Brands are now using the most cutting-edge technology to give timeless experiences to their top-tier clientele—a class of 15 million large spenders with trillion-dollar purchasing power—in order to create products that go beyond the ordinary.

NFTs as social capital and status symbols

According to CEO Cher Ng, one intriguing use case involves Amber Lounge, a luxury lifestyle brand, which has started to provide non-fungible tokens (NFTs) with lifetime VIP club membership and access to its high-profile, exclusive events.

Amber lounge

Amber Lounge arranges opulent events around the Formula One world, providing a unique platform for A-list celebrities and athletes to mingle. Amber Lounge is promoting NFTs as the next big thing on the high-end nightlife market. Lewis Hamilton, Nico Rosberg, Justin Bieber, Kim Kardashian, Richard Branson, Gordan Ramsay, and others have appeared at events hosted by the company in the past.

Only 1,888 NFT memberships are available for purchase by invitation under its “Amber X” NFTs concept, which is built around exclusivity. Users purchase status, according to Cher Ng, since NFTs give them lifetime access to wealthy and powerful people, including billionaires and famous people.

While most people view the blockchain as a place to make financial investments, Amber X views it from the perspective of social capital. This is in line with the recent push to define wealth in terms other than monetary value. Cher Ng explained to Be[In]Crypto:

“We do believe that these NFT memberships offer much value given that they will grant our members direct access to a community of high-profile and successful individuals through our Amber Lounge signature events, networking events, private dinners, and more. The fact that these are lifetime memberships also means that there is massive potential for that value to keep growing.”

Exclusiveness through VIP clubs

The $243 billion luxury goods business could contribute to exclusivity by giving customers access to rare products before they are officially released. The most valuable customers are given unique shopping opportunities and exclusive privileges at companies like Gucci and Prada.

VIP clubs take advantage of this exclusivity, which is part of their allure – VIP Access, the chance to mingle with A-listers and the elite. Since NFTs have become more popular over the past two years, people are now interested in both the inclusive and exclusive features of the blockchain, as well as the status and cultural capital that the tokens grant the best bidders.

For 30 select “top-tier” NFT holders, according to Cher Ng, Amber X has reserved additional benefits, such as VIP tables at Amber signature events valued at up to $30,000, invitations to exclusive parties, and limited-edition, specially-designed champagne box set NFT drops.

He also said that the idea came after Catcha, a significant online company in Southeast Asia, bought Amber Lounge this year.

Following important cities like Monaco, Singapore, Abu Dhabi, Mexico City, and Shanghai, Amber Lounge hosts post-match and trackside Formula One parties. These events often include an innovative fashion display starring Formula One drivers and an all-night party with live DJs. The business expands the experience to various locations over the following month, including Miami, Las Vegas, Bali, and Ibiza.

Membership that is re-downloaded

According to Amber Group managing director Jeannette Tan, the Grand Prix’s Singapore event this year would include performances by “international music artists, immersive theatrical cabaret, and cirque-themed shows” at Amber Lounge.

In an effort to extend outside the Grand Prix, the company will also take a number of cryptocurrencies as payment.

“With everything being digital and paperless, losing membership is never a concern… It can be quickly downloaded again via the cloud, according to Amber Lounge. And with the help of blockchain technology, it is currently possible to confirm membership and identity with utmost confidence, even when ownership of the membership has changed due to private transactions or gifts.

Players in the high-end luxury sector are basing their resurgence on cutting-edge technologies like the blockchain as Covid-19 fades. The technological advantage could be crucial in attracting millennial and generation Z large spenders.

Source: Beincrypto

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