Los Angeles hospitality company The h.wood Group is looking to maintain their prestigious status within the world's next technological frontier: the metaverse.
The company, led by John Terzian and Brian Toll, is aiming to take The h.wood Group's Bootsy Bellows nightclub brand to the digital realm. Working alongside Alex Shultz, the founder of Looks Rare Studio, they've already ushered in several promising developments to cement the brand's digital future.
The vaudeville-inspired club interior was notably modeled after Frank Sinatra's Palm Springs home. Co-owned by actor David Arquette, Bootsy Bellows sits on one of the priciest plots of land in the U.S. on Sunset Boulevard.
However, a new kind of land grab is happening before our eyes. The world's eyes were opened to the rapidly rising valuations of digital land when Tokens.com paid a jaw-dropping $2.4 million to secure several plots of land within the Decentraland Fashion District, the largest deal to secure digital land thus far.
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As for Bootsy Bellows, while its development will still require fundraising to manifest in the metaverse, the team believes the demand for digital nightlife experiences is there. According to The Hollywood Reporter, The h.wood Group asked that clubbers over Halloween weekend present an NFT in order to gain entry, and were met with enthusiasm from their audience.
"That’s where we saw such an interest from the NFT community to really use the coins as utilities," Schultz said. "Right now, 99.9 percent of all NFTs are just JPEGs."
The team is currently focusing its efforts on refining their crypto strategy and creating a Bootsy Bellows NFT access pass, which is expected to be released in early 2022.