Some hotels in North and Central America test NFTs to avoid ending up with unnecessary inventory if a guest cancels their reservation at an early stage.
A new tool for NFTs
Some resort owners think they have found a way to avoid ending up with excess inventory when guests cancel at the last minute.
It involves converting room nights for sale into non-fungible tokens or NFTs that can be bought or sold by hotel guests, as well as the StubHub marketplace for concert and event tickets. A new tool for NFTs, you can find more tool examples in this article.
Owners claim that this guarantees that they will be paid for the rooms as customers would sell their reservation in the market if they decide not to go and appeal to the crypto-enthusiastic traveler.
“We can reach out to another consumer who may not be booking through traditional meanssaid Jason Kycek, senior vice president of Casa de Campo Resort & Villas, a resort in the Dominican Republic that plans to start booking rooms with NFTs soon.
This hotel has partnered with the Pinktada reservation service to create NFTs associated with hotel room reservations, called Room-Night Tokens (RNTs). Customers can purchase RNT from Pinktada to book rooms at hotels in the Caribbean, Mexico, San Francisco and Hawaii, with more destinations planned soon.
Pinktada was founded in 2020 by serial entrepreneurs Lyon Hardgrave and Ronald Homsy, who have extensive experience in blockchain technology and the hospitality and travel industry.
Pinktada will allow RNTs to be sold at market price, provided the transaction does not take place more than two days before admission. Customers can also use RNTs to stay at another hotel in the Pinktada network and receive credit based on the market price of the token they have. They have to pay the difference.
“You give hotel owners income security, but you give travelers the flexibility to sell or exchange tokens if their plans change.said Pinktada’s co-founder.
Give an NFT as a gift to your friends and family
According to some players in the hotel sector, some hotel owners may be reluctant to sell reservations in the form of resale NFTs for fear of not knowing the identity of their customers. Pinktada says it has resolved this concern by only allowing its members, who sign up for free, to participate in its marketplace and by making membership data available to owners. Some hotels had already become interested in web 3.0 and had even started accepting payments in cryptocurrency.
Another startup that uses NFTs is Stay Open, which converts unused retail and office space into hostel-like homes. In the early spring, Stay Open began selling 10,000 NFTs for a tenth of Ethereum each, in part to raise money to add new sites.
Each NFT includes a “stay token” for a free night at one of Stay Opens’s existing accommodations in Venice Beach, California or others that the company plans to open. NFT holders also receive tokens to use Stay Opens co-working space and other benefits.
Owners of NFTs can use them, give them away or sell them, said Steve Shpilsky, co-founder and CEO of Stay Open. If demand is strong in the local housing market, “you can even make some money“, he added.
NFTs can be very interesting for the tourism and accommodation market. In addition, the crypto community is always very united in this type of project and will do its utmost to help hotels embark on this new adventure.
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Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trading for 4 years.