1. Why was RestaurantRelief.io created?
The restaurant industry is one of the most impacted by the coronavirus pandemic. COVID-19 battered restaurants—one in 10 permanently closed during the pandemic, according to estimates from food industry research firm Datassential. Even with restrictions being lifted, the industry now struggles with staffing issues.
2. What restaurants qualify?
a. What constitutes a restaurant that needs help?
i. Any restaurant struggling due to the coronavirus pandemic, labor shortages, natural disasters, or other circumstances beyond its control can be nominated for assistance.
2. Are restaurants vetted?
i. Yes, all restaurants will go through a vetting process to be qualified.
3. Who decides which restaurants are awarded the donation?
Restaurants with at least 100 nominations will receive donations. 50% of the charitable donation from each NFT purchase goes to the nominated restaurant. The other 50% will be placed in the Restaurant Relief Fund, and DAO members will vote to determine where these funds will go.
4. Is this a charitable contribution?
Please contact your tax professional.
5. Does it impact my taxes?
Restaurants receiving funds should contact their tax professionals.
6. What is a DAO?
A DAO (Decentralized Autonomous Organization) is a community-led entity with no central authority. It is fully autonomous and transparent: smart contracts lay the foundational rules, execute the agreed-upon decisions, and at any point, proposals, voting, and even the very code itself can be publicly audited.
7. How does DAO voting work?
When the RRF reaches $500,000, the community (NFT owners) will vote on which two restaurants will each receive $250,000. Restaurants will also receive $5,000 out of the fund for every 100 nominations. Once voting begins, community members will have 7 calendar days to place their vote.
8. How long does the DAO have to vote?
Once voting begins, the DAO will have seven calendars to place their vote.
9. How do restaurants get paid?
After the voting has ended, ViciNFT will award the winning restaurant the funds based on the agreed terms.
10. Can a restaurant win more than once?
No. We want to make sure that each restaurant has a fair shot at support However, a restaurant can continue to receive nominations, entitling them to 50% of the charitable proceeds from the nomination/NFT purchase.
11. Where can I buy?
You can purchase on our Store page or our OpenSea Collection.
12. What wallets are supported?
MetaMask and Magic wallets are supported. If you don’t have a digital wallet, simple instructions on setting up a Magic Wallet are provided after your purchase.
13. Can it be traded/gifted?
Yes, you can gift upon checkout when entering wallet information.
14. Is there a purchasing cap?
No, you can purchase as many as you want.
15. What do you get with your purchase?
The NFT and voting rights within the DAO. Everyone that has a Restaurant Relief NFT within their wallet will be able to vote. We will provide more details before the first voting period.
16. Are there any perks for buying this NFT?
Being able to support your favorite local restaurants. (Possible deal w/ participating restaurants?)
17. Can I change my restaurant choice after purchasing?
Once you have submitted your restaurant nomination, we are unable to change the nomination.
18. Can I nominate more than one restaurant?
You can nominate a restaurant with each transaction.
19. Will we know what the restaurant does with the money?
Yes. All restaurants are required to submit a proposal of what they will do with the money if they win.
20. When/How are winners announced?
Winners will be announced on the webpage and community roadmap.
21. Where can I see a list of the nominated restaurants? announced?
View nominated restaurants at RestaurantRelief.io.
22. Do I have to vote for the restaurant I nominated?
No. once voting is open, you can vote for any nominated restaurant.
Need assistance? Email us at support@vicinft.com and we will get back within 24 hours.