Hotels turn vacationing into a bidding war with NFTs
Future. Hotels are offering bookings as NFTs in a test to see if they can still make money on a room even if guests cancel at the last minute. Considering that frequent travelers might be more likely to use crypto, the offerings could attract a fresh clientele.
Booking on the blockchain
Hotel groups such as Casa de Campo Resorts & Villas in the Dominican Republic and Noble House Hotels & Resorts in San Francisco are converting some of their room availabilities into NFTs.
- By selling the room stays as NFTs, the hotels are paid whether the guest ultimately comes or not.
- If the token holder no longer makes their reservation, they can either sell or trade it on the blockchain — think of it as a StubHub for hotel stays.
According to WSJ, guests will get a discount on the room when purchasing it as an NFT, which of course, is an incentive. Why pay for a stay upfront when you don’t have to?
The NFT offerings are being handled by Pinktada, a startup where guests can buy, sell, and trade the tokens… or even use the tokens at different hotels that also use the Pinktada network. The craziest part is that the company promises to purchase whatever tokens guests have trouble selling. Quite the leap of faith.
Mark Gordon, Pinktada’s co-founder and chief hospitality officer, explains the service is a win for both hotels and guests because “you give hotel owners certainty of income, but give travelers the flexibility if their plans change to sell or swap tokens.”