When it comes to emerging technology, it’s always fascinating to watch how the market reacts and there seems to be a visible divide with rise of web3. Some are not convinced by the metaverse hype whilst others are left scratching their heads about the role of NFTs. And then there are players like LABS Group, a web3 real estate company, which have embraced the opportunities presented.
Via a new platform, Staynex, which will launch next year, hotel and resort rooms can be distributed at a discounted price for a set period over a number of years. Customers will be able to purchase access to these discounted rooms, during a specified time frame, in the form of NFTs.
Not only has LABS Group secured the backing of renowned football team Arsenal, becoming the club’s official hotel partner throughout Europe and Asia, but the business model reintroduces a timeshare programme. My colleague Paul Stevens notes how timeshares are making a resurgence in the short-term rental industry, where the product offering is more aligned with a hotel experience.
The internet has helped to educate consumers about timeshares – Airbnb is now listing timeshare resorts, whereas marketing traditionally fell under established brands such as Marriott and Hilton. Perhaps the new internet era of web3 will fuel the (re)growth of the product with LABS setting an early example.