A LABS Group NFT resort auction begins this week. The sale represents the first time non-fungible tokens have been used to buy a stake in community-owned holiday accommodation. In this case a share of the Kunang Kunang Glamping Resort, Banyuwangi, Indonesia.
The non-fungible side of the deal is the work of LABS Group, which has partnered with Gravity Resorts. The auction begins on 15th July, although the process will be staggered over the course of almost two weeks due to the number of tokens involved.
In total, 365 RTS-NFTs will be up for grabs over the course of 13 days. Sales will last 48 hours each, and the tokens are linked to ‘staying rights’ at the resort. These can be swapped with other owners, and a number of other benefits are included.
What’s in a Name?
The LABS Group NFT resort auction isn’t limited to staying rights alone. Anyone interested in leaving a lasting mark on the resort can bid for naming rights to the whole complex. Meanwhile, a further 15 top bidders will each get to name one room.
About the LABS Group NFT Resort Auction
Looking at the financials, or at least the occupancy rates, and demand for hotels and other accommodations in the area is high. As Yahoo! Finance reports, the Indonesia Statistics Department shows that 65% of all rooms in the Banyuwangi area were occupied in 2020 despite COVID-19 wreaking havoc on the travel industry. Most hotels were at 80-90%.
As for the Kunang Kunang Glamping Resort, visitors can expect to stay in and among 6,8000 square meterage of verdant tropical forests at the Willy Sandy Ekaputra designed address. Or at least they should after the soft opening in December 2021, with the grand opening set for February 2022.
Who is LABS Group?
LABS Group sits at the vanguard of the rapidly growing digital real estate space. Billed as an “investment ecosystem powered by blockchain and community”, this includes a crowdfunding and trading platform, and collateralised lending service, among other aspects. The firm allows developers of IRL property to tokenise and subdivide their real estate for direct sale, auction, or trade.
This is just one example of what many have dubbed ‘multi-dimensional real estate trading’, whereby digital methods are used to organise real-world property sales. Recent instances of this include Seen Haus‘ crypto apartment sales. But this concept doesn’t end there.
More and more people are buying property and land within virtual spaces such as metaverses. Decentraland, Splinterlands and Minecraft NFTs have all made headlines on our pages in recent months. You can find out just how deep this rabbit hole goes in our four-minute read on the exponential growth of virtual real estate NFTs, one of the most exciting areas of tech right now.
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