Non-fungible tokens (NFTs) are revolutionizing the $10.5 trillion global real estate market, according to MSCI, and the $1.3 trillion tourism industry, as per Statista.
NFTs bring new possibilities for the Property and Tourism industries, including innovation for certifying, licensing, leasing, and time-sharing holiday properties.
Blockchain ecosystem LynKey is launching a Tourism and Property NFT Marketplace, allowing for tokens to be exchanged for tourism and timeshare experiences within the ecosystem.
The Non-Fungible Tokens (NFT) industry has been on the rise since 2017, reaching a $12 Billion market cap in June 2022 according to CoinMarketCap. What’s more, NFTs are revolutionizing the tourism and real estate industries, shifting the way people buy, rent, and sell property, and experience tourism.
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The revolutionary potential of NFTs is down to its unique features: they are like certificates of authenticity that one receives when buying a digital asset (or a digitized asset). These are traded in marketplaces, and range from digital artwork to exclusive experiences, and even the certification of land ownership.
“NFTs provide an essential building block for the creation of the digital world. They offer a ubiquitous means to securely share ownership, access, and use of a unique set of data. As such, NFTs are then a key enabler of digital transformation and a much-needed invention, enabling us, for the first time, to certify an ever-expanding digital ecosystem on which we are increasingly dependent,” said Dinis Guarda, Co-Founder of LynKey.
NFTs transform the property industry
Property and tourism are great examples of how NFTs are transforming entire industries. Land is divided into different properties. Each property has a clear boundary, and its title comes with certain rights and obligations. The property may have buildings or permissions to build them, each of which will also have its own set of permissions and licences. Properties are bought, leased, and sold. As assets, they generally have a different dimension of value, as land, for their rights, such as mineral extraction, and their potential use, such as commercial use, and they need insurance against certain risks.
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Using NFT and blockchain technology, buying and selling a given property becomes a significantly more straightforward, quicker, and cheaper transaction. And their potential goes beyond that. Where NFTs have started to enable the capture and leverage of a broader range of value with virtual assets, the same is true with property, potentially also extending the identified value related to a property that can be bought and sold.
A more flexible, transparent and friendly tourism industry
On the side of Tourism, business and leisure travelers can now fly to locations all over the world and finalize the details of their trip from a smartphone. It’s safe to say that travel has come a long way from paper records and the cumbersome process of reservations and itinerary management using smartphones to do these tasks.
However, there are still obvious challenges of the tourism and property industry that persist. Global travelers, for example, often must deal in local fiat currencies and lose money to high exchange fees, they cannot personalize their experience, or even sell, modify or cancel their “trip”.
NFTs and blockchain can speed up the digitization process and tackle these challenges along the way. They allow for digitally enhancing and gamifying experiences and providing utility through loyalty and rewards programs, games, registration and booking incentives, storytelling, event access, and more.
LynKey NFT Marketplace: Bridging and digitizing property and tourism industries
A marketplace is the actual place where NFTs are bought and exchanged. Consider a situation where a large piece of virtual land is fractionalized and is available for sale. When a person buys a particular fraction of this property, it is in the form of an NFT. This means that the owner will receive a specific number of tokens that represent the percentage share in the asset (land). Now, these NFTs could be minted at a marketplace for many reasons- leasing, licensing, or even timesharing. Similarly, NFTs can be created for unique tourism experiences.
LynKey is becoming a pioneer in this NFT revolution of the Property and Travel industries. Building on that vision, LynKey aims to transform smart tourism, property management, and timesharing, starting with their own token, LynK, which is available on Uniswap; and a new NFT Marketplace.
“We intend to bridge the gap between the tourism and property industry and blockchain, showcasing how blockchain can enable an entire property ecosystem that offers massive advantages over the traditional property, tourism, and time-sharing market. And our recently launched NFT marketplace, along with our strong token, is just the first step towards that,” said Jason H. Jang, advisor and blockchain NFT strategist at LynKey.
LynKey’s NFT marketplace offers a platform where new NFTs can be created for countless unique experiences and tokens can be exchanged for those that are already existing. The marketplace will keep the NFT value guaranteed by an actual product from the providers. It is committed to being converted 1:1. A key feature that reinforces LynKey’s commitment towards creating a property and tourism markets to be more transparent and digitised, minimise legal procedures, and not be geographically restricted among the countries where Lynkey operates.
An exclusive event to introduce the NFT Marketplace
LynKey’s NFT marketplace harnesses all the potential that NFTs hold to transform entire industries. The company will hold an offline event in Vietnam to introduce its global tourism and real-estate NFT marketplace as it continues to expand its ecosystem. On 29th June 2022, the blockchain-centred platform will take its efforts to Ho Chi Minh City, Vietnam. The primary aim is to drive blockchain adoption and tokenize the Real Estate and Tourism industries, enabling greater user experience.
“The company is revolutionising the travel and entertainment space with smart tourism and an NFT marketplace for it. LynKey connects the global audience with a Blockchain-powered platform and a token that empowers an ecosystem for time-sharing, and reward solutions at premium luxury tourist spots. With a global token, and now an NFT marketplace, LynKey efficiently overcomes the need for intermediaries, empowering its users to explore the ecosystem that offers real-time solutions and soon, also Metaverse experiences,” said Cindy Tran, LynKey’s Advisor.
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