For the first time, a boutique resort in the South East Asian country of Indonesia, is selling Non Fungible Tokens or NFTs on auction in order to provide hotel perks to customers. The auction is supposed to take place on the NFT marketplace known as Refinable, which is a Binance chain-based NFT marketplace.
A blockchain property investment group known as the LABS Group had raised a staggering amount of $3,650,000 with the help of Non-Fungible Tokens for Kunang Kunang Resort. The first of its kind, Kunang Kunang Glamping Resort is the first project in the entire world to have community ownership. The project was fractionalized into NFTs termed as Rewarding Timeshare or RTS.
The NFTs have completely transformed the way in which the investors gradually build their portfolio in a diverse manner. They do this while providing unlimited access to a diverse set of assets, the ability to continue trading 24/7 and by providing much lower transaction costs.
The aforementioned auction was able to gather an estimated 1095 RTS NFTs with entry barriers much lower than others and of course, with an ocean of benefits along with it. Through this initiative of fractionalizing the Kunang Kunang Resort, investing in a resort or a hotel is easier and widely available, thanks to the LABS Group who made the whole thing possible.
Yuen Wong, who is the Chief Executive Officer of the LABS Group, mentioned that LABS is a digitised investment ecosystem operating in the domain of real estate. And is completely powered by blockchain technology. With the help of this innovative concept and this digitised platform, they make investing in real estate a real possibility for common individuals who are willing to invest.
The use of blockchain technology has enabled them to bring the opportunities directly to the investors, which otherwise would have to be done with a middleman acting as a mediator. The blockchain-based application has rendered the middlemen completely useless and hence they can now deal with the investors directly and as a result, the company is making more time and money, thereby adding more value to the company. In addition to that, he stated that the LABS Group has made it much easier for cross-border transactions to take place and has also taken care of all kinds of diligence on behalf of the investors.
The Rewarding Timeshare Auction
The latest revamped auction from the Kunang Kunang project commenced from the 26th of July, 2021. There are two models available for the bidders to choose from. One of them is through participation in the aforementioned auction and the other one is through a direct purchase basis.
The auction continued for a span of seven days starting from the 26th of July, 2021. A total of 365 RTS-NFTs are made available at a price range of $3333 USDT each. Those bidders who will be interested to purchase the NFTs, are free to do so on the Refinable NFT Marketplace.
730 RTS-NFTs would be kept in reserve to make it available for individuals who are willing to purchase them on immediate notice. They will be available from the 26th of July at 1 pm with an estimated starting price of $3999 USDT per NFT. Also, the seasonal prices are subject to vary as it is a fact that these particular NFTs are priced at $4333 USDT during the month of July to September and then there are special occasions on which they will be available for $4666.
Rewards and Benefits of Using RTS NFTs
The owners of the RTS Non Fungible Tokens are entitled to a vast array of rewards and benefits made available to them exclusively. These include rights for staying and that too for 30 years nonetheless, plus the allowance to trade them, swap them and so much more. In addition to that, the first 100 lucky bidders can get the benefit of winning a discount of up to $200 USDT. In order for them to be eligible for this rebate or discount, all they have to do is just place any first bid on the auction.
Every individual holding RTS NFT will have the privilege of earning a special holders privilege package while they are staying at the resort.
These privileges include:
- Transport by Limousine to the Kunang Kunang Resort
- Welcome Treats in the room
- Breakfast package for two
- A cool 50 percent discount on consumption that takes place on site
- 20 percent discount on consumption done off site, on tours etc.