Although not the first US Gentlemen’s club to accept cryptocurrency (Tampa and Portland), it is the first in the country and possibly the world (according to the company) to accept other cryptocurrencies as forms of payment besides bitcoin.
Marketing themselves as a private, members-only club, The Legends Room will cater to clientele seeking a luxury adult-entertainment experience with the option of paying in cash or cryptocurrency.
Interested parties can participate in The Legend Room’s token presale until March 10 at a ten percent discount, or participate in the general ICO crowdfund from March 11 to April 15, 2017. Consumers have the opportunity to purchase VIP tokens in cash, bitcoin, or Ether, as well as numerous other cryptocurrencies.
According to the club’s website, 1 VIP token is equivalent to $1 (USD) and 1 Ether (ETH) equates to 12 VIP tokens, which can be used for purchasing drinks at the club or dances from female adult entertainers. The website does not state, however, how the value of VIP tokens will adjust to fluctuations that occur in the price of cryptocurrencies. With the current price of Ether (ETH) hovering around $20 (USD) per unit, users spending Ether may end up paying more than the $1 value of a single VIP token. ETHNews reached out to The Legends Room for clarification on this issue, but at the time of this publication, they had not responded.
The Legends Room offers two types of membership. “Platinum Membership” is a lifetime subscription that costs 5,000 VIP tokens. These tokens can be rented out when not in use by the owner, allowing for a passive stream of income. “Silver Membership” costs 1500 VIP tokens and does not allow for the tokens to be rented out. While there is no minimum of VIP to buy, membership will be limited in perpetuity to 3,000 with a finite supply of 15,025,000 tokens.
The company has partnered with the digital currency exchange Bittrex where VIP tokens can be traded, “creating liquidity opportunities for the initial buyers and a stable market for prospective members.” Additionally, all financial exchanges will be securely processed by ShapeShift, the blockchain asset exchange platform that facilitates conversion between cryptocurrencies.
The team behind The Legends Room includes club manager and promoter Nick Blomgren, curator and adult actress Asa Akira, and UFC Hall of Famer Stephan Bonnar. The club will feature appearances from some of the most recognizable names in the adult industry, popular MMA fighters, and big names in entertainment. Confirmed appearances include Flo Rida, Dan Belzerian, Chuck Lidell, Nick and Nate Diaz, Flava Flav, and former members of KISS, to name a few. The company behind the venture is RCL Hospitality and the club is scheduled to open in April 2017.