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Are Social Clubs in New York City the Next Target for NFTs?

With a new 8,000 square-foot venue that will demand crypto for access, NFTs are pushing their way into the NYC nightlife and social club scenes.

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#nft #nfthours #nyc #socialclubs #membership

According to Bloomberg, the New York nightlife industry is going to get a dose of crypto-exclusivity, with NFTs set to debut at Maxwell Tribeca, the city’s newest social club. The txokos inspire the club, or dining clubs, in San Sebastian, Spain.

The club, which will open in July 2022 in New York City, will be unlike any other. According to what we know, clients will need a non-fungible token, or NFT, to access the 8000-square-foot venue. It has the aura of being in a prominent location, with elegant décor, exclusive member privileges, and a knowledgeable founding team.

Patrons will be able to have their liquor lockers, as the facility will not have a physical bar, and NFT holders will have access to godlike experiences reserved for the elite echelons of society. In addition, the user will pour themself a glass from his booze locker.

“We’re aiming to build thousands of second homes, not third spaces, where individuals belong, and NFTs are a tool to that end,” says club founder David Litwak.

The club’s membership starts at $1,000 for shared liquor lockers, with a monthly cost of $250. After that, modest liquor lockers will be offered for $5,000, and large lockers for $8,000.

Got your Flyfish Club NFT?

Gary Vaynerchuk and the VCR Group have brought Flyfish Club to the space, and it will employ NFTs as an access pass. It will be a fine dining facility with a seafood theme. In January 2022, the company issued 1501 Flyfish Club NFTs and plans to open its doors in 2023.

On secondary markets, a standard membership token sells for $13600. Another membership token is available for $29500, which entitles the holder to an omakase (multi-course sushi feast). To transfer membership, owners can sell or lease NFTs.

Along with VCR Group CEO David Rodolitz, Vaynerchuk claims that “social currency” is a critical component of the club’s attractiveness. In other words, people will express their preferences through their assets, notably NFTs.

Unchartered territory for restaurateurs

It goes without saying that building a tangible experience based on digital asset ownership is uncharted territory. Owners of popular NFT collections have traditionally congregated in online groups or the metaverse. To date, approximately $15 million has been raised through the NFTs. Even if some owners may not attend the club, this indicates a healthy demand.

Rodolitz acknowledges that the club must live up to the hype. He expects a pricey 10000-square-foot space in a yet-to-be-determined Manhattan location. Holders of NFTs will also have access to private events and wine tastings.

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Is Fender quietly getting ready to enter the NFT market?

In order to preserve or launch its brand in web3, Fender has filed various NFT-related patents and trademark applications in the United States.

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Fender, a well-known guitar manufacturer, has filed three patents related to NFT with the US Patent and Trademark Office.

When it comes to developing, selling, or buying NFTs with the Fender brand name, the patents would suggest a purpose to make or protect its brand.

Fender filed a series of trademark applications linked to its headstock design in possible NFTs, according to GuitarWorld, including NFT collectibles, virtual products, pictures, artwork, video, and audio recordings featuring music and musical instruments.

Mike Kondoudis, a trademark attorney, noticed the application to the US Patent and Trademark Office, which was filed on April 28.

Source: Twitter

Fender isn’t the first guitar company to think about using NFTs. Billboard reported in January that Gibson, the legendary guitar brand and Fender rival, was preparing to join the NFT industry with six trademark applications connected to NFTs and digital goods.

Big brands, from Adidas to Gucci, have been fast to experiment with NFTs and the Metaverse as two new distribution channels. They’re still figuring out where they belong in the virtual worlds.

NFTs are being used by musicians to reinvent fan involvement

NFTs and the Metaverse are being used by many established bands and brands to redefine how they communicate with fans. Additionally, musicians that rely significantly on in-person concerts as a fundamental income source will find the revenue streams and royalties available by the sale of NFTs appealing.

Music producers and platforms such as Audius, DAOrecords, and TokenTraxx are collaborating with musicians to demonstrate the possibilities of Web3 technology and allow fans to be creative using NFTs.

