Most people associate non-fungible tokens (NFTs) with digital art. However, NFTs have evolved drastically in the last year and now include many use cases. One such use case is its use as keys to gain access and be a part of exclusive networks and social clubs.
In this guide, we’ll take a look at what NFT social clubs are, how they work, and a list of some that are already up and running.
What Are NFT Social Clubs?
NFT social clubs are a community of people who are brought together by similar interests and require any member joining to have a specific type of NFT in their custody. Without the NFT, you can’t have access to the exclusive social club. These clubs use the NFT as the key to the club.
NFTs are tokens that represent the ownership of a unique item or asset, such as art, in-game items, collectibles, real estate, and music, among others. Usually, they are non-physical items that are managed and stored on a public blockchain.
Each non-fungible token has a specific unique identifier on any public blockchain they are hosted on. Taking this idea further, crypto enthusiasts have started to use NFTs as a marker that people must buy and show so as to access exclusive social channels, thus creating the emergence of NFT social clubs.
NFT social clubs encompass bars, co-working spaces, eateries, house parties, and networking events, among others. Today, there are several NFT social clubs in existence, with the biggest being the New York-based ‘Friends with Benefits.’
How Do NFT Social Clubs Work?
Let’s examine how NFT social clubs work for members and club organizers.
Owning the required NFT acts as your access pass or password. Having the NFT eliminates the chances of you forgetting your password or realizing you left your club access card at home when you’re already at the club.
To get the NFT, you must download a crypto wallet on your smartphone to store the NFT once you have purchased it. The club organizers will simply scan the NFT’s QR code within your wallet to verify it. This helps you save time, as you won’t need to queue and prove who you are before gaining access. Moreover, you can also use it for online events that your club plans.
Certain social clubs can grant you instant access once you purchase the required NFT. However, some social clubs will additionally require a committee to approve your membership. Clubs managed by a decentralized autonomous organization (DAO) tend to function this way to add to the club’s exclusivity.
In addition, you become eligible for any discounts, sales, offers, or any other promotions that your NFT social club proffers.
For Club Organizers
Club organizers can use NFTs to grow their membership earnings while boosting the adoption and ownership of a particular NFT.
This can also provide utility to the NFT in question while highlighting that there are multiple ways of providing absolute admittance to business services. An NFT membership also gives a higher tradeable value because people can choose to hold or then trade the NFT.
You can also have a clause where members can vote to have others removed from the club if they misbehave or go against the club rules without having to call people in for a ‘board’ meeting.
Ultimately, what matters is the value that you, as a club organizer, provide to your NFT members, as this will help differentiate you from everyone else.
List of NFT Social Clubs
Today, there are three popular NFT social clubs that stand out; Friends with Benefits, Flyfish Club, and Maxwell Tribeca.
Friends With Benefits
This social club has a social base of 3,000 members on Discord who are Web3 builders, creators, friends, and thinkers. Although the vibrant community is online-based, they also hold physical events. To become a member and gain access to local events, you’ll need to own 5 FWB tokens and 75 FWB for global events.
The yet-to-launch Flyfish Club will be the ‘world’s first member’s only private dining club.’ Members will have to purchase a Flyfish NFT to gain access to the restaurant and experience various culinary, cultural, and social experiences. The club currently offers two memberships – one that gives you access to the main restaurant and another that gives you access to high-end Japanese meals that are chef-curated.
The Maxwell Tribeca is an exclusive club that provides access to shared liquor lockers at unique house parties that are curated by the founder, David Litwak. The house parties are hosted in an 8,000-square-foot house where membership starts at $1,000 and renews monthly for $250. When an NFT is sold from one member to another, the organizers get a 2.5% cut.