In the high-end luxury market where money is no commodity, it is sometimes about the things that cash cannot buy. Tech magnate Elon Musk recently reflected on his past spending and shared his new perspective on the primacy of experiences over commodities.
Tasked with designing products that go beyond the ordinary, brands are now delivering the latest technology to deliver timeless experiences for their top-tier customers – a segment of the trillion-dollar 15 million big spenders .
NFTs as Status and Social Capital
In an interesting use case, Amber Lounge, a luxury lifestyle company, has started offering a lifetime VIP club membership non-fungible token (NFT) along with access to its exclusive high-profile events, according to CEO Cher Ng.
Ember Lounge, which is pitching NXT as the next big thing on the high-end nightlife scene, hosts luxury events around the Formula One universe, an exclusive platform for A-list celebrities and athletes to interact. provides. Past names at the firm’s events have included Lewis Hamilton, Nico Rosberg, Justin Bieber, Kim Kardashian, Richard Branson, Gordon Ramsay and others.
Its NFT concept, codenamed “Amber X” around exclusivity, is for sale by invitation-only 1,888 NFT memberships. Cher Ng said users buy Status because NFTs give them lifetime access to high net worth and influencers, including billionaires and celebrities.
While blockchain is the financial investment destination for most people, the angle of Ember X is social capital. It follows a new emphasis on transforming money into a dimension beyond money. Be. talking to[In]Crypto, Cher Ng said:
“We believe that these NFT memberships provide enormous value as they will give our members direct access to a community of high-profile and successful individuals through our Ember Lounge signing events, networking events, private dinners and more. Facts The fact that these are lifetime subscriptions also means that there is a huge potential for that value to continue to grow.”
Exclusivity through VIP Clubs
With an estimated value of $243 billion, the luxury goods market can help make room for exclusivity by providing customers with pre-launch access to exclusive products. With brands such as Gucci and Prada, unique shopping experiences and exclusive privileges are offered to the most valuable customers.
VIP clubs take advantage of this uniqueness, which is the great appeal of VIP clubs – VIP access, the opportunity to walk side by side with celebrities and high society. Following the rise of NFTs over the past two years, interest is now not only on inclusive but also on specific aspects of the blockchain, which award tokens to the highest bidders.
Cher Ng said Ember X has set aside additional privileges for 30 special “top-tier” NFT holders, including VIP tables, private event invitations and limited-edition custom-designed Amber Signature events for up to $30,000 Champagne Box Set Contains NFTs. Drop.
He said the initiative follows the acquisition of Amber Lounge this year by Cacha, a leading internet conglomerate in Southeast Asia.
The Ember Lounge’s after-match and trackside Formula One parties follow major destinations such as Monaco, Singapore, Abu Dhabi, Mexico City and Shanghai, usually featuring an original Formula One drivers’ fashion show and an all-night party with live DJs. Is. Over the next month, the company takes the experience to new cities including Miami, Las Vegas, Bali and Ibiza.
Source: Amber Lounge
For the Grand Prix’s Singapore event this year, the Amber Lounge will feature “international musical ensembles, immersive theatrical cabaret and circa-themed performances”, Janet Tan, managing director of Amber Group, told Bee.[In]crypto.
The company will also accept multiple cryptocurrencies as a form of payment, as it seeks to expand to a variety of events beyond the Grand Prix.
“Being 100% digital and paperless, one does not have to worry about losing a subscription… it is easily re-downloaded from the cloud,” Amber Lounge said in a statement. “And thanks to blockchain technology, it is now possible to prove identity and membership with absolute certainty, even after a subscription has been converted into a personal sale or gift.”
As COVID-19 subsides, players in high-end luxury marketplaces are beginning to re-emerge themselves in cutting-edge technology like blockchain. Technological advances could prove decisive in getting millennials and Generation Z big spenders on board.
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