The world of NFTs has evolved dramatically since its emergence and inception in the crypto world. Recent developments now see the emergence of NFTs as exclusive access keys to NFT Social Clubs. The new use case has seen more investments into NFT communities, with users looking to jump on this new crypto bandwagon. Today’s piece highlights what the NFT social clubs entail, how they work, and the leading options.
Here is what to know as this new NFT world takes shape within the crypto universe.
NFT Social Clubs: Explained
The mention of NFT or non-fungible tokens conjures up thoughts of digital arts or tradable items on the blockchain selling for different prices. However, NFTs are more than just trading digital art or online items through the blockchain. The tokens have now found use with clubs, companies, and even creators using blockchain technology with a new utility: exclusive access keys for member-only platforms.
At its core, NFTs are tokens that represent ownership of a unique digital asset located or stored on a public blockchain. Using this concept, NFTs have been able to tokenize various items, providing ownership and making user authentication easier.
The NFT social clubs further this concept by getting members to use the NFTs as badges or keys to access a particular social platform or channel. Within the NFT social club are a community of members who often share similar interests or work together through projects. The NFTs are the key to joining the club and can be sold, bought, or exchanged depending on the scenario.
How NFT Social Clubs Work
Have you ever been to an exclusive club or underground party that requires you to say a particular phrase before entry? Well, that concept is similar to how NFTsocial clubs work.
Since these social clubs are exclusive and members-only communities, NFTs come in handy to trace, verify and authenticate all members. Our next section explores how the NFT social clubs work from different perspectives.
For Club Members
Social club members get the most convenience from using NFTs for social clubs through different applications. As a requirement, members within these social clubs need an NFT crypto wallet to buy, store, or exchange the token.
The first step will have a member buy the social club’s NFT through the different platforms and get a confirmation of ownership through the wallet. Other platforms use QR codes within your crypto wallet to represent the social club’s NFT. Such scenarios apply to online-only engagements where social club meetups only happen in the digital world.
Typically, social clubs give direct access upon purchasing and confirming the NFT. Some NFT social clubs, however, go the extra step to have a committee approve your membership after authentication of the NFT. By extension, members using these NFTs no longer have to wear tags, use Ids or show their membership cards to prove they are part of the social club. All it takes is for members to display their NFT and get exclusive access to the social club.
For Club Hosts
Club hosts and organizers also stand to gain with NFTs as access keys to exclusive social clubs. Unlike ordinary membership, NFTs creatively offer exclusivity with a broader audience reach beyond your location. This means club hosts and organizers can use NFTs to expand their membership and earn.
For example, a business owner could develop an NFT social club to offer access to exclusive business services. The first step will have the host make the social club NFT compatible to enable the use of tokens by members. Upon the club’s inception, the host creates the necessary club tokens, lists them for sale, or issues members the tokens for free. Hosts can then scan, authenticate and confirm each NFT regarding which member purchased the token for use during check-in. The convenience allows for swift use without relying on tags or IDs to log in as a member of the NFT social clubs.
Why NFT Social Clubs Are Becoming Popular
NFT social clubs offer various benefits to different working spaces ranging from restaurants and parties to tournaments and even networking events. Using this NFT aspect will gain these clubs or events in the following ways.
Ease of access
NFT use offers the ultimate convenience of easy access, reducing the long-process present in conventional methods. The blockchain technology within NFT eliminates the use of tags, IDs, or physical access badges. Therefore, the NFT token removes the struggle of carrying passes or forgetting login details. Even better, NFT Social club organizers get to authenticate each entry removing potential scenarios of fake tickets to an event online or offline.
Smart-contract convenience
Since the NFT concept relies on blockchain technology, NFT social clubs get the best convenience of using smart contracts. Remember, smart contracts are immutable, which means all rules are imprinted on the blockchain and cannot be edited.
From this concept, members using NFTs cannot easily revoke or transfer their membership without the community’s consent. For instance, a member looking to leave the social club may need the club host or community to vote and complete the process. The same goes for an expired membership which will be revoked per the NFT clause.
Better Value and Earning
NFT social club hosts get plenty of value from trading and selling their membership NFTs. For organizers, this means a royalty-based system that earns you monetary value each time the NFT changes hands. Likewise, owners and creators with NFT Social clubs get monetary value since the NFT-based membership works as a store of value. In reality, the tokens are a combination of utility and value, with NFT membership cost creating monetary value for the club host or owner.
Wrapping Up
The NFT world is witnessing a dynamic shift, with the new utility of NFT social clubs bringing growth prospects for the technology. Both members and club organizers with the NFT application surpassing use only in membership. In reality, the NFT social clubs are finding more use cases with future prospects looking to improve and enhance NFT membership use.