The Honey Club FAQs

The Honey Club (THC) is a network for connecting talented creators of business or product ideas with investors who are able to support them. It is powered by a blockchain based ecosystem and online platform that allows investors and creators to connect securely and confidentially, and will be enhanced by exclusive physical private members clubs in cities like London and San Francisco. This will allow relationships brokered on the platform to be continued in the real world, and vice versa. Whether members prefer to operate in the metaverse or in person, THC will cater to their needs. At the core of the ecosystem is a crypto-token called NECTAR that is used as the primary currency throughout the ecosystem.

Creators and entrepreneurs can promote their projects and ventures on the platform by creating something called a "Flower Node". When an investor wants to support them, they will do so by transferring a unique NFT (called Bee NFTs) to the Flower Node. Once there, the Bee NFTs will stimulate the node to create a crypto-token called "NECTAR".

The NECTAR produced is split between the investor and the owner of the flower node, in ratios governed by a smart contract. This minimizes the amount of paperwork involved, while ensuring that every transaction is safe.

The initial memberships can be purchased in the form of NFTs that will give people access to the online, virtual and physical club spaces. After the initial NFT sale, new memberships will be available on an invitation-only basis. Invites can be issued by an existing member, or by the THC membership committee. Creators and entrepreneurs who wish to raise funds will be given an associate membership when they are invited to create a venture, but can convert this to a full membership when their product or venture is funded.

To invest, a member can convert fiat money into Bee NFTs, which then become their main asset within the ecosystem. Once they hold Bee NFTs, they will become ‘investors’ and are able to use those Bee NFTs to fund products or ventures.

What products, projects and ventures can be invested in?

THC supports all legal and legitimate fundraising activities. These may include:

• An artist funds to create a new piece of music or artwork.
• A student wanting to gets funds to pay for their degree.
• An entrepreneur wanting to raise equity funding for a new company or product.

There is a third role in the ecosystem – that of the validators. Validators are members who assess the business plans and proposals from creators/entrepreneurs. In return for validating Flower Nodes, validators receive Credibility NFTs which confirm how many projects/products that they have successfully validated. While validators do not guarantee that a project or venture will be successful, investors can have greater confidence in those that have been validated.

Bee NFTs produce 1 NECTAR each every 24 hours. Investors must leave their Bee NFTs for at least 24 hours to generate any NECTAR. Once generated the NECTAR is stored in the Bee NFT and the Flower Node. The minimum length for which a Bee NFT must be left in a Flower Node can be dictated by the smart contract associated with investments.

The NECTAR is split between the investor and the creator or entrepreneur at a ratio agreed. The standard is 50:50, but when creating a Flower Node, a creator can set a different ratio. If the ratio of NECTAR for the investors is too low, then it will reduce the attractiveness of the investment. If it is too high, then the creator/entrepreneur will get more investors, but may not create enough NECTAR to fund their project.

Validators also receive a small amount of NECTAR, based on what is agreed in the smart contract governing each Flower Node. The default amount is 2% divided between all of the validators.

Once the target level of NECTAR has been produced, the owner of the Flower Node may decide to close it. Any Bee NFTs remaining will be returned to their owners (the investors) with their share of the NECTAR. Some will be transferred to the validators who validated the node. The rest of the NECTAR will be transferred to the creator/entrepreneur’s wallet to be used to purchase services in the club, or converted to fiat currency.

Access to clubs around the world will be based on an individual’s membership status, and proved by NFTs and tokens in their wallet. The wallet will produce a unique QR code that will be scanned on entry to the club.

The physical clubs will be implemented in the next phase of THC’s plans, but the first locations are planned to be in London and San Francisco. Further locations will be identified based on member preference.

These will be sold via auction and so there is no set price.