NFTs in Real Life: Why Hotels and Events Are Starting to Go Blockchain


It’s been a wild month for Ether (ETH-USD) and most other cryptos, of course. Yet even though prices have struggled, Ethereum continues to do a lot of work for its most popular use case: non-fungible tokens (NFTs).

Source: shutter

In fact, it was a record month for Ethereum NFT sales, according to Cryptoslam!

May brought us the launch of the Otherside metaverse – created by Yuga Labs of Bored Apes… but designed to be interoperable with other popular NFT collections. When Otherside fell on May 1st, Ethereum saw $619 million in NFT sales volume on that day alone!

Other than that, NFT market sales in May are a far cry from their January highs, though monthly NFT sales still hold well above 2021 levels, reports. The block.

As for Solana (SOL-USD), NFT sales briefly beat ETH NFTs there on Tuesday, when Solana got its own version of Ethereum’s Mutant Ape Yacht Club.

This is the backdrop for one fantastic use of NFTs that seems to be gaining momentum as we enter the holiday and conference season: NFT tickets.

These NFTs don’t just come with cool art (although beauty is always in the eye of the beholder)… They come with a hotel room or entry to an event – ​​often a VIP pass.

More importantly, NFT tickets offer advantages that regular tickets simply do not have. We’ll take a look.

NFT hotel room on Pinktada

Tuesday, The Wall Street Journal launched a pretty brilliant feature on an NFT startup – probably because it has nothing to do with digital art of monkeys or owls:

“Some resort owners think they’ve found a way to avoid getting stuck with excess inventory when guests cancel at the last minute.

“It involves converting room nights for sale into non-fungible tokens, or NFTs, that can be bought or sold by hotel guests, such as the StubHub marketplace for concert and sporting event tickets,” writes Peter Grant of the WSJ (which normally covers business and real estate, not Bored Apes).

Grant focuses on Pinktada, whose new booking platform appears to be Ethereum-based…and a win-win for hoteliers and travelers! Because you booked through an NFT on Pinktada, “the sale is final from the hoteliers’ perspective, so their revenue is guaranteed whether the room is used or not,” notes The Wall Street Journal.

“Using this system, customers can book a room at a discount from what the hotel would charge for a refundable reservation… If travelers change plans, they can use the tokens for other Pinktada hotels or sell them to another traveler in the Pinktada network. ”

This is of course not the ONLY way to resell a non-refundable hotel room. For example, you can unload it on RoomerTravel.com. But the site only goes try and transfer your room to the buyer. Hotels don’t always cooperate… And even if they do, you’ll probably sell it for less than you paid. This earned RoomerTravel bad reviews from customers.

However, when you book your hotel stay as NFT, you are buying and sell the NFT at market value. “If hotel prices go up, you can make money. If hotel prices go down, you risk losing money,” notes Pinktada.

Currently, you can book rooms through Pinktada in the Dominican Republic and Hawaii. “San Francisco, Bahamas, Cancun, Puerto Vallarta, Cozumel and more are coming soon!” promises Pinktada’s cheerful pink site.

VIP passes for conferences and concerts

To bring you The new digital world several times a week I try to follow the crypto conference sessions – because that’s where top projects and leaders like to make major announcements.

I have noticed that these event hosts are starting to sell a higher tier of tickets as NFTs. More recently, crypto media blockages and Bankless, who held their Permissionless conference May 17-19 in Palm Beach, Florida.

For general admission to Permissionless, you can purchase with crypto or $2,500, and you can attend all sessions, chat in the Permissionless Discord room, and attend afterparties…

Or, if you purchased an NFT VIP Pass, you have lifetime access to Permissionless. You could skip the lines at the sessions…there was a private Discord room and happy hour…”an exclusive product for NFT holders”, plus a “Gatsby Whites” themed VIP party. (You also get a free subscription to Blockworks research.)

Better yet…remember what I wrote about reselling NFT at market value?

Permissionless NFTs, represented by unique digital art called “Permies,” were trading on OpenSea even after they were sold…and still are. Future conference attendees can get their lifetime VIP pass today for around 2 ETH ($3,500). Closer to next year’s event – ​​and especially if it sells out again – NFT VIP Pass holders might be able to sell for a nice profit.

It’s a bit like the Coachella Keys Collection (on Solana). In February, the Desert Music Festival brought in $1.5 million in one week with NFT art that featured Lifetime Coachella passes.

“These keys also include unique experiences for 2022 like front and center views on the Coachella stage, a lifetime Camping Safari or a professionally-chef-prepared dinner in the Rose Garden,” and private transportation, Coachella said. . By “camping,” Coachella means a “luxury, air-conditioned tent nestled inside our secluded festival oasis with VIP perks.”

A fully NFT-based festival in beautiful Croatia

Also this month, Web3 builders and developers gathered in the seaside town of Šibenik, Croatia for the BlockDown festival.

BlockDown was more of a metaverse and NFT-centric…so it makes sense that the tickets themselves are NFTs. I mention BlockDown because, unlike Coachella or Permissionless, everything the tickets were NFTs, selling for between $565 and $1,132 ETH. And they all sold out on YellowHeart.

According to the company’s recent editorial on Decrypt, “YellowHeart is transforming the way tickets are issued, sold and redeemed.”

Avoid all hidden fees on Ticketmaster, which tend to rack up quite high! Instead, buy your ticket through YellowHeart, as an NFT on the Polygon (MATIC-USD) blockchain. As I mentioned earlier in The new digital worldonly 5% of what you pay on YellowHeart is “secondary take” – the other 95% goes to the artist!

For more flexibility, you can choose to pay in US dollars or the new yellow heart (HRTS-USD) cryptographic token, built on Ethereum. “The platform will offer preferential pricing to those using HRTS, which can also be staked on compound holdings,” and there are also crypto rewards for new customers, as explained by YellowHeart on Decrypt.

Many other benefits can be programmed into an NFT ticket. The smart contract behind the NFT can be designed to exclude resellers – so tickets to your favorite artist’s concert don’t sell out in minutes…and prices don’t spiral out of control!

Or maybe you want to take a chance, show up without a ticket and buy one outside the venue. Paper tickets are easily forged, so have the person sell you an NFT instead. Before paying them anything, you can search the NFT ticket on the blockchain. If it hasn’t been minted by the event organizers, you’ll know it’s a counterfeit.

“It’s an end-to-end solution that works better than traditional alternatives for everyone involved: fans, venues, and artists,” writes YellowHeart, and I have to agree. Even better for investors, NFT Notes will only create more value for Ethereum, Solana, Polygon or whichever blockchain attracts the most NFTs with real value!

As of the date of publication, Ashley Cassell had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines. To get more news from The New Digital World delivered to your inbox, click here to subscribe to the newsletter.

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