food outlet Aberdam has launched what is thought to be the UK’s first offer by a smaller business of non-fungible tokens (NFTs) in exchange for crowdfunding.
It has partnered with Granite City-based NFT consultancy CD Corp to launch a rewards-based crowdfunding campaign to support UK-wide growth plans.
Aberdam, based on Shiprow, aims to raise £408,000.
Strong growth
Specialising in loaded Dutch fries and “smashed” burgers, the eatery has enjoyed strong growth since its start-up in 2021.
After turning over £600,000 in its first year it is now on track to hit sales figures of more than £1.3 million in its second year.
The business, which employs 21 people, is due to launch its second outlet, in Glasgow, next month before rolling out a further five across Scotland during the coming year.
Investors will access a range of year-long rewards as well as owning an NFT containing a unique digital character commissioned to mark the start of the company’s food chain.
Aberdam co-founder and director Michael Robertson said: “We already have a fantastic community of supporters behind us and over 22,000 followers on social media.
“Many of them have already shown an interest in the company and were looking for a way to invest or get involved.
“As well as raising funds, the campaign will create a strong community which will bring with it an opportunity to influence Aberdams’ decision-making – we aim to poll the community regularly for guidance on a number of areas.”
Small businesses stand to benefit the most.”
Michael Robertson, co-founder, Aberdam.
Mr Robertson added: “I think this will be the first of many NFT-crowdfunding campaigns for SMEs (small and medium-sized enterprises) in the UK.
“I also think this will become an industry standard as more and more businesses dip their toes into the web3 (including technologies like blockchains, cryptocurrencies, and NFTs) world.”
Investor options
Aberdam is offering investment options across four tiers. Each package provides scaled rewards and discounts, as well as offering varying levels of access to Aberdam’s online community – known as Aberfam.
There are 820 founder memberships available and each one comes with an official Aberdam-issued digital asset (NFT). There are also 1,000 tier four packages, each offering members a generic Aberfam ID and 20% discounts for a year. The fourth tier does not include an NFT.
The tech
Each Aberfam ID contains bespoke art designed by three Aberdeen artists; Dfunkt Robot, Plague Fisher, and Reckless.
Investors will receive their Aberfam IDs via an app and be issued metal ID cards that link directly to their NFTs.
CD Corp managing director Ryan Aiken said: “I will be forever grateful to the guys at Aberdam for trusting us to deliver on a project of this size.
“This is our first outside the whisky industry and we are confident it will be a success.
“What we’ve created with Michael and Dave (Aberdam co-founder David Griffiths) provides a genuine community-focused alternative for new start-ups looking to scale.”
Aberdam’s NFT crowdfunding campaign will launch on September 30 and run until the fundraising target is met.
What are NFTs?
An NFT is an electronic identifier for a digital asset. The most popular use is in transactions for digital art, conferring ownership rights and providing a guarantee of authenticity via the blockchain technology used to create it, much like cryptocurrency.
It is hoped Aberdam’s NFTs will accrue value and become collectables as the brand expands across the UK.
Conversation