How it Works
Intro
Ownership of this NFT represents exclusive access to “The NFT Yacht Club” community and access to a members-only yacht lounge. As an NFT member you will have access to our fine dining restaurant located on the first level, a bustling cocktail cigar lounge on the second level, a premium nightlife experience on the third level and enjoy the outdoor sky deck on the fourth level.
Food and Beverage will be sold separately and are not included in the token price. Payment for F&B will be accepted in cash or any major Credit Cards and Debit Cards. As regulation becomes more clear we will aim to add crypto-currencies for payments.
Food and Beverage will be sold separately and are not included in the token price. Payment for F&B will be accepted in cash or any major Credit Cards and Debit Cards. As regulation becomes more clear we will aim to add crypto-currencies for payments.
Why NFTs?
As an NFT, the membership becomes an asset to the token holder as opposed to traditional memberships. Allow the token holder to use, sell, transfer or lease the NFT on the secondary market. By utilizing NFTs we are not only expanding the use of NFTs in real world businesses but also allowing us to interact and communicate with our community in a much more efficient and secure way!
Breakdown
NFTYC memberships are purchased with a cryptocurrency called Ether (ETH).
What is ETH and how do I get it?
ETH is the cryptocurrency of Ethereum.
What is ETH and how do I get it?
You will need a private hot wallet to receive your membership token. We’ll explain more below.
The memberships for NFTYC are in the form of a Non-Fungible Token (NFT). They will be available on our website in January 2022.
What is an NFT?
A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to establish a verified and public proof of ownership.
When the drop happens (aka when the membership is available for purchase), you will need to have enough ETH in your own hot wallet to check out.
What is a hot wallet?
A hot wallet refers to a virtual currency wallet that is accessible online, and it facilitates cryptocurrency transactions between the owner and end-users. A collection of private keys stored on a program connected to the internet is used to store and send different currencies such as Ethereum, Bitcoin, etc.
There are two wallets you will need. One to purchase the cryptocurrency ETH (we recommend Coinbase) and the other to purchase the NFT (we recommend Metamask).
There are two wallets you will need. One to purchase the cryptocurrency ETH (we recommend Coinbase) and the other to purchase the NFT (we recommend Metamask).
Why do I need a hot wallet? Can’t I just transfer money from my account from a crypto exchange?
Hot wallets is how you would store NFTs. When you buy ETH from an exchange, the ETH is often stored in an account balance for you. These account balances might not be set up to receive NFTs if you use it to send funds.
Once you own the NFTYC Membership NFT, you will be able to make reservations on our website. Non-token holders will not have the ability to make reservations.
When will yacht events start?
We are planning to open in Q1/Q2, 2023.
How long does the membership last?
For the lifetime of the yacht club.
There will be no transaction fees involved to make a reservation, however members will need to have access to the wallet where their membership NFT is kept in order to verify ownership.
As a NFT, the memberships are tradable on the secondary market.
What does it mean by the secondary market?
Once a person purchases the original token from NFT Yacht Club, all future transactions happen on a secondary market, such as Opensea.io.
OpenSea is the first and largest peer-to-peer marketplace for crypto goods (like an eBay for crypto assets), which include collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell these items through a smart contract.
OpenSea is the first and largest peer-to-peer marketplace for crypto goods (like an eBay for crypto assets), which include collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell these items through a smart contract.
After the process is successful, the Membership NFT will be automatically transferred into your hot wallet.
What does it mean by the secondary market?
I already bought some ETH (base price + estimated gas).
I have a compatible wallet already installed on my device or browser (MetaMask recommended).
I have kept my password and seed phrase for my wallet secure.
I understand that NFTYC has no ability to reset my wallet password or recover my seed phrase.
I have moved the funds into my compatible wallet.
Reservations & Entrance Policy
Only holders of the NFTYC membership can make reservations.
The reservation is made online through our private members portal. Members will need to connect their hot wallet to verify ownership prior to every reservation.
The member must also be present for the reservation, therefore guests of the member may not be seated until the token holder arrives.
The member must also be present for the reservation, therefore guests of the member may not be seated until the token holder arrives.
How do I make reservations?
Only active members are allowed to make reservations. These reservations are not done “on-chain” therefore there will not be any transaction fees to make a reservation. Members will need to create an account and sign in to NFTYC’s website in order to make reservations.
We will have more information once we are closer to opening the grand opening!
We will have more information once we are closer to opening the grand opening!
FAQ
What is a Non-Fungible Token (NFT)?
A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use technology to establish a verified and public proof of ownership
How many different types of tokens are there?
There are two types of tokens: The Gold Edition and the Platinum Edition.
Do all tokens come with the same utility?
Yes, the main difference between both editions is the number of guests they can bring, with more unique benefits coming to both tokens.
What is the Mint Price?
Price is TBA
When is the Mint?
The Mint Date will be announced shortly! (Q4 2022 )
What is the Supply and Available Supply?
The total supply is 10,000 ( 8000 Gold & 2000 Platinum ) with 500 kept in our reserves.
What is the max per wallet and transaction?
Two per wallet with no limit on the number of transactions.
Where will The NFT Yacht Club be located?
The Yacht will be primarily docked in New York, New York and travel down to Miami, Florida in the winter.
Should I buy an NFT even though I am not in the USA?
As web3 continues to evolve we will see many platforms like Opensea implement leasing mechanisms where a token holder can lease “rent out” their token to a non-token holder on a monthly basis, this could potentially create a new stream of income for many of our holders. We also expect a potential appreciation of the token value due to the amount of utility that comes with ownership of the token. After we successfully establish our presence in New York and Miami we will strategically begin to expand internationally.
Can I lease my token to someone else if I can’t use it for the month?
Yes, you can lease your token on the secondary market.
If I sell my token, are there fees associated with the transaction?
- Yes, all secondary sales on Opensea include 2.5% to Opensea and 7.5% to The NFT Yacht Club, both of which are paid by the seller.
What does ownership of this NFT grant me?
Your token gives you membership and access to The NFT Yacht Club, a USCG Certified Yacht with 4 levels which include the Main Dining Room, The Cigar Lounge, The Night Club and The SkyDeck Rooftop Lounge. All Food and Beverage costs are additional.
How does a token holder pay for their food and beverage on the yacht?
To start, all payments will be in USD not cryptocurrency. We will implement cryptocurrency payments in the short future.
Will there be any special amenities onboard?
We will have crypto ATMs onboard, NFT vending machines, and more!
Is there an age requirement to be a token holder?
To board the Yacht the token must present a valid form of ID 21+ and older, as do his/her guests.
If I don’t want to be a member any longer, can I sell my token? If so, how?
You can sell your token on the secondary market (i.e: Opensea.io)
How long is my membership valid for?
Your membership will remain valid as long as you are a token holder.
When will The NFT Yacht Club open?
Late Summer - Q4 2022
Will non-members have access to the restaurant?
Non-members will only have access to the yacht if they are a guest of a token holder.
How do the reservations work?
Reservations are made on a first come, first serve basis to all token holders. You do not need a reservation to enjoy the restaurant, however, you are also not guaranteed a table without a reservation. If there are available tables while you are enjoying the rest of the yacht, token holders will be offered any available tables that exist.
How far in advance can I make a reservation?
You can make your reservation up to 15 days in advance of the day you would like to visit.
Is there a limit on the number of reservations a token holder can make?
NFT Yacht Club members can make as many reservations as they’d like
How many guests can you bring with the Gold Membership?
Gold Token Holders can bring up to 1 guest.
How many guests can you bring with the Platinum Membership?
Platinum Token Holders can bring up to 9 guests.