As famous guitarists get involved in the NFT realm, guitar brands are naturally interested. Keith Richards sold one of his beloved guitars with an exclusive 1-of-1 Tezos blockchain NFT produced for $57,600 in January of this year. The guitar, as well as a digital replica in the shape of an NFT and a video of Richards signing the guitar, were all up for auction.

Since the beginning of the year, the number of NFT trademark applications has increased dramatically, with 3,306 applications filed between January and April.

Source: Twiter

Despite the applications, Fender has yet to reveal its plans for NFT.

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According to Music Ally, Spotify has begun testing NFTs on its platform

If a trial deployment goes well, artists may soon be allowed to market their non-fungible tokens (NFTs) on Spotify, according to Music Ally.

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Spotify, the most recent tech business to join the NFT bandwagon, entered the web3 world earlier this month with the introduction of “Spotify Island” on Roblox on May 3. Spotify will now test NFTs on the platform to specifically selected US consumers, starting with a single trial selection of artists, including Steve Aoki and The Wombats.

Users will have to purchase NFTs through an external marketplace, thus they won’t be able to sell them directly. As part of the trial, Spotify has stated that it will not take a portion of the sales.

Simultaneously, customers have stated that Spotify is sending out surveys and even paying some people to talk to team members about their feelings regarding NFTs and web3. Questions concerning sentiment, cryptocurrency purchases, and why people acquired NFTs have been circulated on Twitter. Some poster responded with mockery to the queries.

Since March, when Spotify placed two job offers for working on early-stage web3 projects, rumors have circulated that the firm was interested in entering the web3. The announcement comes only days after Meta revealed that it would begin testing digital collectibles and NFTs on Instagram as well.

By the time of publication, Spotify had not responded to a request for comment from The Block.

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Square Enix intends to issue tokens and make a significant investment in Web3 gaming

By investing in blockchain gaming infrastructure, the big game producer is altering its business strategy to include a stronger NFT environment.

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Square Enix announced in its first-quarter results report that as part of its medium-term business strategy in 2022, it will include nonfungible tokens (NFTs) into more game goods.

According to Square Enix’s most recent earnings report, the company manages $3 billion in assets. The company controls the Final Fantasy franchise, which it sold for $300 million on May 3rd.

According to the report, the company began testing NFTs in February this year on the Shi-San-Sei Million Arthur game. If the pilot program is a success, the game’s NFTs will be renewed for a second season, and the company will expand its NFT and blockchain activities.

SE wants to provide regulatory clarity and norms for blockchain gaming, address scalability in NFT economies, and consider forming a corporate capital venture unit, among the top priorities of its blockchain domain projects.

The company also announced that it intends to create an overseas organization that will be responsible for “issue, administering, and investing our own tokens,” implying that the company will begin to build a large gaming-token economy.

SE has been exploring its options in the blockchain gaming market with the help of Web3 gaming and metaverse venture capital firm Animoca Brands. As SE digs deeper into the ecosystem, collaboration between the two companies is expected to deepen.

Square Enix’s gaming clout, according to Animoca’s executive chairman Yat Siu, will only help the company establish a blockchain gaming presence. On Monday, he said to Cointelegraph,

“Square Enix has long talked about the possibilities of blockchain games, so it understands it better than most of the traditional gaming titans.”

The third objective of the report’s medium-term business strategy is to invest in and monetize blockchain, artificial intelligence (AI), and cloud computing. This aligns with CEO Yosuke Matsuda’s stated desire in January to increase his company’s involvement in such technologies.

Despite a broad cryptocurrency market dip in 2022, the appeal of Web3 and NFT gaming has remained strong. On Saturday, according to market tracker DappRader, there were roughly one million daily active gamers, nearly the same as on January 1.

Gamers, on the other hand, aren’t spending as much as they used to, with total sales volume for NFT game items falling 88 percent from $70 on January 1 to $8.7 million on Saturday.

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