Recently, global platform LynKey—that luxury resort and vacation property with blockchain and AI—announced a project for tokenising and offering NFT solutions (worth $8 billion) for travel and tourism. It uses smart contracts to digitise luxury resorts and properties at multiple destinations by providing a blockchain-powered token marketplace. It seeks to tokenise all aspects of property development—purchases, leases, land use, and related tourism entertainment—in an international blockchain-powered ecosystem.
Cindy Tran, Co-Founder and Chairwoman of LynKey, said despite globalisation, challenges in the tourism and travel industry persist and that blockchain and NFT technology can address and resolve these issues.
As global vaccination coverage improves and the intent for travel increases proportionately, the international luxury tourism industry is set to witness double-digit growth rates. Blockchain and crypto-ready companies will undoubtedly be in a better position to capitalise on the increased demand from crypto users and the traditional travel community.
Additionally, companies can earn from crypto-based payments by capital appreciation on the underlying assets. In summary, faster and borderless transaction ability, more lucrative reward mechanisms, and a growing younger consumer class are just a few of the reasons why this trend might be here to stay.
Raj Kapoor, Founder – India Blockchain Alliance and Chief Growth Officer at Chainsense, said as blockchain progresses, there is increased interest in digital securities from the real estate and luxury tourism sector. The deal sizes and pipeline have grown exponentially over the past year.
This can help them connect a “global audience with a blockchain-powered platform and tokens that empowers an ecosystem with timesharing, and reward solutions at premium luxury tourist spots,” he said.
– Murtuza Merchant is a former journalist who works at The Transform Group and takes a keen interest in the ever-evolving world of cryptocurrencies.
(Edited by : Yashi Gupta)
First Published: IST