NFT technology quickly gained ground and is now actively being employed in the gaming industry and in the digital art market. But the possibilities of NFT are much more extensive. GuessChein clearly demonstrates that not only unique swords, armor and monkey pictures can be tokenized, but also something practical as hotel rooms. What benefits can tourists, hoteliers and the industry as a whole derive from this?

GuestChein is a new IT platform that allows the hospitality industry to take interaction with tourists to a whole new level, thanks to blockchain. The startup’s know-how lies in a mechanism for tokenization of hotel rooms, where each NFT corresponds to a day of stay in a room of a certain category of a specific accommodation facility with a particular set of additional services (food, excursion services, transfers, etc.).

What benefits can managers, tourists and the industry as a whole derive from the tokenization process? The business model that GasteChein offers to the market has the potential to revolutionize the settlement between hotels and tourists, allowing them to interact directly, eliminating the high commissions currently prevailing the market of electronic booking systems.

The process of acquiring NFT on the platform is simple and straigtforward. Users can either buy the number of tokens they need for their accommodation immediately, or do it gradually.  In this case, the money for the NFTs sold is immediately remitted to hoteliers, thus freeing up additional working capital for the business that can be used, among others, for the implementation of infrastructure projects and this way, improving the quality of tourist services. Hence, room tokenization is a convenient and effective tool that allows managers to improve occupancy rates and make planning more foreseeable.

The hospitality industry generates over $600 billion in profit annually, and an increase of even 5 – 10 percent can have a strong impact on the tourism industry as a whole, giving it a powerful impetus for further growth.

In their turn, thanks to the GuestChain platform, tourists not only get the opportunity to flexibly and efficiently plan their vacation at the best prices, but also earn on previously purchased tokens. Before NFTs are presented to the accommodation facility and “debited” as proof of payment for the stay, they are in the ownership of the user. Accordingly, they may be “frozen” on the platform for some time in order for the user to obtain a guaranteed income as part of the staking program. In addition, the user can (say, closer to the high season) profitably sell his tokens on the secondary market. For these purposes, GuestСhain will run its own marketplace.

The operation of the GuestСhain ecosystem will be maintained by the circulation of the internal utility token – GCH, which will be awarded for participation in the referral and affiliate programs as well as staking.  The project also provides for staking of GCH itself. As the project expands, the possibilities of using the utility token will develop further – and in Q3 of 2023, a loyalty program will be launched on its premise.

In its finalised form, the project will consist of two functional blocks. The first one is the tools for tokenization of hotel rooms, the second one can be conditionally called “tokenization of hotel real estate”. The launch of both functional blocks will get closer to the realisation of the final concept of GuestChain, which lies in the principle of “shared ownership and use”.

The post GuestChein and NFT technology are about to revolutionize the hospitality industry appeared first on Crypto Breaking News.

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Filed under: News - @ February 15, 2023 11:30 am