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Fang Shihan · · 6 min readThis NFT offers lifestyle memberships for a lifetime
No beauty salon experience is complete without the final showdown between the customer and the quota-driven sales representative.
“I’m happy you enjoyed our services. Would you like a package?”
Like them or not, prepaid packages are now an inescapable part of the health and lifestyle industry. Beauty salons and spas aren’t the only ones selling prepaid packages; gyms, indoor playgrounds, and even traditional Chinese medical (TCM) centers have gotten in the game.
LifesDAO NFT / Image credit: LifesDAO
To be clear, prepaid packages are not just about high-pressure sales and overpriced face serums.
Most of the time they work out well: Regular customers happy with the products and service get a decent discount while merchants are more certain about their cash flow.
But LifesDAO (yes, say that aloud) is taking prepaid packages to the next level.
Membership passes that last forever?
LifesDAO offers membership passes that give customers access to a network of 38 lifestyle businesses operating through over 100 outlets around Singapore. Each pass is loaded with a set number of credits at the start of the month and can be used for services like haircuts, gyms, and TCM treatments. Each credit is worth S$1.
The passes come in three tiers: plus, gold, and black. A plus membership provides 40 credits a month; a gold membership 100 monthly credits; and a black membership 300 monthly credits. Members of LifesDAO can also allow family or friends to use the credits.
The three levels of LifesDAO membership / Image credit: LifesDAO
The catch? They’re expensive. LifesDAO is selling these passes for SG$3,520 (US$2,500), $6,860 (US$4,900), and $14,410 (US$10,300) respectively. Each pass lasts a lifetime. It’ll take a “plus” member about seven and a half years to recoup the cost of buying the pass, about six years for a “gold” member, and about four years for a “black” member.
When asked by Tech in Asia whether the cost might deter more people from buying the NFTs, the company says it is “optimistic that consumers will understand the value that will be delivered in the longer term.”
In addition, the project aims to keep “discretionary spending alive” during challenging times, says Pulse Tan, LifesDAO’s co-founder and CTO.
An uphill battle for NFT adoption
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The NFTs function as lifetime membership passes to a network of salons, gyms, and spas across Singapore. But is there a catch?
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