Travel NFTs are the new passport stamp: Here’s how they work and why they can be collected
Raise your hand if you have a selfie in front of an iconic one European landmarka hastily bought schnapps glass from one the airport gift shop, or a Hard Rock Cafe t-shirt from a Disney-fied destination.
Most people do too travelers.
Although there is no shame in having the same pictures and memorials like your fellow globetrotters, it becomes increasingly difficult to return home with a memory as unique as your memories.
Unfortunately, the selfie becomes as cliche as souvenirbut as the worlds of technology and travel collide, NFTs may be a literal – but far from physical – way to own a real unique holiday.
You don’t have to leave space in your luggage: NFT collectibles and clubs give access to exclusive travel experiences with no luggage necessary.
Early adopters such as Marriott International are testing out NFTs in several ways, including hotel booking partnerships, travel benefits and fundraisers. Exclusive access and a mentality for members is a driving force in the NFT area, and recreates the attractive offers that traditional airline and hotel clubs have lured travelers in for decades.
NFT ‘room keys’: Where conventional travel booking meets the blockchain
NFTs – or non-fungible tokens – are not a new phenomenon. These digital assets that live on blockchain are almost a decade old, but only recently has the concept been embraced in the mainstream.
In October 2021, a report by the consultancy group Verified Market Research estimated that the global NFT market was worth €11.3 billion and could rise at a rate of 33.7 percent annually to reach €231 billion by 2030.
And such high expectations have finally made companies in travel space to notice.
Imagine planning another trip Rio de Janeirobut instead of booking your stay through a conventional websiteall you need is your NFT to gain access to a private hotel that only 10,000 travelers will ever be able to sleep in.
No order confirmation required. Not even a room key is needed.
Such is the premise of the Lucky Ape Travel Club, which was founded in Tampa, Floridain 2021. It was arguably the first NFT company to specifically tap into travel, occupying a sweet spot where the new metaverse intersects with the real world.
This “room key” application of NFTs will most likely extend their stay in the travel sector. Earlier this year, Casa de Campo Resorts & Villas in the Dominican Republic became the first hotel partner of Pinktada, an NFT platform that hopes to shake up the hospitality industry through the use of blockchain technology.
Together, they have launched transferable RNTs (Room Night Tokens), which give guests access to competitive, discounted prices on certain room types, along with the flexibility to sell or exchange tokens if they plan to travel change.
“Blockchain and NFTs are changing the hotel industry as we know it, says Jason Kycek, senior VP of sales and marketing at Casa de Campo.
Exclusive NFT travel experiences have also hit the auction block
“Your dream vacation is just a bid away”: While it may sound like a gimmick to NFT skeptics, the tagline for Black Platinum Gold says all you need to know about the world’s first luxury platform for travel auctions.
“I strongly believe that it costs and value are two very different things, says Viola Palescandolo, founder and CEO. “BPG was created to empower travel dreamers to become go-getters, a platform where you can ‘fight’ for what you want.”
These luxury escapes need not come at a premium, at least for some experiences. For example, a recent week-long auction for a three-night stay in Jamaica started at just €330. The winning bidder will receive accommodation for two at the Geejam Hotel (normally €435/night) with breakfast included (normally €60 extra per night).
More elaborate experiences naturally warrant higher bids. Another auction offers 13 days in Kenyawith everything from domestic flights and luxury accommodation for two to safari activities and a private guide – all from a starting bid of €16,600.
“BPG is unique because its NFTs will be stored in crypto wallets to symbolize the truly unique experience that happened in the real world.”
Many of these auctions offer experiences which are as unique as NFT itself. For example, the ‘Unlocking Uniqueness On Lake Como’ NFT will send its holder and 15 more guests Italy‘s Villa Breakwater for New Year’s Eve week. Meals, a mixologist, a photographer and a branded NFT video are among the spoils.
With partners including Nobu, The Ritz-Carlton and members of Small Luxury Hotels of The World, Black Platinum Gold’s curated itineraries offer NFT collectors and discerning travelers a way to buy, collect and experience an exclusive luxury holiday.
Are NFTs bad for the environment?
Critics point out the environmentally harmful impact of NFTs. Like cryptocurrencies, most NFTs are “minted” or verified using a blockchain – a digital ledger of transactions – called Ethereum. It relies on a huge computer networks that consume enormous amounts of energy.
more’environmentally friendly‘ alternatives to Ethereum exist, but paying with cryptocurrency is inherent carbon-heavy.
Despite this, some destinations use NFTs to launch eco-initiatives. IN Bhutan, the new Trans Bhutan Trail has launched a collection of NFTs to fund sustainability projects along the route. These NFTs offer walkers exclusive experiences and community connections – adding another coveted element to join the rarely seen passport stamp.
Meanwhile, one hotel i Paris, Lancaster, has teamed up with Plastiks to prove its commitment to sustainability with NFTs linked to individual spaces. Each one comes with a plastic recycling guarantee linked to Green Mining, a reverse logistics company that removes plastic waste in Brazil.
Regardless of how NFTs take shape, it is clear that this trend will affect how, where and why we travel in a real world that gives way to the metaverse.
The NFT club trend is explored in more detail in Expedia and Euronews Travel’s Trend report.
