NFTs in real life! Digital collectibles are shaping physical experiences

A brand new location between the Roosevelt Hotel and the Hollywood Walk of Fame, is calling itself unique. The Dancing Seahorse Club provides members-only perks like unique access to its very own event space and personal concert experiences. The music-based startup has chosen to provide lifetime advantages to those who own its NFTs.  

CEO of Dancing Seahorse, Alex Nahai, said that on-chain solutions have ample benefits that bring this particular business into Web3 space. Nahai has years long experience of working throughout the entertainment and music world.

The startup aims to offer the ultimate fan experience via its contacts and via what they intend to invest to make it happen. 

Two membership tiers will be offered like profile picture collections displaying the brand’s namesake seahorse logo. 444 iconic non-fungible tokens whose floor price on OpenSea is 88 ETH and 8,888 premium non-fungible tokens being provided at 3 ETH each. Until now, owners have got access to rapper Polo G’s live performance as well as VIP gatherings at international shows with artists like Post Malone, Bad Bunny and Jack Harlow. 

Dancing Seahorse aims to permanently change the music industry and is becoming a part of various NFT projects based on utility NFTs that connect physical rewards and experiences to digital collectibles.

Utility NFTs

A number of NFT creators now provide real-life benefits for collectors who own their non-fungible tokens. Incentivizing long-term possession wards off uncertainty related to the crypto winter to an extent besides a major fall in NFT trading. 

Utility NFTs provide both real-world advantages and experiences. Though a number of them are either connected to colorful artwork or have collectible traits that attract investors towards them, most of their values are from a range of practical applications. For instance, certain non-fungible tokens are utilized in place of event tickets to curb the chances of price gouging or frauds; whereas, other NFTs offer 1:1 digital and physical goods to owners.

Leading art-based NFT projects like Doodles and Bored Ape Yacht Club have launched utility for owners such as organizing special meetups and parties. Such events are usually called “token gated” and can be entered only via proof of NFT ownership.

Users are urged to link their crypto wallets so as to confirm owning a particular NFT and hold an invitation to apply token gating at events. Event tickets are then airdropped into the wallet of an owner. 

No third parties is the way to avoid ticketing fraud

Be it Dancing Seahorse or any other music-based Web3 startup, utility NFTs eliminate the requirement of having physical tickets to enter into events. Tickets on the blockchain reduces the dependence on third-party ticketing platforms that have extra fees and assist to keep away from ticketing scams.

Such concerns made the ticketing platform Groovoo to launch NFT ticketing. Hosts of events can sell tickets in the form of non-fungible tokens, something that supports them to confirm the ownership of tickets and manage past transactions’ record.

Co-founder of Groovoo, Arthur Sampaio, said that blockchain provides integrated solutions to concerns such as theft and ticketing fraud.

Utility NFTs for restaurant reservations and foodies

Utility NFTs are playing a major role in the hospitality industry too by fixing annoying problems related to communities of self-declared foodies.  

Reservations at New York’s most known restaurants have become almost impossible in recent years. A specific firm is utilizing NFTs to sell privileged booking alternatives to NFT owners with other unique experiences.

An NFT events firm, Front of House, has a menu for foodies and sells digital collectibles, providing bookings a day in advance to special restaurants. Talking about other benefits, they include menu preview tasting sessions and members-only social events, etc. 

Co-founder of Front of House, Phil Toronto, shared that by using non-fungible tokens to make reservations will expand mainstream access to the foodie culture other than maintaining food lovers’ communities. 

He added that they are trying their best to justify the term ‘utility.’ They are engaged in finding what might be a possibility in the real word and connecting it with the digital token world. 

The site of Front of House enables users to purchase non-fungible tokens that provide beneficial access to upscale restaurants of New York. Coming to other collectibles, they have Wildair’s Donut Club that has unique merchandise offerings besides collectible images by Evan Sung, a food photographer.

Flyfish Club by Vaynerchuck’s VCR group is one more example. This private dining experience in New York welcomes NFT owners and the current floor price is 3.5 ETH on OpenSea.

Token-gated experiences support community

Utility providing NFT projects gain success at creating close-knit communities. The sense of belonging and associating among owners makes way for new opportunities for both connection and motivating partnership.

Hosting token-gated experience, in the case of Dancing Seahorse, provides music addicts a chance to link with each other and access special performances by the artists they love. 

Sought-after NFTs may attract short-term investors and according to Front of House, the key selling point for owners of utility NFTs is establishing special, shared experiences.