The Trust Project is a worldwide group of news organizations working to establish transparency standards.
Hotels are looking for new ways to implement NFT technology in their booking systems. The advanced technology would allow guests to book or cancel a reservation through an NFT purchase, ensuring hotels get paid for the rooms and the guest has more flexibility.
Similarly to StubHub, in which users buy or resell tickets for sports events or concerts, tokenizing a reservation provides the power and flexibility to clients – guests will be able to sell the NFT, which is a booking confirmation, in a secondary NFT marketplace.
If an unexpected occurrence happens, and the guest needs to change plans, cancel or delay the reservation, NFT technology can help change the reservation. Instead of contacting the hotel directly and requesting a refund, the guest directly lists the NFT in the marketplace and sells the reservation to another person.
According to The Wall Street Journal, many hotels and resorts are already working with blockchain companies to make the transition.
“We can reach another consumer that maybe isn’t booking through traditional means,” Jason Kycek, the vice president of Casa de Campo Resort & Villas in the Dominican Republic, told WSJ.
Casa de Campo is a resort in the Dominican Republic that plans to incorporate NFTs in its bookings. The resort recently signed a deal with startup Pinktada, which launched a booking system with hotels in Mexico, San Francisco, and Hawaii. Through Pinktada, guests at the hotels can book rooms at discount fares by buying NFTs or Room-Night Tokens (RNT). They can also use NFTs throughout Pinktada hotels and sell them in the platform’s online marketplace.
“You give hotel owners certainty of income, but give travelers the flexibility if their plans change to sell or swap tokens,” Pinktada’s co-founder, Mark Gordon, told WSJ.
Pinktada was founded in 2020 and launched in early 2022. It received a $2 million seed round from venture capital firm TGV4 Plus. Pinktada plans to revolutionize the traditional booking system with a token marketplace, where room night tokens can be purchased and sold at any time.
Read related posts:
- The NoMo SoHo adds NFTs
- The Sandbox Brings Standard Chartered, Regal Hotels, and Other Hong Kong Businesses into the Metaverse
- Instagram is adopting NFTs – what does it mean for Web3 adoption?
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.