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Deepti Sri · · 7 min readCan NFT-based private clubs disrupt a centuries-old model?
In Asia, becoming a member of a private members’ club has long been a distinctive symbol of money and power.
Now, a new type of private members’ club has emerged that addresses the need for culture and community among various demographics. These places aspire to be conduits for creativity through programs that center around the arts, current affairs, and networking – coupled with exclusive, private encounters.
Photo credit: Mandala Club
Similar to traditional membership models, these NFT-based counterparts offer holders a variety of benefits.
The twist here is the ease in which NFTs can be used to unlock not just physical but also digital perks.
For example, owners of tokens from the Bored Ape Yacht Club (BAYC) aren’t just gaining entry to private meetups within the community; they can also gain first dibs on new NFT drops and upgrades.
BAYC holders have access to free NFTs like Bored Ape Kennel Club and were also airdropped ApeCoin tokens. Additionally, holders at BAYC received a free mutant serum that created a Mutant Ape Yacht Club NFT.
NFT memberships 101
NFT memberships are exclusive programs that use the tokens as access passes to provide a range of benefits and services to holders.
For instance, Mandala Club, which is owned by Singapore-based real estate and events company Mandala Group, grants members early access to online and in-person events as well as access to an exclusive Discord server, among other benefits. It offers this NFT membership alongside the old-school club membership.
Mandala Club plans a wide range of events such as talks, dance lessons, art tours, and wellness sessions. The four-story establishment has a variety of gathering places for its members, including a dining room and bar, a fully-stocked gym, a private terrace, and the Straits Parlour, where cultural events are hosted.
Photo credit: Mandala Club
“I feel we’re just slightly ahead of the curve. In two to three years, every traditional membership club will offer a digital membership,” Gustin Mahtani, community manager at Mandala Club, tells Tech in Asia.
Given their digital nature and the infrastructure being built to support them, NFTs will provide access to all kinds of gated services.
Entry into a crypto social club
Liquidity in NFT membership tokens
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A new type of private members’ club has emerged within Asia’s Web3 community with more substance than just status symbols.
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