A new club in NYC is requiring an NFT as a membership. Does this mean NFTs are the way into NYC’s hottest clubs?
According to an article published in The Star, a new club is opening in July called Maxwell Tribeca. This club is getting ahead of the curve and embracing the benefits of Web3. Located at 135 Watts Street, New York City, this new club is looking to create an exclusive experience. They want members to be able to own, sell, lease their memberships, as well as their experiences. Instead of renting the experience from the club, Maxwell Tribeca is looking to make its patrons the owners of their experience.
How do you do this?
It’s pretty simple really. NFTs allow businesses to put the membership of their exclusive clubs into the control of the patrons. Much like FlyFish Club‘s business model, the only people who can access the club are holders of the club’s NFT. These NFTs are bought, sold, rented to others, and held by members of the club. Royalties from these sales go back to the club, usually around 10% of each sale.
Is This Actually A Profitable Business model?
So if you aren’t selling monthly/annual memberships, where does the revenue come from? Well, let’s take a look at what Flyfish Club, led by VCR Group and Gary Vaynerchuk, has generated so far.
According to the article, Flyfish Club raised USD $14 Million during the initial launch. Since they have seen nearly $21 Million in secondary sales netting them north of $2 million dollars. The actual restaurant/lounge doesn’t actually open until 2023. Additionally, Food and Beverage costs are not included with the purchase of these NFTs. So essentially, you get entrance to an exclusive, members-only-and-owned club.
What these clubs are doing is creating an exclusive experience that drives demand.
Since the supply does not change, these prices will be bid up in times of high demand. If these clubs can create a popular, exclusive experience constantly, those times of high demand won’t stop. Then, you get into a Bored Ape Yacht Club situation. Soon enough, the clout the ownership brings you outvalues the experiences/utility the product provides. You can apply that thinking to almost any
And since these experiences are exclusive to holders, this creates another layer on the social dynamic of the membership. Holders feel a connection to their experiences, and tell their friends about this. These friends buy, or pool and buy, and if the experiences deliver, they go tell their network. There’s no better way to grow a strong consumer base than a group that feels directly connected to the product they’re experiencing.
NFTs give consumers that access to products and give them this access 24/7 year-round. The blockchain doesn’t sleep. If you want a membership to the newest club at 2:00 am on a Sunday, you can go on OpenSea and buy it. That is, as long as someone within this open market has one listed that they are willing to sell.
This is going to be one of the trendiest ways to grow communities and clubs, and raise insane amounts of money. These are just two examples of entrepreneurs using NFTs as access into NYC’s hottest clubs. Look for memberships and experiences to shift from rented to owned products in the very near future!
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