Hotels Using NFTs for Room Reservations
NFT Check In
Non-fungible tokens, or NFTs, are moving into the hotel market. Travelers will have the opportunity to buy a NFT to secure their hotel room. Doing so could allow them to snag a discount off the rack rate, while providing a kind of insurance policy should their plans change. These NFTs could then be resold, effectively transferring the reservation to another guest.
The program appeals to hotels because it protects their revenue stream should a customer cancel, leaving the room vacant.
Start-up Pinktada offers a hotel booking system based on NFTs. When a customer makes their reservation with Pinktada, the hotel collects the revenue, which is then guaranteed. Should the traveler change their plans, the NFT can be sold or retained for use at another Pinktada property. As a safety net, Pinktada will also buy back the NFT. The system allows the hotel to count on revenues while the traveler enjoys flexibility.
Pinktada’s portfolio of hotels include locations in the Caribbean, Mexico, San Francisco, and Hawaii. In the Dominican Republic, Casa de Campo partners with Pinktada and uses NFTs to sell room reservations.
NFT’s Digital Relative
Another possible marketing win is that the NFTs could snag the hotels that offer them a new type of clientele: those who love crypto. These travelers may not book using traditional methods.
NFTs are a kind of cousin to cryptocurrencies, and they are neighbors on the blockchain. They also have gotten attention of late given that some of the digital pieces have sold for millions. As the tokens go mainstream, it remains to be seen how that impacts the way people travel and find lodging.
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