Why Does SUPERF3ST Use NFTs for Membership?

To begin, it's important to acknowledge the controversy surrounding NFTs in recent years. Media coverage has portrayed NFTs as scams, frauds, and Ponzi schemes, contributing to their rapid fall in public perception. 

The reality is, many of the stories that you’ve read are true. There’s a legitimate reason to be skeptical of purchasing NFTs. Any new, in-demand trend that drives irrational investments and offers a quick path to financial freedom is destined to attract bad actors. And despite this, not all NFTs are bad nor defined by these characteristics.

Taking the initiative to do your own research is critical. Ask questions and make sure that you feel comfortable with any purchases you make. Moreover, it’s important to research the people and team behind the business in addition to the technology being used to support it. 

The intention of this article isn’t to change your mind or convince you of anything. The goal is simply to educate and on why SUPERF3ST uses NFTs and blockchain technology to support the community membership experience.

BACKGROUND

SUPERF3ST and its community are bound by the collective ambition to drive innovation throughout the live entertainment industry. Regardless of how exciting this pursuit may be, driving innovation in any industry is challenging and requires commitment. 

Despite our team’s collective track record building businesses, brands and live experiences over the past two decades, we are pragmatic. We understand that pursuing innovation comes with risk. 

WHY NFTS?

NFTs are being used to enable SUPERF3ST’s membership experience due to their unique functionality that provides members with a more value-centric experience designed to mitigate risk and grants members control over their experience.

NFT MEMBER EXPERIENCE

When you buy a SUPERPASS, you own your SUPERF3ST membership. If you want to end your membership, you can sell it to someone else on the open market and recoup your investment (market value depending) at any time. 

Ownership also ensures that there are no additional monthly or annual dues to remain active. This allows members to engage on their terms and not waste additional money on the sunk cost of fees when they’re inactive. 

STANDARD MEMBERSHIP EXPERIENCE

In contrast, nearly all of the standard memberships that you engage with today do not provide you with ownership over your membership. Instead, you are required to pay a monthly, annual or upfront fee to keep it active. Furthermore, these fees remain active throughout your membership whether you’re using it or not.

When you decide to cancel your membership - that’s it, it’s over. There’s no way to recoup any of the money you’ve spent during your time as a member because you do not own it.

CONCLUSION 

• NFTs grant SUPERF3ST members value and control beyond the standard fee-based membership model.
• Once you purchase a SUPERPASS, you own your membership rights.
• There are no recurring fees and sunk costs when you’re inactive. 
• Owning your membership grants that ability to sell it on the open market and recoup the initial investment at any time (market value dependent).

With the purchase of a SUPERPASS NFT,  additional SUPERF3ST membership benefits and utilities will be unlocked to enhance your connection with music, art and live experiences.