NFT Memberships: What are the different models used?

In the NFT ecosystem, there are different models of how to use it to verify asset ownership and grant owners exclusive rewards or other benefits. In this article we will review what is currently in the NFT membership market.

Blockchain technology and NFTs have opened up a range of opportunities for users and projects that seek to benefit their clients in a new and innovative way through non-fungible tokens. In this opportunity, we will see which models currently exist in the market, since, being tradable assets, NFTs in most cases, can be sold to another person when the membership is no longer needed.

The different companies developed in Web3 use NFT-based memberships in several possible ways and in this article we will see how they do it and in what way they offer this type of services to their clients.

NFT as online membership cards

One of the ways in which NFT-based membership is used is by unlocking access to different online communities that are exclusive to digital asset owners. The communication channels typically used by crypto projects are Discord or directly private clubs specially developed for membership.

Currently, the best known example is the membership of the NFT collection BAYC (Bored Ape Yatch Club), which gives members exclusive access to special merchandise and collaborative graffiti boards.

Also, the Azuki NFT collection is another great example, since, if you have one of the 10,000 NFTs of the project you will be able to enter a special metaverse named GARDENwhere different streetwear collaborations, other non-fungible token releases and even live events take place.

Steve Aoki, one of the world’s best-known DJs and a renowned cryptocurrency advocate and investor, has created A0K1VERSEa metaverse controlled by tokens. As a result, users who own a “NFT passport” token will gain access to unique experiences in the metaverse. Passports have 6 levels of rarity, with each offering different benefits depending on their passport level.

Passports of A0K1VERSE

Unlock exclusive content

While we have already seen the ways in which the other examples unlock benefits and exclusive content, the reality is that there can be an infinite number of ways to do this. In addition to the ways, there are also different services and benefits that projects choose for their communities.

Stoner Catscreated a website controlled exclusively by NFTs where cardholders can view exclusive animations.

Currently, there are 10,420 initial NFTs, but they have already announced that a second batch of 3,000 more NFTs will be added to the collection. An NFT of Stoner Cats token will give you access to view exclusive content from the project’s animation team forever. In addition, the non-fungible tokens will function as lifetime passes and will be used for future virtual and physical events of the project.

Access to IRL events

As I mentioned in the last sentence of the previous point, there are physical events that can only be entered by obtaining an NFT from the project.

Flyfish Clubfounded by famed entrepreneur and crypto enthusiast Gary Vaynerchuk, is a private dining club. Gary VaynerchukThe Flyfish Club is a private dining club and each NFT represents a membership with access to various dining venues such as bars, restaurants, outdoor venues and other private events that will be held in the future.

In addition, NFT owners have the benefit of bringing up to 8 people as guests and making reservations for all of them.

Another project led and co-founded by Gary Vee in the NFT ecosystem is the VaynerSports Passwhich comes with real-life benefits. Owners of the non-fungible tokens have the opportunity to participate in different sweepstakes and win tickets to sporting events. Also, they can win the chance to meet different professional athletes who are at the event.

Flyfish Club, the only gastronomic club with NFT passes

Vote on proposals made by and for the community.

Teams creating Web3 projects typically distribute voting power through fungible tokens. However, some companies are beginning to implement NFT memberships to provide voting rights, especially in DAOs.

A clear example is LinksDAOLinksDAO, a community of golf enthusiasts, which offers two levels of NFT memberships with governance rights. One membership has 4 times more governance power compared to the other. However, both grant benefits to other features such as access to special products, educational courses, virtual and IRL events and merchandising discounts.

LinksDao, for Golf and NFT lovers

Mint Passes

This way of obtaining an NFT membership is growing in popularity, as the public sale dates of highly anticipated collections are often difficult for small investors, especially since buying an NFT becomes too competitive thanks to high gas rates or bots that are timed just right to take NFTs.

Consequently, crypto-users are looking daily to obtain a place on the whitelist that allows them to mint NFT before public release. In addition, they tend to have a lower cost as opposed to selling on secondary markets.

Some projects communicate that whitelisted spots are for the most active members of the community, while others require having another previous NFT from the project.

In the case of the second option, MintPasses come into play and are also issued as NFTs. In addition, MintPasses are usually well priced, as they are very valuable and can be traded on secondary markets.

An example of this NFT Membership mechanism is the one it made when it launched the Pixel Vault when it launched the Meta Herocollection, with MintPasses. What the team of this project did was to communicate that all NFT holders from PUNKS Comic Issue #1 could claim and be eligible for the Meta Hero collection. As a result, there were a total of 9,638 MintPasses delivered to the community.

Meta Hero Universe, Pixel Vault’s project with Inhabitants

Innovating in traditional memberships

We have reviewed several examples of how Web3 projects have been created to offer different types of NFT memberships. Likewise, we can also find examples of how traditional models are innovating NFT subscriptions for their audiences.

For example, the team at StepNhas created the NFT marketplace called MOOAR and announced that it will charge a subscription of $29.99 USD per month. This flat monthly fee is too low for many traders and the new marketplace may be interesting to attract long term users thanks to the overall cost reduction which means a reduced transaction fee for each transaction.

Finally, another example is that of the world’s largest centralized exchange, Binancewhich combined a concept similar to that of Mint Passes and merged it with a membership idea through their subscription mechanism so that users can have the same chance to get an NFT on primary sales of projects.

All investment or financial opinions on behalf of NFTexpress should not be taken as recommendations. This article is informational/educational material. Before making any type of investment do your own research.

Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.