hNWIs frequently rely on concierge networks to save time, travel, and access otherwise inaccessible events and services. Demand for concierge memberships declined during the 2010s following the 2008 recession, but the market is steadily growing again. A recent market report from Spherical Insights & Consulting forecasts a CAGR of 6.10% in the concierge market over the period 2021-2030.

In a surprising market reversal, demand for concierge services skyrocketed after the pandemic, which sent HNWIs seeking refuge on private yachts, jets and other exclusive spaces. Additionally, trends show that the financially mature new millennial generation is more willing to spend money on experiences and services rather than material items than previous generations. However, while business is booming, the structure of the industry is becoming increasingly outdated.

The problem with traditional concierge memberships

Traditional concierge memberships are notoriously expensive, but they don’t have a real sense of ownership. Mid-tier luxury concierge memberships in the UK can easily cost members up to £25,000 per year, while other top-tier memberships can cost a staggering lump sum of £400,000 for lifetime access. Drunken Monkey Members’ Club is an NFT project on a mission to revolutionize the concierge industry by tokenizing concierge memberships through Ethereum-based NFTs that double as your access pass.

A membership that can be sold on the secondary market.

Drunken Monkey’s concierge network spans twenty global destinations and is managed through an easy-to-use app that provides members with personalized invitations to exclusive events, travel destination guides and more.

The London-based NFT project first launched eight months ago, minting 1,000 NFTs in its private round. There are 5,995 NFTs in the total collection, each corresponding to a lifetime access concierge membership. This membership is a 24/7 digital asset that is fully tradable on the secondary market, allowing members to fully redeem the cost of their membership if they can no longer find use for the services on offer. Considering the underlying value of these NFTs, the price they could fetch is anyone’s guess.

More than just consuming experiences: DMMC has drawn up plans to launch a Monkey DAO in 2023, which will be an incubation fund for early-stage digital asset tokens, powered by a token called NUTS. Since its launch, DMMC’s floor price has increased month-on-month, even as other top-tier projects have seen steep declines.

While the cryptocurrency market is volatile, it’s clear that the desire for concierge services (for leisurely travel, dining, and entertainment) is not. The Drunken Monkey members club may mark a fundamental overlap between two industries that were once far apart.



This post How NFTs are revolutionizing the concierge industry

was published first on https://coinpedia.org/non-fungible-token-nft/how-nfts-are-revolutionising-the-concierge-industry/

Author

Write A Comment