Travel NFTs: A Web3 Revolution for the Industry

Non-fungible tokens have marked a major shift in the technological landscape, essentially enabling the distribution of verifiable and unique tokens that can represent just about anything. One of the latest trends in this evolving Web3 environment has seen the emergence of NFTs in the travel industry. Effectively represents everything from tickets, to hotel bookings and even tailor-made travel experiences. So, as the travel industry stands on the edge of a digital revolution, let’s take a look at how NFTs can impact our global excursions!

About the travel and tour industry

The travel and tour industry manages people who travel to other places, locally or globally, for business or pleasure. The role of brands in this industry is to convey people to their destinations and arrange activities while they are there. The travel and tour industry is huge, with functionality that extends to tourism and hospitality, where tourists are guided to aesthetic and monumental places in the world, state-of-the-art restaurants, hotels, ecological and conservation parks, and so on. However, the breadth and efficiency of this industry can be greatly enhanced with the incorporation of NFTs.

How?

Since NFTs are digital tokens created in the decentralized space, they can be used to promote the travel and tour industry in various capacities. Their incorporation will redefine the industry, solve several operational bottlenecks and improve economic opportunities. Below are several ways NFTs can promote the travel and tour industry.

Flight tickets and bookings

Unlike online ordering, offline ordering can be particularly stressful. However, both methods have their shortcomings, especially during busy holiday periods. Travelers often face delays or are stranded due to inefficient bookings caused by downtime or congestion. To ensure a smooth and hassle-free travel and booking experience, an innovative solution is to create airline tickets as NFTs (Non-Fungible Tokens) and offer them to travelers.

By linking each NFT to a specific seat, the rarity of the ticket can be determined based on the class, including business, economy, premium economy and first class. This ground-breaking initiative will revolutionize the ticket booking process, providing a seamless and flexible experience. Travelers will have the option to sell or transfer NFT tickets if they are unable to travel. Notable brands that have embraced this initiative include:

Travala

Travala is a blockchain-based online travel agency where crypto enthusiasts can book flights with over 600 airlines using crypto payments. The company debuted in the NFT space with its Travel Tiger NFTs created on the Ethereum network. NFT is a collection of 1000 utility NFTs with benefits such as access to a luxury holiday in the Maldives, a VIP Singapore Grand Prix experience, a trip to Desroches Island in the Seychelles and much more. The recent Seychelles Travel Drop draw will give a Smart Diamond member eight travel packages, including $3000 flights for 2 adults, a Sunrise Yoga session, a beach picnic, etc. According to an official report, the draw just ended on April 4, 2023, and the travel date is set for 10 May – 20 December 2023.

Flybondi

Flybondi is an Argentine low-cost airline that issues airline tickets with NFTs. The airline partnered with TravelX in 2022 to launch its Ticket 3.0 in March 2023. Ticket 3.0 is an NFT initiative that creates an NFT for every airline ticket issued to passengers. The flexible and useful NFT initiative was developed on the Algorand network, allowing passengers to sell or transfer their NFTickets and change their names.

Other recognized brands using this initiative include:

• Galileo Travel Futures
• Air Europa
• Travel Lucky Ape

Hotel and restaurant reservations

NFTs can also be used to make hotel and restaurant reservations. Essentially offering a way to make a booking prior to departure to the destination and enabling holders to sell on the reservation in the event of an unexpected delay. Recognized brands adopting this initiative include:

• Flyfish Club (Manhattan, USA)
• Ca’ di Dio (Venice, Italy)
• Casa de Campo (Dominican Republic)
• Dream Hollywood Hotel (USA).

Brand awareness and campaigns

Global society is tipping towards a digital community with the rise of blockchain technology, where everything can be digitalised. Recognized travel and tour brands can enhance and expand their digital presence in the decentralized space via campaigns and awareness. As such, NFT is a perfect tool to achieve breakthrough awareness among millions of potential audiences.

Similar to coupons and promotional codes, this initiative can be achieved by creating NFTs that offer discounted services to potential travelers and tourists. Holders of such NFTs will have access to premium services and experience while paying less. The initiative is to retain customers and create a name for a brand with NFTs such as:

• AirBaltic is another recognized airline brand promoting NFTs. The brand is a Latvian airline that launched its collectible NFTs in 2021, featuring cities in Latvia for tourist attractions. In 2022, the airline released its Planes NFT for a customer loyalty program.
• Marriott Bonvoy, in collaboration with Erick Nicolay, JVY and TXREK, used this campaign initiative during Art Basel Miami Beach in 2021.

NFT Shares to Crowd-Fund Airline Projects and Services

Similar to how companies and organizations sell shares to finance projects for increased profits, aircraft contractors can also sell shares in the form of NFTs that will be issued to shareholders. This initiative can be part of a fractional NFT or a single NFT that represents the shareholders’ stake in the company or organisation. However, this fundraising initiative applies to restaurants, hotels, cafes, parks and other destinations. This will link tourists to the local communities of their destinations through NFTs that will symbolize share ownership.

To promote conservation in tourism

NFTs can be instrumental in saving more animals from extinction through conservation. This initiative can be established by creating and selling NFTs for ecological awareness and wildlife conservation. Furthermore, this initiative can also protect endangered animal species from poachers and extinction. Recognized brands using this initiative include:

World Wide Fund for Nature (WWF)

WWF uses its flagship NFA (Non-Fungible Animals) to raise awareness and fund the conservation of ten critically endangered animals such as the Cross River Gorilla, Amur Tiger, Vaquita, Mountain Gorilla, Baltic Nise, Giant Panda, Persian Leopard, Giant Ibis, Riverine Rabbit and Saola. Developed on the Polygon network, approximately €273,886 has been raised to preserve these animals’ habitat, create new protected areas or fight poaching and overfishing.

WildEarth

In January 2022, WildEarth launched its Genesis collection of 25 animal NFTs, consisting of 11 leopards, 9 lions and 5 hyenas from the Djuma Game Reserve in South Africa. The wildlife conservation initiative led to a polygon-based NFT pool where 40% of each sold NFT and 8% royalty on secondary sales are paid to the custodian of the wildlife habitat. $13,900 has been generated for Djuma Game Reserve across 1,065 NFTs sold.

Unchained elephants

Unchained Elephants is another NFT initiative launched in 2021 to rehabilitate and rescue elephants from unethical tourism activities in Thailand. The concept of this NFT-powered conservation is to buy the freedom of captive elephants and fund safe habitats for elephants through NFT sales. 40% of all NFT sales (primary and secondary) are donated to this Ripple-based (XRP) initiative.

Conclusion

The thriving NFT landscape continues to promote more enterprise businesses with its perpetual features. Several recognized brands in the travel and tour industry are adopting various NFT initiatives to promote their establishment and increase their profits. This shows that more brands are likely to embrace the travel NFT initiative and help lead a Web3 revolution for the industry.

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*All investment/financial opinions expressed by NFT Plazas are from personal research and experience of our site moderators and are intended as educational material only. Individuals are required to research all products before making any type of investment.