MakeMyTrip, an Indian online travel company, is the latest entrant into the world of Non -Useful Tokens (NFT). The company has launched a limited edition immersive NFT series, showcasing some of India’s most popular tourist destinations.
The NFT series, titled ‘Virtual Vacations’, will be available on a first -come, first -served basis, and there will only be 25 owners per NFT artwork, the company said on its app.
The first group of the collection captures the visible and invisible beauties of Goa, Rajasthan, Odisha, Meghalaya, Ladakh, Jammu and Kashmir, Andaman and Himachal Pradesh. At the time of writing, NFT’s artwork depicting Goa, Ladakh and Kashmir – the 3 most famous tourist destinations in India – is already sold out.
Proceeds from the sale of this NFT will support sustainable tourism projects in India.
The NFT art collection is ‘immersive’ because each digital art is a kaleidoscopic meta representation created through Artificial Intelligence and repetitive loop programming.
“This NFT is in line with our overall marketing and communication objectives to inspire every Indian to discover and explore the majestic beauty of India,” said MakeMyTrip Group Chief Marketing Officer Sunil Suresh.
The NFT collection comes at a time when a global pandemic has disrupted the tourism and hospitality sector in India. The Union Government recently informed Parliament that 21.5 million people involved in the tourism industry have lost their jobs as a result of the Covid-19 pandemic. Moreover, the government added that tourist arrivals to India were also drastically low during the outbreak.
NFT, for those unfamiliar with the concept, is one of a kind that can be digitally collected that no one can replicate. It is probably one of the most prominent applications of blockchain technology, currently used by the besieged tourism and hospitality sectors.
NFT tokens can represent any asset digitally, including virtual assets only. Some examples of NFT are digital artwork, including in -game items such as avatars, digital and non -digital collections, domain names, event tickets and tangible assets such as real estate.
For example – LynKey, a Singapore -based prop technology startup, has launched a blockchain -powered marketplace and ecosystem for tokenization of luxury resorts, hotels and properties. Last year, internationally renowned hotel chain Marriot launched a set of NFTs that capture a different travel experience. LynKey and Marriot are just two examples. The business applications of blockchain technology are numerous.
According to a report by Mindtree, blockchain could be an effective technology for supply chain management, loyalty points and reward management and customer identity management in the hospitality industry.
“This (blockchain technology) essentially strengthens trust without the need for intermediaries,” the Mindtree report said, adding that using third parties to strengthen trust has resulted in additional costs to businesses.
Noting that blockchain technology can revolutionize the way we travel, Chirantan Patel, CEO of travel startup powered by blockchain chain Amaze Global Pty Ltd, added a challenge in its adoption. “While blockchain serves as a basic technology, each company or collective can create its own network and incorporate its algorithms. Given that there is no standardization, deployment is a bit of a challenge,” he said.