How NFTs are Changing the Hotel & Event Industry

The use of cryptocurrency has been on the rise for some time now. But with prices struggling to find footing and most other coins seeing volatility too, it’s still not surprising that Ethereum would be getting more attention than ever before- its most popular application being nonfungible tokens or NFTs.

The launch of Otherside, a metaverse created by Yuga Labs and Bored Apes fame to be interoperable with other popular NFT collections was met with much anticipation. When it dropped on May 1st Ethereum saw $619 million in sales volume that day alone.

NFT marketplaces have seen a significant drop in sales for the month of May, but continue to be well above 2021 levels. Monthly NFT’s still beat out Ethereum-based Farms by selling more than they had possession of on Tuesday when Solana got its own version of Mutant Ape Yacht Club.

While the idea of NFTs has been around for some time now, it’s only recently that they have started to be used in a way that is really taking off. One such example can easily be seen at this year’s conference season- with many companies beginning their fall routes and others getting ready all over again after summer vacations end -as people start looking forward to events near them or farther away than ever before. With these new methods come opportunities; one such chance comes through owning “NFT tickets”. These types don’t just offer cool artwork, they also provide perks not found anywhere else.

Hotel Rooms NFT on PinkTada

The Wall Street Journal ran an interesting article on Tuesday about how some resort owners are using NFTs (non-fungible tokens) to avoid getting stuck with excess inventory when guests cancel at the last minute.

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“It involves converting room nights for sale into nonfungible tokens, or NFTs, that can be bought or sold by hotel guests, similar to the StubHub market for concert and sporting event tickets,” writes WSJ’s Peter Grant.

The Wall Street Journal reports that Grant, a new booking platform for hotels and travelers has been experimenting with Ethereum-based payments. This means you can be sure your revenue is guaranteed whether or not the room is used because it’s final from both perspectives.

“By using this system, guests can book a room at a discount to 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.”

The idea of re-selling a hotel room can be lucrative. But if you try and sell it on RoomerTravel, the site will only transfer your booking to another customer – not give either party full payment for their stay as intended by travel agents or hotels themselves when they list rooms up online. This has gotten many poor reviews from customers who thought there would always be some sort of collaboration between parties involved in such transactions but instead found themselves disappointedly denied any kind of resolution after making plans based around this service.

When you book your hotel stay as an NFT, it’s like owning a piece of property. You can sell or buy back the same room at market price when needed – if prices are rising then this might be profitable for someone; however they may also lose money if costs go down in relation to value received (e..g., due too much supply). PinkTada has already launched services across Dominican Republic and Hawaii with plans on expanding soon into San Francisco Bay Area plus other destinations around Mexico.

Conferenced & Concerts Gift Passes

NFT VIP Passholders have access to Permissionless without waiting in line. They can enjoy private Discord rooms and happy hours, plus exclusive items for their collection! Plus you get a free subscription to Blockworks Research after purchasing this pass.

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The Permissionless NFTs- represented by unique digital art called “Permies” – were trading on OpenSea even after they sold out…and still are today for about $0.20-$1 dollars each (depending upon how popular it becomes). Future conference-goers can pick up their lifetime VIP Pass which includes entry into all future events.

It’s like Coachella Keys Collection (on Solana). In February, the festival made $1.5 million within one week with these tokens and they continue their success into this year’s event.

An Entirely NFT-Based Festival

This month, developers and Web3 builders gathered in the beach town of Šibenik, Croatia to attend BlockDown festival. The event was NFT-centric with an emphasis on crypto-collectibles such as tickets for $565 or more worth Ethereum that all sold out quickly at YellowHeart prices.

The ticketing industry is a competitive one, and it can be tough to keep up with all of the changes. One new company that has been making waves in this space; Yellowheart. They offer an innovative solution: buy your tickets through them as NFTs on Polygon (MATIC-USD) blockchain–only 5% goes towards secondary takes while 95% goes to the artist.

The programmable smart contract behind the NFT can be designed to limit ticket sales, stop scalpers from buying up all available inventory and keep prices reasonable.

The future of ticketing is blockchain.! It’s a more convenient way to buy and sell tickets without having them printed at the venue. If you see an ad that says “paperless,” don’t fall for it because this will only lead to trouble – always make sure there are no physical goods being offered beforehand by checking with your favorite search engine or marketplace website beforehand; NFT (non-fungible token) technology has made proving authenticity easier than ever.

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