What is an NFT Hospitality Membership?

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5 Jul 2022

An NFT hospitality membership is when an NFT is utilized in lieu of a traditional membership card to gain entrance to a club, restaurant, hotel, or to access certain privileges allowed only to members. The token can be redeemed using a smartphone, or other electronic device, instead of displaying a tangible card. Cryptocurrency can be used to pay for membership, and there are many membership tiers with different benefits available. All membership tokens are one-of-a-kind and cannot be replaced, though it may be possible to rent them out to friends and family, or sell them online.
NFTs have, up until recently, been almost solely used to distribute collectible digital goods to consumers, including photographs or audio files. However, as the technology matures, corporations are beginning to realize that in order for NFTs to be functionally useful in the long run, they must go beyond this collectible component. NFTs are a type of hospitality technology that can power client loyalty programs. Each client receives an NFT and a lasting, one-of-a-kind blockchain inscription when they join a program. The NFT, therefore acts as the client’s proof of membership in the program, and pertinent information regarding trips and savings can also be managed electronically.
Since the technology is still relatively new, NFT hospitality marketing is still a field that has not been fully explored. However, these tokens have a lot of promise for the hospitality industry and can assist companies in connecting with their customers, promoting new goods and services, raising brand awareness, and collaborating with other businesses or artists. As an alternative, digital collectibles might be offered for sale alongside hotel rooms to increase interest and offer incentives for reservations. NFTs can be broadly categorized into two groups: collectible digital goods and digital assets with a distinct purpose. The hospitality sector is well-positioned to benefit from both sorts.
Games, virtual reality-powered gathering places, and a plethora of other virtual worlds can all be found in the Metaverse, making it possible for in-game or virtual goods to be sold. To raise brand awareness, products can be offered as limited-edition NFTs and even imprinted with the business’ name and logo. There are, however, other advertising alternatives. For instance, hoteliers and restaurateurs will be able to develop virtual locations and sell virtual real estate, or even establish a virtual hotel or restaurant inside of the Metaverse.
Well-known brands from every industry have entered the NFT arena this year, and NFTs in the hotel sector may be the newest craze to soar in 2022. This new approach may alter businesses all around the world, from high-end resort NFT reservations, to travel-themed goods and NFT-centered coffee shops. Recently, Gary Vaynerchuk’s VCR Group announced that the Flyfish Club (FFC) would become the first NFT, members-only private dining club and restaurant in the world. The FFC is one of the most unique NFT hospitality marketing instances to date.
The restaurant enables club members to buy a non-fungible token to sign up for membership. To join, one must acquire a Non-Fungible-Token (NFT) on the blockchain, which must then be owned by the token holder in order to have access to the restaurant and a variety of gourmet, cultural, and social experiences. FFC members will have unrestricted access to a 10,000+ square foot private dining room in a well-known New York City location. The area will have a lively cocktail lounge, a sophisticated restaurant, a cozy omakase room, and an outdoor open area.
This example of a luxury hospitality NFT comes amid a time of uncertainty in the hospitality sector. In a report released on Wednesday, research experts at Bank of America predicted that it will take years for both domestic and international travel to fully recover from the pandemic. In response, luxury hospitality hoteliers and restaurateurs have begun to think creatively on ways to improve marketing tactics, geared towards engaging both luxury and leisure audiences. Increasingly, hospitality companies are expanding their marketing methods to include growing their social media presence.
The group behind San Francisco’s first NFT-based club and restaurant, SHO Club, recently revealed more information about the project’s benefits, including how much each of the three membership tiers — dubbed Earth, Water, and Fire — will cost, and the benefits members may anticipate. The restaurant will be located atop Salesforce Park, a four-block green space tucked away on the roof of the Salesforce Transit Center. On the ground floor, there will be a SHO Market retail area. Josh Sigel, CEO of SHO Group, says the team has worked hard to navigate the complexities of adding to the current facilities, but they have events and pop-up shops planned prior to the finished project. He explained that it’s a means to create a sense of community around the SHO Club. Sigel views that as the main objective.
