Home » Now convert and trade hotel bookings with first-ever NFT & blockchain-driven travel marketplace, ET TravelWorld News, ET TravelWorld

Now convert and trade hotel bookings with first-ever NFT & blockchain-driven travel marketplace, ET TravelWorld News, ET TravelWorld

by News Times USA

 Representative image (iStock)
Representative image (iStock)

US-based LIFE Group Holdings has announced open registration ahead of its launch to users offering hotel reservations which will be digitized and converted into tradable, collectible NFT’s. Based on Artificial Intelligence (AI) now servicing a large online travel agency, LIFE said it will launch with discounted prices on the hotel inventory it offers.

Users can buy, sell, and trade hotel bookings the same way they manage concert or sports tickets. The company said it aims to make it easy to buy and resell travel and experiences on its NFT and blockchain-driven marketplace.

LIFE will be the first platform to make large volumes of hotel bookings available for trading on secondary markets, just as concerts & sports tickets are today. By creating liquidity in bookings, both hotels and travellers will get more flexibility and an improved booking experience. Users can pay via credit or with debit card, and crypto payments will also be accepted.

“Travel and entertainment are ripe for disruption by the blockchain. It enables travel reservations and event tickets to be tokenized and traded securely and seamlessly. Hotels will welcome LIFE since it helps them solve the problem of high cancellation rates by creating bookings that can for the first time ever be traded on secondary markets rather than cancelled when travellers’ plans change,” said Eduardo Ibañez, Scientist at LIFE and Former Chief Scientist at Priceline.

The traveller needs to pay just INR 1 to authenticate the payment method (including UPI/ net banking / credit & debit card and wallets) to make a hotel booking. In case of an unfulfilled booking, MakeMyTrip will automatically initiate a refund of the booking amount i.e., INR 1, in the original payment mode.

The LIFE announcement comes on the heels of the recent acquisition of blockchain technology from Velocity Ledger by Ibañez and his team. Other co-founders include Shawn Sloves, CEO of Velocity Ledger, and David Shuler, Co-Founder of Y2X, Inc. The team works with coders in Ukraine to build out the platform.“The business opportunity is enormous. Online travel alone is a USD 433 billion market today and is estimated to exceed USD 2 trillion by 2028,” said Shuler. “We will create tradable assets from bookings that currently have no liquidity.”

“LIFE is a destination marketplace offering travel and related products at prices at better rates than even hotels can offer. Using NFT s representing stays in hotels, or tickets for movies, concerts, and other events, LIFE lets travellers showcase where they’ve been, where they are, and where they’re going, and allows them to trade those bookings on an open marketplace. LIFE will revolutionize and democratize travel,” Ibañez added.

LIFE is a real-life travel, experience, and event booking/ticketing engine offering hotel reservations, sports and entertainment tickets, and other unique experiences.

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