Non-fungible tokens represent a major shift in the technological landscape, essentially allowing the distribution of verifiable, unique tokens that can represent just about anything. One of the latest trends in this evolving Web3 environment sees his rise of NFTs within the travel industry. It effectively represents everything from tickets to hotel reservations to customized travel experiences. So let’s see how NFTs can impact global travel as the travel industry is on the cusp of the digital revolution.
About the travel and tour industry
The travel and tour industry manages people traveling locally or elsewhere in the world for business or leisure. The role of brands in this industry is to get people to their destinations and arrange local activities. The travel and tour industry is vast, and its functions extend to the tourism and hospitality industry, guiding tourists to the world’s aesthetic and monumental sites, cutting-edge restaurants, hotels, ecological and conservation parks, and more. increase. However, the inclusion of NFTs can greatly increase the breadth and effectiveness of this industry.
As NFTs are digital tokens created in a decentralized space, they can be used to facilitate many aspects of the travel and tour industry. Their incorporation will redefine the industry, solve some operational bottlenecks and expand economic opportunities. Below are some of the ways NFTs can promote the travel and tour industry.
Flight tickets and reservations
Unlike online bookings, offline bookings can be particularly stressful. However, both methods have drawbacks, especially during busy holiday periods. Travelers often face delays and are stranded due to inefficient bookings due to downtime and congestion. An innovative solution to ensure a smooth and hassle-free travel and booking experience is to mint the airline ticket as his NFT (Non-Fungible Token) and offer it to the traveler.
By connecting each NFT to a specific seat, ticket rarity can be determined based on class such as business, economy, premium economy and first class. This groundbreaking initiative will revolutionize the airline booking process, providing a seamless and flexible experience. Travelers may sell or transfer NFT tickets if they are unable to travel. Notably, some reputable brands adopting this approach include:
Travala is a blockchain-based online travel agency that allows cryptocurrency enthusiasts to book flights on over 600 airlines using cryptocurrency payments. The company debuted in the NFT space with the Travel Tiger NFT created on the Ethereum network. The NFTs are a collection of 1,000 utility NFTs with benefits such as access to luxury vacations in the Maldives, VIP Singapore Grand Prix experiences and trips to the Seychelles island of Desroches. A recent Seychelles Travel Drop draw allows Smart His Diamond members to win his $3,000 air tickets for two adults, his eight travel packages including a sunrise yoga session, a beach picnic and more. According to official reports, the draw has just ended for him on April 4, 2023. Travel dates are set for 10 May to 20 December 2023.
Flybondi is an Argentinian low-cost airline that uses NFT to issue tickets. The airline will partner with TravelX in 2022 and launch Ticket 3.0 in March 2023. Ticket 3.0 is an NFT initiative that creates an NFT for each ticket issued to a passenger. A flexible and practical NFT initiative was developed on the Algorand network to allow passengers to sell or give away their NFTs. NFT ticket and rename it.
Other reputable brands taking advantage of this initiative include:
- Galileo Travel Futures
- air europe
- travel lucky ape
Hotel and restaurant reservations
NFTs can also be used for hotel and restaurant reservations. Essentially, it provides a way to book before you leave for your destination, allowing the owner to sell you a reservation in case of unforeseen delays. Famous brands that have adopted this approach include:
- Flyfish Club (Manhattan, USA)
- Ca di Dio (Venice, Italy)
- Casa de Campo (Dominican Republic)
- Dream Hollywood Hotel (USA).
Brand awareness and promotion
Global society is leaning toward digital communities where everything can be digitized with the advent of blockchain technology. Reputable travel and tour brands can strengthen and expand their digital presence in the decentralized space through promotions and increased awareness. As such, NFTs are the perfect tool for delivering breakthrough recognition to millions of potential viewers.
Similar to coupons and promo codes, this effort can be achieved by creating utility NFTs that offer discounted services to potential travelers and tourists. Owners of such NFTs will be able to access premium services and experiences for less. The effort is to retain the client and establish brand prestige with his NFTs such as:
- AirBaltic is another reputable airline brand promoting NFT. The brand is a Latvian airline that will launch a collectible art NFT featuring Latvian cities as tourist attractions in 2021. By 2022, airlines will planie NFT for customer loyalty programs.
- Marriott Bonvoy, in partnership with Eric Nicolai, JVY and TXREK, used this campaign initiative at Art Basel Miami Beach 2021.
NFT Equity Offers Crowdfunding for Airline Projects and Services
Similar to how companies and organizations sell their shares to fund profitable projects, airline contractors can also sell their shares in the form of NFTs issued to shareholders. This initiative may be part of a separate His NFT, or it may be a single His NFT representing a shareholder’s interest in a company or organization. However, this fundraiser applies to restaurants, hotels, cafes, parks and other tourist destinations. This creates a connection between tourists and the local communities of their destinations through NFTs, which symbolize equity holdings.
To promote conservation in tourism
NFTs can help save some animals from extinction through conservation. This commitment can be established by creating and selling NFTs to raise awareness of ecological and wildlife conservation. In addition, this effort will help protect endangered animals from poachers and extinction. Reputable brands leveraging this initiative include:
World Wildlife Fund (WWF)
WWF utilizes its flagship NFA (non-fungible animals) to include Cross River Gorilla, Amur Tiger, White-headed Dolphin, Mountain Gorilla, Baltic Dolphin, Giant Panda, Persian Leopard, Giant Ibis, Riverine Rabbit and Saola. Developed in the Polygon network, the project has raised approximately €273,886 to protect the habitats of these animals, create new protected areas and combat poaching and overfishing.
In January 2022, WildEarth launched the Genesis collection of 25 animal NFTs consisting of 11 leopards, 9 lions and 5 hyenas from the Juma Game Reserve in South Africa. Wildlife conservation efforts have spawned his Polygon-based NFT collection, with 40% of all his NFTs sold plus 8% royalties on secondary sales paid to wildlife habitat managers will be split. The entire 1,065 NFTs sold generated $13,900 in Djuma game reserves.
Unchained Elephants is another NFT initiative launched in 2021 to rehabilitate and rescue elephants from unethical tourism activities in Thailand. The concept of this NFT-led conservation is to buy the freedom of captive elephants through the sale of NFTs to fund safe habitats for elephants. 40% of all his NFT sales (primary and secondary) will be donated to this Ripple Base (XRP) initiative.
The thriving NFT environment continues to drive several companies with permanent capabilities. Several reputable travel and tour industry brands have adopted various NFT initiatives to facilitate establishment and increase profits. This indicates that more brands are likely to embrace the Travel NFT initiative and spearhead his Web3 revolution in the industry.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are for educational materials only. Individuals should thoroughly research any product before making any type of investment.
Technical writer, enthusiast of all things blockchain and the decentralized world.