The concept of NFTs has been embraced in the mainstream in recent years, with 2022 being coined as the ‘Year of the Metaverse’. Not only used for digital art transactions and immersion into Web3, NFTs are altering the way we experience the world around us.
Set to transform the luxury travel market, NFTs provide an extra tier of exclusivity to access hyper-local experiences and private spaces around the world.
What are NFTs?
An NFT, or non-fungible token, is a decentralised digital asset that cannot be replicated, with each token being completely unique and acting as a certificate of ownership of digital materials. NFTs have been utilised to make digital art, limited-edition collectibles, and transform fashion and music into one-of-a-kind digital assets.
Since the number of NFTs in a collection are finite, the digital scarcity that follows their release is often reflected in the price range skyrocketing and breaking new records.
The creation of NFTs are diverse and numerous. Luxury brands are selling NFTs in million-dollar auctions, while high-end fashion houses are releasing sought-after digital items. In 2021, digital artist Beeple broke records with the sale of his monumental NFT collage, Everydays: The First 5000 Days, for $69 million at Christie’s.
Transforming the travel landscape
NFTs provide something intangible that travel and hospitality brands have begun attaching benefits to, from tokenised room stays, to real-world events and membership. The luxury travel sector is leveraging this blockchain technology to create truly unique experiences, asserting the arrival of an inherently physical industry into the digital world.
NFTs are not only a way to log your travels, but come with a shareability to say “I’ve done this, I’ve visited this, I’ve experienced this.”
Elevating travel experiences with NFTs
We all want to take a little piece of our travels home with us, but when we return with the same photos and mementos as everyone else, our seemingly one-of-a-kind memories lose their uniqueness. As the technology and travel worlds collide, NFTs offer a way to take home a truly individual reminder of our travels.
NFTs are set to revolutionise the way we discover and engage with our favourite brands, hotels and restaurants, creating stronger connections through exclusive privileges. They can be used to curate immersive experiences relating to every part of the journey, elevating travel to new heights.
Exclusive Hotel Memberships
In the age of brand-created NFTs, one of the most innovative token uses so far has been through the modernisation of loyalty programs to offer special rewards, limited collectibles and exclusive experiences.
Luxury lifestyle boutique hotel Dream Hollywood in Los Angeles are pioneers in the industry and ahead of the curve when it comes to NFTs. A first of its kind within the experience economy, Dream Hotel launched their VIP membership program, Social Club, which members gain access to through a limited edition NFT designed by acclaimed artist Perry Cooper.
Blending unique experiences in both the real world and in the metaverse, Social Club provides guests with exclusive privileges such as Gunnar Peterson Gym access, expert concierge, Lincoln luxury house cars, private events with the Crypt Gallery, and much more. Members of the Social Club also receive a complimentary stay in a luxury suite with their NFT.
Digitalising Travel Experiences
Imagine planning a trip where all you need is an NFT to gain access to a private members only suite. This is becoming a real possibility with a number of hotels shifting towards a model that will allow you to book your stay through NFTs. Hotels are offering guests access to exclusive rooms and experiences that are not available via traditional booking methods.
Casa de Campo partnered with Pinktada to launch one of the industry’s first transferable room night tokens, a crypto representation of a hotel reservation. NoMo SoHo in New York launched a curated NFT, NoMo x NFT three and six night stays, which allows guests to take home a digital piece of Soho.
NFTs bring with them a rarity to luxury travel that money can’t buy and other people can’t access. Marriott Bonvoy launched their first NFT collection Art Basel Miami Beach. Partnering with artists TXREK, JVY and Erick Nicolay to create unique digital art collectables, each NFT showcased how travel has an unmistakable impact on the human spirit. Visitors to Art Basel were granted the opportunity of ownership of these NFTs, with three winners leaving the art fair with an exclusive NFT and 200,000 Marriott Bonvoy points.
Truly Exclusive Access
New ownership models are being established thanks to NFTs. Hotels and restaurants are opting to sell a series of NFT shares, with the ownership symbolised and recorded through the sale of an NFT. These unique opportunities are allowing elite clientele to have an attachment and interest in the success of a business.
SHŌ Club, set to open in San Francisco in 2023, is making history as the city’s first NFT members-only hospitality club, providing exclusive access to immersive experiences and specialised services.
Membership to SHŌ Club will be finite. Only 3,265 NFTs, set to go for up to $300,000, are available across three tiers known as Earth, Water and Fire. Members can look forward to benefits such as access to priority reservations, a members-only menu, complimentary car service, entry to special events and more. For the 10 members lucky enough to gain membership to Fire, a seat on the Fire Board, once in a lifetime trip to Japan and even a share of the club’s revenue are all granted with an NFT.
Fishfly Club in New York is a member’s only private dining club strictly reserved for NFT holders, which can only be purchased using the cryptocurrency Ether. The token holder is given access to the restaurant-come-omakase-room as well various culinary, cultural and social experiences.
Experience the world with jetlogic
NFTs will undoubtedly change how, where and why we travel in a real world that is making room for the metaverse.
Contact the jetlogic team to build bespoke itineraries around your travel requirements. Our experts will be able to offer personalised advice around your travel plans.