What Are They & How Do They Work – crypto.news

The list of NFT use cases is growing longer, even during a time when the NFT market has cooled off from last year’s hype. As this new world takes shape, we see the emergence of exclusive NFT social clubs. If you are into NFT communities and have invested yourself in this idea, this piece will highlight what NFT social clubs are, and how they work. 

No NFT, No Entry: NFT Social Clubs Are Here! 

An NFT (non-fungible token) represents the unique ownership of a unique asset or item, which could be art, collectibles, music, real estate, in-game items, and more.

What makes them special is that they are assigned a unique identifier on a public blockchain and, thus, are limited in supply. This is what makes them easy to trace and verify but, at the same time, hard to counterfeit.

An NFT social club is a community of people with similar interests that require its members to join by having a particular type of NFT in their possession. This way, the club restricts access to an invite-only way, thereby maintaining exclusivity. Without the NFT, you won’t have access to the social club.

Today, there are already several NFT social clubs, with the largest being the “Friends with Benefits” club in New York. 3,000 members are already part of this club since it started in February 2022. The club brings together Web3 creators, thinkers, builders, and friends. Other examples of NFT social clubs are Maxwell Tribeca and the Flyfish Club. 

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How Do NFT Social Clubs Work?

Now, let’s take a look at how NFT social clubs function.

For Members

Think of a social club where you use NFTs like a password or access pass. Moreover, NFT social clubs bring people with shared interests or values together.

As a member, you will need to create a wallet that can store the NFT when buying it. Once you buy the NFT, you will get a confirmation that you now own it. If you have the NFT represented through a QR code within your wallet, you will have an easy time using it. This will apply to online engagements with your social club. In case you have to attend a physical event with the club, having your NFT QR code easy to scan will save you time checking in.

Imagine the convenience of not having to log in, check your membership card, or other processes it takes to prove you are who you say you are. You won’t have to wear tags or worry about forgetting your ID again.

Some social clubs can give you direct access once you buy the NFT. Others will require a committee to approve your membership. That extra step of having club hosts or other members vouch for you to join the club adds to the club’s exclusivity. 

This form of convenience and security is something NFTs offer to you as a club member. By extension, you can take advantage of offers, sales, discounts, and other promotions the club offers exclusively to members. In this case, you will enjoy what’s exclusive to NFT-owning.  

For Organizers or Club Hosts

On the side of the club host, you can look to NFTs as a way of increasing membership-based earnings. Aside from regular membership fees, you can raise and sell an NFT to a wider audience beyond your location. Using NFT access is a creative way for a business owner to show that there are different ways of offering exclusive access to business services.

For example, you can offer end-of-year trips in partnership with other organizers and sell the tickets as NFTs. This can also apply to virtual events with limited access for your business audience.

Comparing conventional membership and NFT membership, you get a feeling of how much more valuable the latter is. Ordinary membership is limited to your current holders. NFT membership, by comparison, can have a much higher tradeable value as people opt to hold or trade your NFT. 

Most importantly, as a host, the value you offer to your members is what matters. In terms of exclusivity, social status, special meaning, and unique belonging, these are the things that will make your NFT offering stand out from the rest. 

Top NFT Social Clubs 

The top known NFT social clubs are Friends with Benefits, Maxwell Tribeca, and the Flyfish Club.

Friends with Benefits

The social club brings together web3 enthusiasts, including creators, thinkers, builders, and friends.

With 3,000 members, a vibrant community on Discord, and occasional physical meetups, it’s a vibrant community. You need to own 5 FWB (Friends with Benefits) tokens for access to local events, 75 FWB for global access, and global rights. 

Maxwell Tribeca

Membership to the Maxwell Tribeca club starts at $1,000. The club offers exclusive access to shared liquor lockers at a unique house party. This house party will be hosted in an 8,000-square-foot space courtesy of David Litwak, the founder. He sees the NFTs as a means to an end to bring people into what he considers second homes where people belong. 

In addition to the $1000 for shared liquor lockers, $250 will be the fee for the monthly membership. The Maxwell Tribeca seeks to offer a seamless experience for members, targeting the right bidders for its token. It also aims to reduce transaction fees by limiting them to 2.5% on a membership resale. 

Flyfish Club 

Perhaps the most interesting restaurant of its type, the Flyfish club, will be open to members only. Gary Vaynerchuk co-founded it, setting sights on a 2023 opening. The club presently offers two tiers – general access to the main restaurant and NFT access for chef-curated high-end Japanese meals. 

The initial price to get a Flyfish NFT was 2.5 ETH, but as of April 2022, that price increased to 3.5 ETH on OpenSea. They seem to sell out quite fast, so be on the lookout if you’re interested in buying into this club.


How Does An NFT Social Club Work?

An NFT social club brings together members with the same interests in a club. The requirement to join is buying a specific NFT.

How Much Do NFT Social Club Memberships Cost?

The membership fees may vary from a couple hundred to thousands of dollars. It depends on what the club host is offering its members, so you can compare what suits your interests before joining a club and paying the membership fees.

Can I Cancel My Membership Plan?

An NFT can be sold to another buyer at a different price. For membership cancellation, you need to follow the social club’s rules to go through with the cancellation process. An NFT can’t be simply deleted or canceled, but it can be resold. 

How Do I Create an NFT Membership?

Begin by determining categories of membership for your community and its perks. The next step will be to create the NFT on a blockchain platform like Ethereum or any other smart contract platform and issue the NFT for it to be bought by your members.

Where Can I Buy an NFT to Join a Specific Social Club?

NFTs can be bought on platforms such as Rarible, OpenSea, Binance, and other marketplaces recommended by specific social clubs. The club will often offer a guide on how to buy the NFT so that you don’t miss a step in getting your access.

Sourced from crypto.news.

Written by Alex Lielacher on 2022-10-04 01:00:00.

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