Could NFTs For Hospitality Come Back To Bite Us?
Everyone is talking about NFT (non-fungible token) technology, and businesses are spending big bucks on massive opportunities for bringing this technology to the hospitality industry.
In fact, last year over $2 billion was spent in the first three months. While the global luxury hotels and resorts industry is expected to be a $160 billion market by 2031, the experience economy is forecast to reach $8 trillion, with the metaverse market opportunity a mind-blowing $13 trillion.
It is no wonder that excitement has reached fever pitch, and big brands are jumping on board. It's not difficult to see the potential of this technology and what it could bring to a hotel, as the possibilities are endless. Leading hotel chains are already releasing their versions of NFTs with actual use cases to benefit their clients worldwide.
In 2021, Marriott International was among the first brands to benefit from the value of NFTs in the form of hotel technology to reignite a passion for travel following a long lockdown period. The hotel partnered with digital artists TXREK, JVY and Erick Nicolay to create unique digital images that owners would claim as their original artworks. During the Art Basel Miami Beach 2021 event, the hotel unveiled a collection of artwork with NFTs awarded to individuals who could redeem them for travel experiences. It inspired people to start traveling again. Marriott saw where people were hanging out during lockdown and knew they had to be there too.
