This NFT could be worth more than PS50,000

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A few of the most prominent names that come to mind when we think about blue-chip NFT projects are CryptoPunks and Beeple. These projects attract new investors and artists to the crypto space. They believe that all they have to do is create cool apes and set up a Discord community. The reality is that most projects that mint on any blockchain don’t achieve blue-chip status. Even if their artwork is good, they are not even close. There are many reasons why this is so, but the most important one is the absence of meaningful utility. Utility is an NFT that has a purpose beyond the artwork in a defined ecosystem. Common utility NFTs are related to metaverses, fine art, and real estate. However, the definition of ‘utility’ is always changing. Drunken Monkey Members Club is one NFT project that is redefining what it means for a utility NFT. Drunken Monkey, a blockchain-based NFT project founded by Gavin Berry, a serial investor and entrepreneur, offers its members lifetime access to a real-life concierge system through NFT ownership. Concierge meets cryptocurrency. Drunken Monkey concierge members have access to exclusive events or sold-out venues, help with travel and transport, and personalised dining and guide services. Traditional concierge memberships have a renewal fee, but Drunken Monkey memberships are lifetime access and can be flipped on a secondary market. The project’s first round of 1,000 NFTs was launched eight months ago. It’s a surprising achievement considering that BAYC and other blue chips are struggling to maintain their floor price in the crypto winter. This rising floor price has less to be attributed to crypto and more to the concierge industry. According to Spherical Insights & Consulting, concierge memberships are in high demand. A market report for 2021-2030 predicts a CAGR at 6.10%. Members can easily afford mid-level luxury concierge memberships in UK for as low as PS25,000 per annum, while higher-end memberships can be expensive at a staggering lump-sum of PS400,000 per lifetime. It is reasonable to expect that the floor price will rise as members trade their memberships on secondary markets. There are 5,995 NFTs within the DMMC collection, which corresponds to 5,995 individual concierge members. The crypto winter taught us that nothing is certain or predictable. However, DMMC has shown that real-life utility demand will continue to be high regardless of crypto market. Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.