The Hotel Hopes to Embrace the Growing NFT Market as an Additional Booking Method

Some hotels in North and Central America are experimenting with NFTs to avoid unnecessary inventory caused by cancellations near the reservation date. A hotel in the Dominican Republic partnered with Pinktada, a reservation service, to create an NFT related to hotel room reservations, called room night token (RNT). Guests can buy RNT from Pinktada and book rooms in hotels in the Caribbean, Mexico, San Francisco and Hawaii. More destinations are coming.

How Does it Work?

Suppose a guest chooses to cancel the reservation. In this case, the RNT related to the reservation can be sold by the guest to another potential guest, possibly a person proficient in cryptocurrency. Jason kycek, senior vice president of Casa de Campo Resort & villas, Dominican Republic, said: “we can reach another consumer who may not book through the traditional way”. Pinktada will allow RNT to be sold at the market price, provided that the transaction occurs up to two days before check-in. Guests can also use NFTs to stay at another hotel in the Pinktada network and earn points based on the market price of the tokens they hold. They will have to pay the difference.

“You give hotel owners a certain income, but if travelers’ plans change, they can flexibly sell or exchange tokens,” said Pinktada’s co-founder. Pinktada submits new registration information to hotel owners on its website, and only registered users are allowed to trade NFT on its platform to avoid doubts about receiving anonymous guests.

Another company, stayopen, converts accommodation reservations in idle commercial space into NFTs. NFTs grants the holder the right to use joint office space and accommodation at the company’s only facility in Venice Beach, California. According to CEO Steve shpilsky, NFTs can be donated, sold or used. StubHub, a sports and concert ticketing provider, offers similar services. Ticket holders who sell events can sell their tickets to other fans by listing their tickets on the StubHub website.

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Venture Capital Firms Say NFTs are Hot

Fifth wall, which provides venture capital for innovative companies in the field of real estate technology, is studying NFTs. “This is a more frequent topic in board meetings,” Dan winhold, a partner of the fifth wall, told the Wall Street Journal. NFTs are unalterable digital authenticity certificates recorded on the blockchain, which record the authenticity and source of digital or physical items. Noble House hotels and resorts, which operates two hotels in San Francisco, acknowledges that this new effort has yet to be proved. “This is a somewhat unknown area,” said Stefan muhle, regional director of the hotel group. “We are as curious as others to see how it will develop.”