If you’ve spent more than a few minutes on the Internet in the last few weeks, you’ve probably heard about NFT, a new phrase that’s circulating in the computer world.
Notably, the digital artist Beeple’s technology works sold for almost $ 70 million at the Christie’s Auction in March.
But, exactly, what is an NFT, and what is the technology plague that travel businesses should be aware of?
Begin with the fundamentals: NFT stands for “non-fungible token” or “business development token,” as Larry Pang IoT eX puts it. NFT is a type of cryptocurrency.
What distinguishes NFTs from other cryptocurrencies Because NFTs are non-replaceable, each token on the blockchain is assigned a unique identifying code and hence cannot be traded.
The sale of digital things such as art and music is one of NFT’s most popular use cases. Digital assets, according to Pang, will be held by someone and traded peer-to-peer without the use of an intermediary.
We feel that NFTs in travel provide travelers with the opportunity to demonstrate that they have completed a certain task. A traveler, for example, can earn a digital souvenir in the form of an NFT if they visit a specific place in the real world.
“Bridging the gap between physics and digital is something that [proprietors] Or a restaurant, a graffiti artist, or anyone who has something in the physical world that people want to contribute something in the digital world is engaged in. As a spur to action
Travel documentation
IoTeX recently released a new tool that enables users to produce unique digital assets based on “proof of travel.”
Pebble tracker is the name of the app. The technology captures and cryptographically signs real-world data such as location, climate, movement, and light using a built-in secure element similar to that used on smartphones for Face ID. I’m sure I can.
When Pebble Tracker collects verifiable data, it is allocated to a distributed ID. It’s a “personal data locker,” according to IoTeX, that allows users to own and control verifiable data solely.
In April, IoT eX teamed up with Travala, a blockchain-based online travel agency, to deploy Pebble Tracker to create decentralized travel logs, travel tournaments, and location-based NFTs on the blockchain. Announced to encourage new travel use cases.
Pebble Tracker can prove “in a tamper-proof way that a user was in a particular place at a particular time,” Pang said.
NFTs focus on influence.
Rally Pan-IoT eX
“It’s basically an asset tracker that provides tamper-proof GPS readings and proves facts to the blockchain to generate responses.”
For example, a visitor to a museum may view all of the museum’s Spanish-style art, acquire digital “badges,” receive incentives to complete a specific route, and be rewarded with confirmation of completion. I’m sure I can.
But, in the first place, what motivates you to accumulate these digital badges?
“The focus of NFTs is on influence,” explains Pang. While some travelers collect shot glasses and magnets, he believes that “having a digital wallet that you can present to others and say this is what I did'” has a promising future. I’m going to do it.
He goes on to say that NFT’s next project will be focused on digital reputation. “It isn’t simply about having this.’ It’s “doing this,” “visiting this,” and “living this.”
In March, IoTeX discussed the prospect of establishing multiple scavenger hunts to allow you to book tours and activities using cryptocurrencies with Travala, a Viator partner. Amazing race-style stuff “-A location where passengers can demonstrate that they have completed a set of activities.
“Blockchain has a lot of trusts,” Pan explains. “That is, having that level of trust, but also extending that trust footprint to the actual world as well as these digital currencies opens up a lot of intriguing travel possibilities.
In another instance, completing particular activities allows travelers to earn loyalty points or savings on future flights. DMOs can also collaborate with local artists to create limited-edition digital art for visitors to small companies.
“As the world reopens, I think many brands are looking at new ways to connect with their audience,” says Pan.
Outlook
Thomas Helldorff, Vice President of Aviation and Trip at IoTeX, stated of the partnership: “Worldpay from FIS states that developing a digital travel log can actually make it easier to confirm the accomplishment of a given travel element.”
“This can cause B2B payments between travel agencies such as OTA and travel suppliers.”
Every day, receive digital travel in your inbox.
Subscribe to our newsletter by filling out the form below.
However, according to Helldorff, there aren’t many examples of NFTs being used in travel yet.
“Travel agencies do not have a speculative business,” he explains, referring to the concept of NFTs from a payment standpoint.
“With very thin margins, you need to know exactly what you’re going to earn from a particular itinerary, and even moderately volatile currencies need to be hedged against fiat or reporting currencies. Bitcoin and Ethereum Airlines and travel companies that accept cryptocurrencies such as, usually do this through exchanges that instantly convert tokens into stable fiat currencies. Thus, travel companies carry no foreign exchange risk. “
According to Helldorff, “travel firms can publish premium experiences as NFTs that may be sold on the secondary market or used after an event.”
“I’m not sure how popular this is or what the benefits are for travel agencies,” says the author.