The Wall Street Journal reports Casa de Campo Resort and Villas will begin selling non-fungible tokens to future guests to pre-sell available room nights.
NFT Sales Start at Room Cancellation Fee, With All Sales Final
One of the problems hoteliers faced during the pandemic was last-minute cancellations. Although several hotel chains changed their cancellation rules as a result, the result is still lost revenue through empty rooms.
To change this, Casa de Campo Resort and Villas are “selling” hotel room nights using NFTs through their partner, Pinktada. Under their plan, users can purchase NFTs through Pinktada for what the hotel would charge for a refundable reservation. Once purchased, the booking is final: Users cannot request a refund or cancellation if they can’t make their trip.
However, because the booking is set by the NFT, travelers can sell their booking to someone else on Pinktada. Transferring the NFT to another person allows them to take advantage of the booking without contacting the hotel to change the reservation. Regardless of who stays at the hotel, revenue for the hotel is guaranteed.
Executives for the hotel say using the blockchain technology is a new way to reach customers who “isn’t booking through traditional means.” In addition, they say the booking allows for more flexibility for travelers. With the ability to book travel and transfer or sell their stay if they can’t make it, both the hotel and Pinktada say travelers have the freedom to book now and change plans as life happens.
But what if nobody books the room at all? Pinktada says they will guarantee the rooms be being the “buyer-of-last-resort,” ensuring the hotel still gets paid for listing the empty rooms on the NFT platform.
More Travel Brands Experimenting with Cryptocurrency Space
The latest partnership with Pinktada is the latest example of hotels experimenting with the crypto space. In January 2022, startup airline Northern Pacific Airways announced their loyalty program would be in the form of cryptocurrency, guaranteed to be valued at no less than 0.2 cents per point.
Feature image courtesy: Andrey Metelev on Unsplash
Source: frugal travel guy