In May 2014, digital artist Kevin McCoy created the first NFT ‘Quantum’. Since then, we saw an outstanding innovative shift in how people utilize these non-fungibles! The most recent use for the tokens is as NFT memberships! So, let’s learn more!
Just last month, the NFT marketplace made shock-wave headlines with the top 5 NFT marketplaces reaping over $40 billion in revenue! They are doing pretty well we imagine despite the recent turbulence. The community of creative minds behind those digital tokens knows a thing or two about financial growth! Moreover, they constantly come up with handy ways to implement the use of NFTs in the real world. So, what are NFT memberships anyway?
NFT Memberships: Definition & Advantages
We are all familiar with how companies always hunt for business ventures to further increase their profits. Right? Well, brands began offering NFT memberships to grant exclusive access and perks to holders of these digital assets. Think of it as an opportunity to further tie the consumer to the brand or company!
When you level up your customers from mere buyers to being part of your business ‘Family’, you succeed in boosting brand loyalty! Smart strategy! In addition, you get to reward your most engaged customers with exclusive privileges. Loyalty pays here!
By connecting your crypto wallet to the organization’s platform to verify ownership of a membership NFT, you gain access to a suite of online and offline perks. For example, you can access NFT social clubs in private communities by possessing an NFT membership. Also, there are restaurants using NFT memberships to access premium service amenities like private lounges, delicious culinary experiences, and celebrity dinners.
Not to mention, there are NFT funded films and TV projects where NFT holders are granted access to unreleased content, meet and greets with cast and crew, as well as monetization opportunities over the finished piece of content.
NFT Memberships In Real Life
As one of the first companies to integrate NFTs with an industry-leading loyalty program, Starbucks will create an accessible Web3 community that will enable new ways to engage with members.
The NFT memberships are called ‘Starbucks Odyssey’ and will offer members the ability to earn and buy digital collectible stamps (NFTs) that will unlock access to new, immersive coffee experiences. This new experience will offer Starbucks Rewards members and partners in the US the opportunity to earn and purchase digital collectible assets that will unlock access to new benefits and immersive coffee experiences. Join the waitlist here! It’s worth noting that the program will launch later this year.
Moreover, after the success with its leading Starbucks Rewards loyalty program, mobile payment and ordering, the company perfected how to engage customers. Through this approach, the company will provide easier access to Web3 experiences and bring about a new generation of NFT use to the world.
Taco Bell implements NFT memberships by auctioning off limited edition NFT called NFTacoBells, check it out on Rarible! Each GIF starts with an offering price of $1 and quickly sells for thousands of dollars each; 25 NFT artworks sold out within 30 minutes! Can you believe that!
What makes this membership NFT special is that it offers IRL rewards. This includes a $500 electronic Taco Bell gift card! Moreover, you’ll be joining a social action campaign, the Live Más Scholarship through the Taco Bell Foundation. A win-win scenario!
Shopify is a user-friendly e-commerce platform that helps small businesses build an online store and sell online through one streamlined dashboard. Using it, retailers can build a modern online store and sell on social media sites and marketplaces.
In June 2022, it announced token gating AKA NFT memberships program. In detail, merchants with an NFT collection can give customers access to products and/or services if they own a specific nonfungible token.
Access is granted by customers connecting their crypto wallets and verifying their ownership of designated membership NFTs. Then, this gives them access to the brand’s store (or a specific section of the store).
Doodles x Shopify collection did that at SXSW in March 2022! Fans got to experience the joyful world of Doodles brought to life in a highly immersive experience. Furthermore, they enjoyed mingling with the community, Doodle-themed snacks, refreshments, entertainment, and interactive fun, while learning about the future of Web3 and media entertainment.
Fitness Industry NFT Memberships:
The billion-dollar fitness industry may be the next sector to use NFT-based memberships. Currently, a handful of innovative gym owners have already begun exploring the options. Yes, you’ll be able to gain access to gyms through NFT memberships. And guess what! They likely can’t expire!
Back in November 2021, Gym Bros NFT project was the first ever fitness collection to launch in the NFT space. Today, the Gym Bros collection is sold out on OpenSea, and they are well-underway to achieve their milestones! Eventually, their NFT membership program aims to grant all holders IRL membership to their gym in Gold Coast, Australia!
Imagine this, an NFT-based gym membership means members can buy the token at its floor price and then continue to reap the benefits for life. Canceling your membership won’t be a tedious task! Basically, you can cancel by selling your NFT. And who knows, you might even make a profit depending on the asset’s value over time.
In addition, the entertainment industry also jumped on the NFT memberships trend. For example, movie theater chain “Larry H. Miller Megaplex Theatres” has debuted an NFT membership, which includes virtual and IRL benefits for movie fans. The initial offering includes 300 LHM Megaplex NFTs available on the Ethereum blockchain. Check it out here! The digital asset links ownership to unique physical and digital items, and it is valid for five years from the date of minting.
NFT holders get a bunch of perks like: IRL limited-edition refillable 235-ounce popcorn tub for unlimited popcorn at participating Megaplex Theatres locations, invites to early-access and special engagement movie screenings, Limited Edition Merchandise from Films, as well as access to the exclusive Discord server community.
The blockchain technology is evolving rapidly, and businesses have the opportunity to build stronger long-term relationships with the buyers. What better way than through NFT memberships? Not only are they easily authenticated, but they also ensure a smooth-sailing user experience. Moreover, you can avoid fraud and forging of membership credentials due to the unique algorithm of the tokens. Finally, although NFTs are still fairly new, with their current momentum, they have the potential to transform the traditional membership systems substantially. And we can’t be more excited for what the future holds!