HNWIs frequently rely on concierge networks to save time, travel, and access events and services that are otherwise inaccessible. Demand for concierge memberships declined through the 2010s following the 2008 recession, but the market is steadily on the rise again. A recent market report by Spherical Insights & Consulting forecasts aCAGR of 6.10% in the concierge market during the period of 2021-2030.
In a surprising upward market turn, demand for concierge services boomed following the pandemic, which saw HNWIs seek refuge in private yachts, jets and other exclusive spaces. In addition, trends show that the newly financially mature millennial generation are 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 However, while business is booming, the structure of the industry is growing increasingly outdated.
The issue with the traditional concierge memberships
Traditional concierge memberships are notoriously expensive, but they come with no real sense of ownership. Mid-level luxury concierge memberships in the UK can easily set back members up to £25,000 per year, while other high-end memberships can cost an eye-watering lump-sum of £400,000 for lifetime access. Drunken Monkey Members’ Club is an NFT project that’s on a mission to revolutionise the concierge industry by tokenizing concierge memberships through Ethereum-based NFTs which double-down as your access pass.
A membership that is sellable on the secondary market
The Drunken Monkey concierge network extends across twenty global destinations and is managed through a user-friendly app that gives members personalised invites to exclusive events, travel destination guides and more.
The London-based NFT project first launched eight months ago, minting 1,000 NFTs in their private round. There are 5,995 NFTs in the total collection, with each one corresponding to a life-time access concierge membership. This membership is a 24/7 digital asset that is fully tradable on the secondary market, enabling members to fully redeem the cost of their membership if and when they no longer find use for the services on offer. Considering the underlying value of these NFTs, the price they could reach is anyone’s guess.
More than consuming experiences: DMMC have drawn up plans to launch a Monkey DAO in 2023, which will be an incubation fund for early stage digital asset tokens, driven by a token called NUTS. Since launching, the DMMC floor price has increased month-on-month, even while other blue-chip projects have seen steep decreases.
While the crypto market is volatile, it’s clear that the desire for concierge services – to travel, dine and enjoy with ease – isn’t. The Drunken Monkey Members’ Club may just mark an seminal overlap between two industries that were once far apart.