As the NFT market develops, the use and purpose of non-fungible tokens as a technology expands. Do you know about Membership NFT? Membership permissions like this could revolutionize how people access and own digital assets. This technology allows you to create a membership-based system to make it easier to access digital assets, events, closed communities, games, and more. Interesting? Next, we will tell you more.
What is a Membership NFT?
Membership NFT is a type of Utility NFT, a kind of membership card on the blockchain that grants access to:
- Exclusive events,
- Virtual event,
- Closed channel/group,
- Whitelists for future drops,
- Any other experience or utility.
Most often, this type of token can also act as a work of digital art and intertwine with other types. For example:
- World of Women holders receive not only PFP NFT, but also a number of benefits, including access to the annual gala concert with the involvement of world stars.
- Project Adidas Originals: Into the Metaverse is an interweaving of Utility and Membership NFT. The owner of the token receives not only the right to access the metaverse of The Sandbox, membership in the exclusive club, but also the ownership of real and digital items from the global brand.
There are also collections that only serve as a Membership NFT and have no other use. Most often this is done by the organizers of events related to cryptocurrency and NFT. And after the event, these tokens can be burned. Today it is a modern and technologically transparent way to organize an event.
Main idea and applicability of Membership NFT
The main idea of the Membership NFT is:
- Providing the owner with exclusive benefits, including access to events and more. For example, Azuki provide access to The Garden universe. Without this token, access to the platform cannot be obtained. And owning an NFT from the VeeFriends collection by influencer and entrepreneur Gary Vee gives you access to the massive VeeCon IRL.
- It is a stimulating tool for offline brands and communities. For example, NYX Professional Makeup previously released the FKWME Pass. This token is the key to enter the corporate GORJS DAO and get early access to the entire project. And Yves Saint Laurent launched the YSL Beauty Night Blocks NFT campaign. The holders of these tokens received access to exclusive content (including gift vouchers and 90 ml perfume), as well as early access to future drops. In this way, brands demonstrate their exclusivity, technical advancement and loyalty to their community.
History of Membership NFT
Membership NFTs appeared after 2018, when the NFT trend began to take over the cryptocurrency market more and more. On this wave, developers tried to make tokens more applicable in different areas: games, events, airdrops, and more.
Against this background, there was a need for Membership passes, which would be a kind of membership access to various events and utilities in addition to their main purpose.
Who buys Membership NFT?
The audience that acquires Membership NFT can be divided into three categories:
- Users who enter the project with various applications, among which there are Membership NFTs. For example, the VeeFriends Series 1 collection provides access to the VeeCon conference, as well as the opportunity to spend time with collection creator Gary Vee.
- Users who purposefully purchase a token in order to gain access to a particular membership club. For example, sometimes aggregators like CoinMarketCap and CoinGecko provide Membership NFTs for certain events. Users who collect daily virtual points in the form of diamonds and candies can purchase access to interesting events and analytics.
- Users who are fans of the brand. For example, Starbucks created a loyalty program using NFT. Such innovations attract more supporters to the offline brand and are a marketing channel for the brand in Web 3.0.
Best Membership NFT Collections
To date, there are many different projects on the market that fit this type. And potential NFT investors do have plenty to choose from.
We will look at 3 well-known, but unique in their own way, projects that are offered by Membership NFTs:
- PROOF Collective,
- Flyfish Club,
- Vee Friends.
PROOF Collective is a private club of 1000 top collectors and artists, and the creator is business shark and crypto market influencer Kevin Rose. Once you purchase a token, you get a membership until January 1, 2025. Club membership provides access to:
- Private Discord channel,
- Podcasts, IRL events and other events
- Various analytical reports and insider information on various aspects of the NFT market. Thus, investors have the real information before everyone else.
- The Grails project, where community members mint tokens of famous digital artists such as Coldie, Kjetil Golid, Alpha Centauri Kid, Snowfro, Nadya Tolokonnikova (Pussy Riot), Justin Aversano and others.
PROOF Collective is the brightest project in the Membership NFT format, and the numbers here speak for themselves:
- The volume of secondary sales exceeded 30k ETH,
- Floor price over 11.4 ETH.
- The most expensive NFT #788 was sold for 139.69 ETH.
Flyfish Club is the world’s first private dining club with international seafood cuisine. Membership in it is acquired using a token from the Flyfish Club collection of the same name. Owners get access to a New York City restaurant of over 10,000 square feet. The creator of this club is the VCR Group, managed by Gary Vaynerchuk, David Rodolitz, Josh Capon and Conor Hanlon. There are several levels of tokens, the more expensive one provides access to an additional private location Omakase Room.
This format is niche, but it has become popular:
- Secondary trading volume exceeded 9k ETH,
- Floor price over 2.5 ETH.
- The most expensive Flyfish Club Omakase Member #111 was sold for 19.45 ETH.
Vee Friends Series 1
VeeFriends Series 1 is a collection in PFP format, but in addition to the status avatar, each owner gets access to:
- VeeCon – one of the largest conferences on the market.
- Owners of tokens of a certain rarity can meet with Gary Vee or receive gifts from him.
- Minting the rest of the VeeFriends collections.
VeeFriends Series 1 is a unique project that combines really cool utilities, a loud and respected name of the creator, and a huge and active community. Thereby:
- Secondary trading volume exceeded 64k ETH,
- Floor price over 3.38 ETH,
- The most expensive NFT Empathy Elephant was sold for 130 ETH.
What are the prospects for Membership NFT?
Membership NFT type is one of the most promising segments in terms of development. There are no restrictions on their use even in everyday life: for example, they can serve as a gym membership, a ticket to sports matches and much more.
In addition, there are already examples when offline brands released their collections of Membership passes to stimulate their community. All this will show the transparent popularity of the brand, which can be influenced by both users and the companies themselves that issued tokens in the form of membership.
Opinion of NFTmetria
Membership NFTs have provided many opportunities for:
- Projects and brands of any size in terms of selling their product,
- Holders who can use their tokens as access to these products.
At the same time, this type of tokens has eliminated the possibility of forgery, and access to a particular event and event is guaranteed by blockchain technology, which provides a fairly convenient and simple format for using NFT in the form of a pass. Analyzing the development of the market, we can predict that in the future this category will enter everyday life and will no longer seem like something super new.