In a ploy to avoid losing money on last-minute cancellations, hotels plan to turn canceled reservations into NFTs. Dubbed ‘RNT’ (room night tokens), the new concept will mean those who cancel reservations will have to sell their RNT on a marketplace dedicated to selling unused rooms (like StubHub for concert and sporting event tickets), instead instead of putting a company’s cash flow in jeopardy by requesting a refund or rebooking.
One of the hotels planning to adopt the new strategy is a resort in the Dominican Republic called Country House Resort & Villasthat has been associated with pinka new reservation system platform that allows users to purchase RNTs for a specific room, time period, or set of nights.
According to the platform itself, it is a replacement for the obsolete model to secure reservations, since by purchasing an RNT, the hotel’s income is insured and guaranteed, which means that if a client wishes to cancel or rebook their stay, they can do so. . thus, by transferring, selling or redeeming your RNT on Pinktada up to two days before check-in.
Pinktada will also launch a marketplace that will allow people buy RNT in bulkwhich they can then sell on the platform for the price of individual room nights.
As with any commodity, RNTs will continue to be subject to market price fluctuations; however, unlike many NFTs, they will have an expiration date which will dictate their value as the entry date approaches.
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