Last updated May 30, 2023
The Gatsby Party Company is focused around creating an NFT collection with real-world utility. Our members will have access to exclusive parties and events as well as exclusive venues around the world, converting a typical membership into a real asset and potential for real recurring revenue.
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 token is available for purchase), you will need to have enough ETH in your own hot wallet to check out.
Why NFTs?
As an NFT, the membership becomes an asset to the token holder, which can later be sold, transferred, or leased to others on the secondary market. By utilizing NFTs, we are able to create a loyal, member-community and provide special experiences for holders. NFTs create new modernistic financial models, which will allow us to deliver an exceptional and sustainable product for years to come.
Breakdown
The membership to the Gatsby NFT Community is purchased with a cryptocurrency called Ether (ETH).
What is ETH and how do I get it?
ETH is the cryptocurrency of Ethereum.
Why can't I purchase it with US dollars via my credit/debit card?
You will need a private hot wallet to receive your membership token or you will need to use our Gatsby Concierge service. We'll explain more on both options below.
The membership for the Gatsby NFT Community is in the form of a Non-Fungible Token (NFT). It will start being available on our website Q2/Q3 2022.
What does Pre-sale, Whitelist and Public sale mean?
Pre-sale is when an NFT is available to be purchased or reserved prior to the NFT official launch and may not actually be issued until launch. Typically this is available by invite only.
Whitelist or Private sale is when an NFT is available to be purchased but only by a select list of people that have been previously approved.
Public sale is when an NFT becomes available for purchase by the general public.
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 Etherium, 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).
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.
After the process is successful, the Gatsby NFT Membership Token will be automatically transferred into your hot wallet.
What do I need to be prepared?
We have a checklist for you!
Once you own the Gatsby NFT Membership Token, you will be able to claim "Access Tokens" by registering for events and parties on our website. Non-token holders will not have the ability to register for any events.
When is the first event?
We will start by have "more intimate" events and parties in Q2 and Q3 of 2022. These will also be used as part of the overall marketing strategy.
How long does the membership last?
For the lifetime of the project, as long as you are a token holder.
Members will need to have access to the wallet where their membership NFT is kept in order to verify ownership before being able to register for any party or event.
As an 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 The Gatsby Party Company, 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.
What is an 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 blockchain technology to establish a verified and public proof of ownership.
What does it mean to "Mint" an NFT?
The process of Minting an NFT is when an NFT is added to the blockchain. For the Gatsby NFT, this is done at time of purchase. So to "Mint" the NFT is basically to purchase the NFT.
How many different types of Gatsby NFT Membership Tokens are there?
There will be four “types” of tokens; Core, Rare, Legend and Founder
Do all Membership Tokens come with the same utility?
All tokens provide access to the Gatsby NFT community and events but for a different number of people or event levels. Core tokens will provide 1 Access Token to events. Rare tokens will provide 2 access tokens to events. Legend tokens will provide 4 Access Tokens to events. Founder tokens will provide 1 Access Token to events. Some Membership Tokens will allow for the purchase of additional Access Token for guests to specific events. Additionally, Founder Tokens provide access to Gatsby Royalty Tokens.
Can a person purchase more than one token?
There is no limit on the number of tokens one can purchase but there is a limit to how many one can mint (purchase) per transaction.
How many tokens can one mint at once?
A person can mint up to two tokens at once, with no limit on the number of tokens one can purchase if they’d like to repeat the process over and over.
Is there an age requirement to be a token holder?
Yes, all token holders must be at least 21 years of age.
How long is my membership valid for?
Your membership will remain valid as long as you are a token holder.
Can a family member use the token instead of the actual token holder?
The token is intended for the person that purchased and owns it. However, since each event will have unique Access Tokens assigned, you are free to give or sell any Access Token to someone else, allowing them to “lease” your membership and to attend that specific event in your place.
If one does not intend to attend the events or parties, should they buy a token?
We encourage all token holders to join us for these amazing events, as this is how the tokens were conceptualized, as our project is focused on utility.
Can I sale my Access Token to someone else if I can’t make it to a specific event?
Yes, you can sale your Access Token on the secondary market for someone else to enjoy a specific event, without you having to sale your Membership Token. This process allows them to “lease” your membership for use during that specific event.
If I sell my token, are there fees associated with the transition?
Yes, all secondary sales on Opensea include a 2.5% to Opensea and 10% to The Gatsby Party Company, both of which are paid by the seller.
What does my token pay for? Are the F&B costs included in the token price?
Your token gives you membership to the community and access to specific events. Our goal is to also include open bars at most events. However, it is possible that some events will have additional food, beverage or other costs. This will be stated on the information of each event on the Gatsby NFT website.
How does a token holder pay for their Food and Beverages at events, if there are additional costs?
Any purchase while onsite at an event will be in the local currency where the event is taking place and not in cryptocurrency at this time. However, in the future, payment by cryptocurrency might be added as an option.
If you are a token holder, are you penalized if you do not use the token?
No, however, we encourage all token holders to join us for the events for amazing and unique experiences. After all, you will be part of an amazing community and group of people.
If I don’t want to be a member any longer, can I sell my token? If so, how?
You can sell our token on the secondary market (i.e. Opensea.io)
Will non-members have access to the events?
Typically non-members will only have access to the events if they are a guest of a token holder.
As a token holder, do I need to pre-register to attend an event?
Registration for most events will be on a first come, first serve basis and must be done during the event registration window, prior to the event date. If you are not registered for an event before the registration window closes, you will not be able to get access to the event.
How far in advance can I register for an event?
You can register for an event as soon as registration is open. Most events and their registration windows, will be announced 30 days or more prior to event, however some “popup” events could be announced hours before the event.
How many events can I register for?
Gatsby NFT Membership Token holders can register for as many events as they are able to.
How many guests can I bring if I have a Gatsby Core token?
All Gatsby Core members will only be allowed one Access Token for themselves to most events. You will not be able to bring any guests with you. However, you are able to purchase additional Access Tokens from the secondary market for guests.
How many guests can I bring if I have a Gatsby Rare token?
All Gatsby Rare members will be allowed one Access Token for themselves plus one guest Access Token to most events. Rare Token holders are able to purchase additional Access Tokens from the secondary market for additional guests.
How many guests can I bring if I have a Gatsby Legend token?
All Gatsby Legend members will be allowed one Access Token for themselves plus up to three guest Access Tokens to most events. Legend Token holders are able to purchase additional Access Tokens from the secondary market for additional guests.
How many guests can I bring if I have a Gatsby Founder token?
All Gatsby Founder members will be allowed one Access Token for themselves plus the option to purchase up to one guest Access Token to most events. Founder Token holders are able to purchase additional Access Tokens from the secondary market for additional guests.
