You can book your hotel room with an NFT

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The tokenization of real estate has entered the hotel sector. After the hospitality industry was gutted by the COVID-19 pandemic and its subsequent lockdowns, some hotel owners got creative in filling their empty rooms by appealing to crypto fans when hotel guests cancel at the last minute.

Available hotel rooms are converted into non-fungible tokens (NFTs), allowing customers to buy and sell reservations in the same way concert tickets are traded on third-party platforms such as Stubhub. The change aims to help hoteliers reduce excess inventory generated by last-minute cancellations while providing flexibility for visitors.

Pinktada, a technology company that brings NFTs to the travel market, recently implemented a reservation system that includes hotels in Hawaii, Mexico, San Francisco and the Caribbean. By purchasing NFTs at Pinktada, hotel visitors can book their rooms and get a discount on accommodation at these establishments. Tokens can be used at other Pinktada hotels or sold within the Pinktada network. From the hoteliers perspective, the sale is final, so their money is guaranteed whether the room is used or not. If passengers’ plans change, they can redeem their tokens for stays at other Pinktada hotels or sell them to another Pinktada tourist.

While these NFT options are emerging in the market as travel resumes, they are also emerging at a time of extreme volatility in the cryptocurrency market and declining NFT sales. So, only time will tell if NFT hotel reservations are here to stay or a flash in the pan.

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