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A hotel company has found a new way to use NFTs in travel with the Room Night Tokens (RNT). Using NFT technology, guests at the Casa de Campo Resort & Villas can now buy and sell their hotel room reservations as NFTs.
The hotel is working in partnership with Pinktada, the booking service specialists. Pinktada users can buy RNTs to book rooms at hotels in the Caribbean, Mexico, San Francisco, and Hawaii using the cryptocurrency ETH.
The RNT provides a web3 solution for travellers. The company behind the hotel NFT RNT scheme believe that this technology will help people have more flexibility in their travel. Â
Cancelling your holiday is stressful, and quite often, there are numerous terms and conditions attached to how and when you can cancel your room. In some cases, a hotel room is non-refundable. However, with the NFT technology, there may be more options available.
“We can reach another consumer that maybe isn’t booking through traditional means,” said Jason Kycek, a senior vice-president of Casa de Campo Resort & Villas.
When you book a hotel room using the RNT token, you can sell it to another guest. Significantly, this venture opens up the market to those who use cryptocurrency and NFTs daily. Guests can also use the NFTs to stay at any other hotel on the Pinktada platform.
However, you must register on the website to trade the RNT NFTs to provide safety for the consumer and hotelier.
“You give hotel owners certainty of income but give travellers the flexibility if their plans change to sell or swap tokens,” said Pinktada’s co-founder.
The Room Night Token is a great idea, in theory. The hotel room NFT token opens up an entirely new market for hotels and gives customers the chance to sell their rooms quickly and easily. The tokenization of property has been coming, and now the hospitality industry is emerging as a top market for NFTs.
Getting a refund on a hotel room is often quite a struggle and only available circumstantially. It is pretty standard practice for hotels to sell you a non-refundable room. For this reason, the hotel room NFT token sounds like a beautiful idea. You resell your room and get a full refund of your money. Everybody wins.Â
But what if you can’t find someone to buy your hotel room NFT? If companies begin to bring in this technology, they must still stay true to consumer rights and standards. NFTs aren’t just a bypass around customer protection laws.
Indeed, it is interesting to see the technology used in different industries. Hopefully, it works well for those wanting more flexibility in their holiday choices.
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All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
James is an English teacher and freelance writer with a passion for NFTs, football, film and technology.
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