“I first learnt about NFTs on the news when Beeple sold his digital art for US$69 million,” says local musician and entrepreneur, Jaye Foo.
Although they’d been around since 2012, NFTs didn’t gain mainstream attention until early last year.
Following the sale of Beeple’s Everyday: the First 5000 Days in March 2021, the NFT space skyrocketed in popularity. As it stands, millions of dollars worth of NFTs get traded everyday.
Some projects offer nothing more than a profile picture, while others use funds to build technology and set up brands in the real world.
“I remember seeing an old friend of mine post on Instagram about a bunch of really bad-looking NFTs that he bought,” shares Foo. “I was curious as to why he bought them, and he told me that a project was valued by its community.”
The community plays an integral role in the success of any NFT project. In a way, it’s the equivalent of a traditional company’s marketing division. While the founders work on delivering their roadmap, it’s the NFT holders who drive attention to the project through social media.
The Parlour Singapore: A meet-up spot for NFT enthusiasts
Foo launched The Parlour Singapore as a space for NFT communities to thrive and exist in the real world.
I believe that it will be the go-to spot for those wanting to meet like-minded people in the NFT and Web3 space. We, as humans, communicate best in person so meeting in real life will create stronger and more meaningful bonds.
– Jaye Foo, founder of The Parlour Singapore
Although characterised by anonymity in their early days, Web3 communities have since come out of their shell. Project founders have started revealing their identities to build trust among supporters and assure them of the project’s legitimacy.
The Parlour has already hosted a number of events in collaboration with local NFT projects. For instance, Singaporean influencer Tammy Tay held a community meet-up session for her project TTTreasures.
The Parlour Singapore was pivotal in helping us host our first community meet up session. This
enabled us to successfully meet various members of our community. It’s wonderful that the owner is also an NFT enthusiast and we can’t wait to meet more fellow project owners in this physical space,” said Tay.
Ultimately, Foo envisions The Parlour to be a launchpad for NFT projects and artists, describing it as a “safe space to share exciting new work, and discuss the possibilities of the technology.”
A sneak peek of the space
Spanning across two floors, The Parlour features a bar which serves craft beer, paired with Japanese- and Mediterranean-style cuisine. Along with that, patrons will find a dedicated lounge where they can mingle and socialise.
The walls are decorated with custom displays showcasing NFT art pieces. These come with QR codes which can be scanned to find out more about the artwork or even make purchases.
To some, the Singaporean NFT community might seem like a very niche target audience, but it seems like that’s far from the case.
According to Foo, the reception has been overwhelming and they see “an average of 100 attendees per event”, which is a testament to the thriving NFT community.
With Covid-19 restrictions just about gone, events at The Parlour are sure to become even more exciting. Asked about his favourite one yet, Foo says, “It must have been the Karafuru NFT event as the founders came all the way from Indonesia. The participation of the community was phenomenal. We also had a dance-off for members to win whitelist slots.”
Crypto payment is in the pipeline
Web3 can be tricky to navigate for newcomers — from learning how to set-up a crypto wallet to spotting red flags for obvious scams. Foo believes there’s a need to balance exposure to the space with the right knowledge and education.
In due time, he hopes to introduce NFT workshops and talks at The Parlour.
“NFTs are for all ages and for all businesses of any size, including traditional ones. With the right education and guidance, anyone can find a way to utilise them,” he adds.
Being a Web3-centric bar and lounge, The Parlour 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 patrons.
“We plan to partner up with a payment gateway to accept crypto and to collectively invest for future profit,” Foo says. “I believe that cryptocurrency is a good investment and I’d like to extend this opportunity to my team as well.”
Along with this, The Parlour might have its own NFT collection planned for the future as well. Needless to say, Foo has become a complete believer in the space over the past year.
“NFTs will be around for a while,” he reckons. “This is just the beginning.”
Featured Image Credit: Jaye Foo