Sandwiched between the famous Hollywood Roosevelt Hotel and the Hollywood Walk of Fame, there’s a new hotspot that boasts exclusivity. The Dancing Seahorse Club, like other popular social clubs, offers members-only perks such as exclusive concerts and exclusive access to event spaces.
But rather than adopting an annual membership fee, the music-focused startup offers lifelong perks to NFT holders.
Legendary NFTs and Premium NFTs
“There are hundreds of benefits of on-chain solutions that will make you want to expand your business into the Web3 world,” said CEO Alex Nahai.
“We can provide benefits through our connections and what we invest in creating the best possible fan experience,” explained Nahai, who worked in the music and entertainment industry before venturing into the blockchain space. .
Dancing Seahorse is based on the seahorse logo, which is also the name of the company. It offers two tiers of membership with 444 “Legendary” NFTs and 8888 “Premium” NFTs with 3 Ethereum.
Holders have thus far received perks such as live performances by rapper Polo G and access to VIP events featuring shows by artists such as Bad Bunny, Jack Harlow and Post Malone.
Dancing Seahorse aims to “change the music industry forever” and specializes in “Utility NFTs” that add real-world benefits and experiences to NFTs.
What is Utility NFT?
When you think of NFTs, some people think of JPEG images or expensive art NFTs, but many NFT creators are starting to offer real-world benefits to their holders. Incentives for long-term holdings are helping to dispel the uncertainty caused by a harsh “crypto winter” and a sharp decline in NFT trading volumes.
NFT, which provides real-world benefits and experiences,Utility NFT” is called. Many are associated with colorful artwork or have collectible value that will please resale investors, but most of that value comes from their broad utility.
Related article: What is Utility NFT[Basic Knowledge]
For example, they can be used as event tickets to prevent fraud or price gouging, or they can have the privilege of exchanging digital items for real-world items one-for-one.
Many art-focused NFT projects, such as the Bored Ape Yacht Club and Doodles, also add practicality to NFT holders, such as exclusive parties and gatherings.
Participation in these events requires proof of NFT ownership. When used as an event ticket, you will often be required to connect your own crypto wallet to prove ownership of the NFT or airdrop the ticket into your wallet.
It’s also the method entrepreneur Gary Vaynerchuk adopted at the VeeCon conference last year. Participants were required to have VeeFriendsNFT in their wallets and present airdropped VeeCon NFT tickets at the entrance.
Third Party Exclusion, Fraud Prevention
For Dancing Seahorse and other music Web3 startups, utility NFTs are a way to do away with paper tickets. Moving tickets to the blockchain will reduce reliance on fee-based ticketing platforms and prevent customers from encountering ticket fraud that continues to plague the music industry.
It is for the same reason that the ticket platform Groovoo has started to support NFT tickets. Organizers can sell tickets on NFTs, verify ticket ownership, and even record all past transactions.
Groovoo co-founder Arthur Sampaio says blockchain technology contains a solution to problems such as ticket fraud and theft.
“We are committed to a highly secure method of storing tickets that cannot be tampered with. Can it be stored? It is also a very essential feature of blockchain.” (Mr. Sampaio)
Utility NFTs are also playing a role in solving problems in the hospitality industry that plague gourmets.
In New York, reservations at some popular restaurants have become nearly impossible. But some companies are offering priority booking options to NFT holders.
Front Of House, an NFT events company that caters to gourmets, is selling NFTs with the benefit of 24-hour advance reservations at high-end restaurants that normally have to wait months. In addition, there are benefits such as member-only events, tasting sessions for menu development, and goods.
Front of House co-founder Phil Toronto said selling NFTs where fine dining restaurants can book reservations would help broaden public access to gourmet culture and foster similar interests. It is said that it will be useful for putting together a gourmet community that has.
“We do our best to bring the word ‘utility’ to life. We play an active role in showing what is possible in the real world and connecting it with the world of digital tokens.” (Mr. Toronto)
The Front of House website is lined with NFTs offering access to fine dining in New York, including Dame and Emmett’s on Grove. Other NFTs include NFT images shot by food photographer Evan Sun and a polygon-based Wildair’s Donut Club that comes with special goodies.
Another example is Vaynerchuk’s VCR Group’s Flyfish Club, a private New York dining establishment. The restaurant is only available to its own NFT holders, and the floor price of the NFT is 3.5 Ethereum at Open Sea at the time of this writing.
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Utility NFT projects are often successful at building cohesive communities. A shared sense of belonging and solidarity among holders creates new opportunities for connection and encourages collaboration.
In the case of Dancing Seahorse, exclusive experiences allow music fans to get to know each other and access exclusive performances from their favorite artists.
“With Web3, the experiences we provide can give people the opportunity to network,” Nahai said.
Popular NFTs may be of interest to short-term investors. But creating a unique, shareable experience is considered a selling point and front of house for many holders of utility NFTs.
“At the end of the day, it’s not about making money. It’s about having assets that give you something you can actually do,” Toronto said.
｜Translation and editing: Akiko Yamaguchi, Takayuki Masuda
｜ Original: NFTs IRL: How Digital Collectibles Are Forging Offline Experiences
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