Update 4/19/17: The Legends Room token sale has relaunched on Bittrex.
The Legends Room token sale is back on
last month, The Legends Room token sale was canceled by the Vanbex Group, who was managing the token sale, because a deal to purchase a club fell through. Since then, the Legends Room team has found a new location for their exclusive gentleman’s club and has launched a token sale on Bittrex. Here is a summary of the most important changes that have taken place since the first token sale was canceled.
- The token sale will run from April 18th, 2017 to May 15th, 2017.
- The token’s short code has changed from VIP to LDG.
- There is no minimum for participating in the sale
- The Legends room is once again offering only a single tier of membership, the VIP membership which requires token holdings of at least 5000 LDG.
- Membership grants holders unlimited access to the club, free entry, and a 50% discount on drinks and services (excluding gaming).
- LDG tokens can be used to purchase drinks and services at an additional 20% discount.
- There are two rooms at the gentlemen’s club: one that is exclusive to members and another that is open to the public but at which tokens can be used
- Previously, Vanbex was providing technical support to develop the Legends Room wallet and membership exchange app. The Legends Room team doesn’t include any developers, so it is unclear who will be developing the Legends Room’s technology moving forward.
Below, you will find the original Smith + Crown profile for The Legends Room project. Some of the information below may be out of date.
Update 3/17/17: The Legends Room website is back up after it was temporarily taken down, halting the sale. However, Asa Akira’s profile is not on the About page and is likely no longer affiliated with the project.
Update: Legends Room is now offering a ‘silver membership’ that requires only 1,500 VIP tokens (as opposed to the 5,000 required for Platinum memberships). They will also allow a guest but cannot be rented out. They will only be accepted for two years.
The project aims to utilize blockchain technology in the creation of a membership program for an exclusive gentleman’s club in Las Vegas. Members will have access to The Legends Room’s private lounges, curated entertainment, celebrity hosts, and UFC fight night viewings. Members secure their membership through VIP tokens, an Ethereum meta-token; owning 5,000 VIP constitutes a platinum membership and 1,500 VIP constitutes a silver membership. Both entitle the holder to access with one guest, but after two years, only platinum memberships will be offered.
Members will also be able to rent out platinum memberships with terms executed automatically through an Ethereum smart contract. Vanbex is partnering with Legends Room to develop a custom wallet and marketplace app that will allow token holders to rent out their membership when they aren’t using it with the security of a multisig escrow system. Initially, renting will be done through the club concierge, but once the app is live, token holders can directly rent out memberships to others. According to Vanbex, several Las Vegas casinos have already agreed to purchase a total of approximately 500 memberships with the intention of offering them as a perk to their premium guests. These sales have yet to be registered on the blockchain.
Note: The pre-sale has had a slow start and the smart contract has been relatively quiet. In many ways, the marketing campaign is being built and improved as it’s being run. There initially was suspicion that it was even real, given how quickly it was announced and how…non-traditional the ICO is. Vanbex has confirmed Legends Room is a client. Nick Blomgren and Stephan Bonnar have confirmed their involvement in video and on twitter. While the Ethereum smart contract appears quiet at time of writing, the team has expressed confidence their institutional partnerships will come through and the activity will pick up once the official token sale (not the pre-sale) starts.
The Club and the Experience
The actual Legends Room will be an exclusive room (600-person capacity) within a larger club (1500 – 1800 capacity). Access to the club itself does not require a Legends Room membership and will include the features one would expect from a Las Vegas strip club. The Legends Room will be an exclusive area within the club (and also has a separate entrance for members). Anyone visiting the strip club itself that wants access to the Legends Room will be able to rent a membership from the concierge–or if they already have a cryptocurrency wallet, rent from the market once its available.
The Legends room itself will have a Bitcoin ATM and the ability to pay for all services using cryptocurrency. The plan is to have QR codes throughout the lounge that patrons can use, though when this feature will be operational is unclear. We’re not sure if this also applies to the larger club within which The Legends Room resides.
What is the token being sold?
The token being sold is VIP, an Ethereum meta-token. 5,000 VIP tokens are required for a platinum membership and 1,500 VIP for a silver membership to the Legends Room private lounge. VIP token holdings will be verified at the club’s entrance before anyone is granted admittance.
Users can pool their token holdings to create a single shared membership; although, only one person can use the membership at any given time.
What are the sale terms?
A total of 15 million VIP tokens–the equivalent of 3,000 platinum memberships or 10,000 silver memberships, will be made public. VIP tokens will be available for purchase starting on February 24th, 2017 and will remain on the market until they are completely sold off. No new VIP tokens will ever be created. The company will retain 15,000 tokens for people to purchase to top up their token balances. Any unsold amounts will also be retained for future membership sales.
The sale price of VIP tokens was set to be about 1 USD per token (12 VIP per ETH at time of launch) but given the volatile price of ETH, this may change. The sale accepts ETH and any alt coins converted through Shapeshift.
During the presale period, February 24th, 2017 to March 10th, 2017, platinum memberships cost 4,500 VIP tokens, a 10% discount. Starting on March 11th, when the Membership Token Offering (MTO) begins, the price of membership goes up to 5,000 VIP tokens. Everyone who purchases a platinum membership in the pre-sale or MTO will receive $2500 in drink credits and $2500 in dance credits.
What is the project status?
The Legends Room team owns a club at 4416 Paradise Rd, near the Las Vegas strip, right across from The Hard Rock Cafe hotel, that they plan on renovating and opening in April 2017. The club is currently Centerfolds Cabaret, which has mixed reviews on several sites (3 stars on The Ultimate Strip Club List, 3 stars on Yelp).
This is also the same location as Club Paradise, which was beset with scandal in 2014 due to customer fraud. In late 2014, club owners filed a suit against the managers and strippers who were behind the scheme. Bitcointalk users report having visited the location and spoken with Nick Blomgren about it. The Legends Room team has stated on bitcointalk that the club has transferred ownership and there is no affiliation with those involved with Club Paradise. They will reportedly issue an official statement.
The VIP token contract code is available for review on Github.
Development has yet to begin on the Legends Room marketplace app and customer wallet.
Who is the team behind the project?
The team managing the club itself includes veterans of the adult club industry and several celebrity partners. The Vanbex Group is managing The Legends Room blockchain development and their token sale.
Nick Blomgren owns a martial arts gym in Las Vegas where he worked with several notable martial artists including former UFC light heavyweight champion Chuck Liddell. Nick’s connections in the UFC and competitive martial arts world are numerous.
Stephan Bonnar is a UFC hall of famer that will be hosting regular UFC viewing events at The Legends Room. During these events, members will have the opportunity to meet and mingle with some of the best current and former UFC fighters. Stephan regularly promotes Legends Room on his Twitter account. He and Nick have also released a video of them talking about Legends Room.
At the time of writing, Asa has not publicly announced their partnership with Legends room over social media.
- Website (removed by marketing team)
- Sale terms
- Smart contract and VIP token distribution
Update 3/17/17: Any mention of Asa Akira was removed from The Legends Room website. She was formerly listed as a team member, filling the role of the Legends Room’s “Curator”. Asa Akira is a leading adult actress, a published author, and promotes a variety of products that bear her personal brand, including a line of scented candles.
Update 3/16/17: The Legends Room website has been taken down. A note on the website reads, “the development team and marketing team have removed this website as they have not been paid for the project”. The sale appears to be halted.