Mandala Club is the latest private members’ club to issue NFT memberships. Holders of the digital collectibles will have access to incredible perks. The NFTs have real-world utility and are not for speculation purposes only. For the first edition of the NFTs, there are a total of 250 pieces selling on a first-come, first-served basis. Dubbed the Genesis Pass, each piece goes for S$15,000 ($11,180 USD) and 50 of these rare NFTs have already been snapped up.
Speaking to reporters, Drew Mills, head of marketing at Mandala, notes that the NFTs offer insights into how Web3 technology builds communities and influences culture within the private club space.
Mandala Club NFTs Combine Physical And Digital Elements
To add more unique value, he Genesis Pass combines the physical and digital, a phenomenon known as “phygital.” In this case, the NFTs offer access to next-level VIP access to real-life and virtual experiences such as parties, summits, festivals, mixers, culinary events, and more. Benefits that go far beyond the regular club membership fee of S$5,500 ($5000 USD).
Mills insists that unlike most NFTs, whose value comes from speculation, the Genesis Pass has real-life utility. This provides holders with the assurance that they are investing in something that exists in the real world.
He adds, “You know where we live, we’ve [shown] our faces, we talk to journalists. I think there’s a level of reassurance, particularly when we’re promoting the utility as being very real in real life.”
That said, existing members of the club have the option to “top up” their initial membership fee to transition to the Genesis Pass. The NFT allows them to access any of the 40 clubs within the Mandala Club network around the globe. Some of these clubs are in London, Paris, Sydney, San Francisco, the Philippines, and many other locations.