“I first heard about NFTs on the news when Beeple sold his digital art for $69 million,” says local musician and entrepreneur Jaye Foo.
Although they’ve been around since 2012, NFTs only came to mainstream attention early last year.
Following the sale of Beeple’s Daily: first 5,000 days in March 2021, the NFT space exploded in popularity. As it stands, millions of dollars worth of NFTs are traded every day.
Some projects offer nothing more than a profile picture, while others use funds to develop technology and build real-world brands.
“I remember seeing an old friend of mine posting on Instagram a bunch of really bad NFTs he bought,” Foo shares. “I was curious why he bought them, and he told me that a project was appreciated by his community.”
The community plays a vital role in the success of any NFT project. It’s sort of the equivalent of the marketing division of a traditional company. As the founders work on delivering their roadmap, it’s the NFT holders who are bringing attention to the project via social media.
The Parlor Singapore: a meeting place for NFT enthusiasts
Foo launched The Parlor Singapore as a space for NFT communities to thrive and exist in the real world.
I think this will be the go-to place for anyone wanting to meet like-minded people in the NFT and Web3 space. As humans, we communicate best in person, so meeting in real life will create stronger, more meaningful bonds.
– Jaye Foo, Founder of The Parlor Singapore
Although characterized by anonymity in their early days, Web3 communities have since come out of their shell. The founders of the project began to reveal their identities to build trust among supporters and assure them of the legitimacy of the project.
The Parlor has already hosted a number of events in conjunction with local NFT projects. For example, Singaporean influencer Tammy Tay hosted a community dating session for her TTTreasures project.
The Parlor Singapore played a pivotal role in helping us organize our first community meeting session. This
allowed us to successfully meet various members of our community. It’s wonderful that the owner is also an NFT enthusiast and we look forward to meeting other project owners in this physical space,” Tay said.
Ultimately, Foo envisions The Parlor as a launching pad for NFT projects and artists, describing it as a “safe space to share exciting new work and discuss the possibilities of technology.”
A glimpse of space
Spanning two floors, The Parlor has a bar that serves craft beer, paired with Japanese and Mediterranean-style cuisine. Along with this, guests will find a dedicated lounge where they can mingle and socialize.
The walls are decorated with custom displays featuring NFT artwork. These come with QR codes that can be scanned to learn more about the artwork or even make purchases.
For some, the Singaporean NFT community may seem like a niche target audience, but it seems that is far from it.
According to Foo, the reception has been overwhelming and they’re seeing “an average of 100 attendees per event,” which is a testament to the thriving NFT community.
With Covid-19 restrictions set to lift, events at the Parlor are sure to get even more exciting. Asked about his favorite, Foo says, “It had to be the Karafuru NFT event because the founders came from Indonesia. Community participation was phenomenal. We also held a dance for members to win spots on the whitelist. »
Crypto payment is in preparation
Web3 can be tricky for newcomers to navigate – from learning how to set up a crypto wallet to spotting red flags for obvious scams. Foo believes in balancing exposure to space with the right knowledge and education.
In due course, he hopes to introduce NFT workshops and lectures at the Parlor.
“NFTs appeal to all ages and businesses of all sizes, including traditional businesses. With the right education and guidance, anyone can find a way to use them,” he adds.
As a Web3-centric bar and lounge, The Parlor pays out bonuses to its staff in the form of cryptocurrency and NFTs. In the near future, the venue also hopes to introduce crypto payments for its customers.
“We plan to partner with a payment gateway to accept crypto and invest collectively for future profits,” says Foo. “I think cryptocurrency is a good investment and I would like to extend this opportunity to my team as well.”
Along with that, The Parlor might also have its own NFT collection planned for the future. Needless to say, Foo has become a strong supporter of space over the past year.
“NFTs will be around for a while,” he said. “This is just the beginning.”
Featured Image Credit: Jaye Foo