Non-fungible token (NFT) technology meets travel technology in the lobby of resorts and hotels with the launch of NFTs that hotel guests can purchase, similar to how StubHub enables vendors to offer tickets to concerts and sporting events.
This new practice ensures that hotel owners get paid for their rooms, even when someone cancels their reservation at the last minute, as customers sell those reservations on the digital asset market in an appeal to cryptocurrency enthusiasts. , reported The Wall Street Journal on Tuesday (May 24).
“We can reach another consumer who may not be booking through traditional means,” said Jason Kycek, senior vice president of Casa de Campo Resort & Villas, a resort in the Dominican Republic that plans to start booking soon. rooms with NFTs, in the WSJ. report.
Casa de Campo has signed with startup Pinktada, which recently launched a reservation system that includes hotels in the Caribbean, Mexico, San Francisco and Hawaii, the report said. Hotel guests can book rooms at these discounted properties by purchasing NFTs through Pinktada. Travelers can use the tokens for other Pinktada hotels or sell them in the Pinktada network.
“You give hotel owners revenue certainty, but give travelers the flexibility if their plans change to sell or trade tokens,” said Mark Gordon, co-founder and chief hospitality officer of Pinktada, in the WSJ report.
Earlier this spring, Stay Open, which converts unused retail and office space into hostel-like accommodations, began selling 10,000 NFTs for one-tenth of an ethereum coin each, in part to open new new locations. Each NFT includes a “stay token” for a free night at Venice Beach, California, Stay Open, or others the company plans to open.
Owners of tokens can use them, give them away or sell them, said Steve Shpilsky, co-founder and managing director of Stay Open.
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These NFT options come at a time when travel metrics are resuming. Verra Mobility reported that its total revenue for the first quarter increased 90% year-over-year. Revenue from the company’s organic services increased 45%, primarily due to improved travel demand.