According to Sigel, “The underlying tech inherent to NFTs is more important to us than the currency.” “We aim to make buying as simple as we can for customers,” Sigel, who brings experience in both food and technology to the initiative, believes that the company is drawn to selling NFT-based memberships rather than physical cards because of the security afforded by the blockchain. Additionally, he claims that the technology enables the business to provide members with extra incentives like airdropping tickets to an exclusive event. He asserted, “This is for us, a long-term play. In the world of hospitality, I think we’re seeing a movement toward the recognition that community is an integral part of the success of restaurants and brands,” he says. “For us, we really wanted to develop a close knit group of people we could not only foster a direct connection with … but also create a way in which those individuals could come together.”
It seems sense that NFT hospitality marketing methods are gaining popularity given how NFT technology is upending numerous industries and demonstrating enormous promise in the marketing space. NFTs are already being used for promotions, partnerships, and customer loyalty programs by some of the biggest and most opulent brands in the market, and this trend is only expected to grow over the coming months and years. On December 4th, Marriott International’s travel program Marriott Bonvoy released its debut NFT collection.
Brian Povinelli, Senior Vice President of Marriott International’s Brand, Loyalty, and Portfolio Marketing, said in an interview that this is just the beginning: “Looking ahead to 2022, we’ll aim to continue building a presence within the Metaverse, where it aligns with our brand and marketing goals. As consumer behaviors evolve, we’ll seek moments to engage users with our portfolio of brands in a meaningful way that adds value to their relationship with us.” As Mr. Povinelli notes, NFTs are the best way to establish meaningful relationships with potential customers. The hotel sector may perhaps benefit the most from NFT integration in 2022. After all, there have been pandemic-related restrictions for almost two years, having severely impacted corporate revenue.
Undoubtedly, Marriott Bonvoy is a fantastic illustration of how travel-related companies may advertise themselves through NFTs. The hotel sector will undoubtedly study NFTs in 2022 in a way that has never been done before, now that barriers have been broken. “Technology has been an essential tool to expand the boundaries of our travel experience,” Mr. Povinelli shares. “It’ll be fascinating to watch how it continues to advance and how other hospitality brands choose to engage in the virtual world. If this space can evolve in a way that enhances one’s travel experience or eliminates friction in the planning process, I think it’s ripe for opportunity.”
NFT and luxury hospitality company, Lazy 8ight Yacht Club (L8YC), is integrating Web0 (real world) utility hospitality membership into the Web3 space. In addition to private luxury events in Web0, and one-of-a-kind traversable mega-yacht NFTs, L8YC provides unprecedented yachting services and unique experiences through its exclusive hospitality partnerships. L8YC’s experienced in-house sales team assists with yacht sales needs, whether one is looking to buy their first boat, or trading up for something new. L8YC members enjoy day charters on one of L8YC’s yachts, starting at just $300. With full and half days options available, holders enjoy access to over 500 day charter yachts, both across the U.S., as well as internationally. L8YC’s in-house team of charter brokers help plan the perfect charter, whether an overnight excursion in Mykonos, or a week-long trip to Alaska. Lazy 8ight designs everything, from the itinerary and activities, down to the vessel itself, all while negotiating the best rates.
Additionally, Lazy 8ight offers private chef services. Their catering partner, The Herbal Chef, curates high-end nights to remember, with the option of CBD & THC infusion to enhance multi-course meals. Chris Sayegh, and his team, create luxury catering for events, offering options like caviar stations, raw seafood bars, luxury buffets, prime beef carving stations, king salmon filets and more. L8YC is also pleased to now offer event security, through their partner, Security & Consulting, and their team of experienced military special operations individuals, ex-law enforcement, and retired members of the intelligence communities. Be sure to visit Lazy 8ight Yacht Club’s website at http://L8yachtclub.com for minting and luxury hospitality service inquiries, or visit their Discord, Twitter, Medium, and Instagram pages on social media to stay up-to-date on current L8YC news.