Hotels try to embrace the growing NFT market

Some hotels in North and Central America are testing NFTs to avoid running out of unnecessary inventory if a guest cancels their reservation early.

A new tool for NFTs

Some resort owners believe they have found a way to avoid ending up with excess inventory if 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, similar to the StubHub marketplace for concert and event tickets. A new utility for NFTs, you can find more examples of utilities in this article.

Owners claim this guarantees that they will get paid for the rooms as customers would sell their reservation on the market if they decide not to go, appealing to the crypto-enthusiastic traveler.

We can reach another consumer who may not book traditionallysaid Jason Kycek, senior vice president of Casa de Campo Resort & Villas, a Dominican Republic resort that plans to book rooms with NFTs soon.

This hotel partners 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 industries.

Pinktada allows RNTs to be sold at market price, provided the transaction takes place no later than two days before withdrawal. Customers can also use RNTs to stay at another hotel in the Pinktada network, receiving credit based on the market price of the token they hold. They will have to pay the difference.

NFT hotel
Source: Pinktada

You give hotel owners security of income, but you give travelers the flexibility to sell or trade tokens if their plans changesaid the Pinktada co-founder.

Gift an NFT to your friends and family

According to some players in the hotel industry, some hotel owners may be reluctant to sell reservations in the form of NFTs that can be resold for fear of not knowing the identities of their customers. Pinktada says it has addressed this concern by allowing only its members, who sign up for free, to participate in the marketplace and by making member data available to owners. Some hotels were already interested in web 3.0 and even started accepting payments in cryptocurrency.

Another startup using NFTs is Stay Open, which converts unused retail and office space into hostel-like accommodations. In early spring, Stay Open began selling 10,000 NFTs for one-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 Open’s existing properties in Venice Beach, California, or others the company plans to open. NFT holders will also get tokens to use the co-working space and other benefits of Stay Open.

Owners of NFTs can use, give away or sell them, said Steve Shpilsky, co-founder and chief executive of Stay Open. If the demand in the local housing market is high, “you could even make some moneyhe added.

NFTs can be very interesting for the tourism and accommodation market. Moreover, 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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Alexis Patin

Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto trader for 4 years.

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