NFTs: The next big thing?

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NFTs: The next big thing?

[Credit: Tezos on Unsplash]

The far-flung and futuristic realm of the metaverse is closer to the hotel world than we might think. Marriott was one of the first major hotel brands to create non-fungible tokens (NFTs), with the owners of each digital artwork rewarded with Marriott Bonvoy loyalty points. Whilst it remains unclear whether the value of these NFTs will stand the test of time, R Collection Hotels is selling an NFT which can be redeemed for a stay at one of its properties.

In partnership with Takyon, R Collection has listed on OpenSea – an NFT marketplace – the Grand Hotel Victoria in Menaggio. Customers can buy the NFT and redeem it for a two-night stay at the hotel on an open date between May and December 2022.

The physical experience that R Collection is offering is personally more appealing than buying a $650k super yacht NFT for use in the virtual gaming world The Sandbox, which made headlines in November 2021. R Collection is experimenting with the power of distribution, possibly attracting a new demographic of traveller and bridging the virtual world with the real.

From a brand loyalty standpoint, buying and selling NFTs also introduces a new way of engaging with customers and delivering value. If you’re interested in this topic, I recommend you sign up to the next Trailblazer webinar Alternative payment solutions for smart hoteliers, on 14 March 2pm GMT here.

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