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News Report

Are New York City’s Social Clubs the Next Target for NFTs?

2 mins
Updated by Andrew Rossow

In Brief

  • New York City will play host to the Maxwell Tribeca social club, which will require cryptocurrency to enter.
  • The 8,000 square-foot establishment is modeled after eating clubs called "txokos" in Spain.
  • The NYC social club will open in July 2022.
  • This marks a radical shift of utilizing NFTs to represent ownership in exclusive membership experiences.
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NFTs are making its way into NYC nightlife and social club scenes with a new 8,000 square-foot establishment that will require crypto for entry.

The New York nightlife scene is about to be seasoned with a pinch of crypto-exclusivity, with NFTs about to make its mark on Maxwell Tribeca, New York’s newest social club, according to Bloomberg. The club is modeled after dining clubs known as txokos in San Sebastian, Spain.

The club will be opening up in the Big Apple in July 2022, but is no ordinary establishment. From what we know, the club will require patrons to own a non-fungible token, or NFT, to be granted entry into the 8000-square-foot space. It bears the sheen of being at a prestigious location, having classy décor, offering members-only benefits, and having a well-versed founding team.

Upon entry, NFT holders will have access to godlike experiences reserved for the upper echelons of society – patrons will be able to have their own liquor lockers, as the establishment will not have a physical bar. The user will be able to use his liquor locker to pour themselves a glass.

“We’re trying to create thousands of second homes, not third spaces, where people belong, and NFTs are a means to an end, “ says David Litwak, the club’s founder.

With a monthly fee of $250, membership at the club starts at $1,000 for shared liquor lockers. After that, small liquor lockers will be available for $5,000, and large lockers for $8,000.

Got your Flyfish Club NFT?

Flyfish Club is another restaurant that will use NFTs as an entry pass, brought to the space by Gary Vaynerchuk and VCR Group. It will be a luxury seafood-inspired dining establishment. The company issued 1501 Flyfish Club NFTs in Jan. 2022, and wants to open its doors in 2023.

A regular membership token goes for $13600 on secondary marketplaces. Another membership token could be had for $29500, which will get the holder a multi-course sushi meal, known as omakase. Owners can sell or lease NFTs to transfer membership.

Vaynerchuk, in addition to VCR Group CEO David Rodolitz says that a big part of the club’s appeal is “social currency.” In other words, people will have the ability to communicate what they like through their assets – specifically, NFTs.

Unchartered territory for restaurateurs

It must be said that the concept of creating a physical experience based on ownership of a digital asset is unchartered territory. Traditionally, owners of popular NFT collections have convened in online communities or the metaverse. That being said, approximately $15M has been raised through the NFTs so far. This shows a healthy demand, even if some owners may not attend the club.

Rodolitz admits that the club must live up to expectations. He anticipates an expensive 10000-foot space at a yet-to-be-determined location in Manhattan. NFTs will also grant holders access to exclusive parties and wine-tasting.

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