MakeMyTrip, the Indian online travel company, is the latest entrant to the world of Non-Fungible Tokens (NFTs). The company has launched an immersive limited edition NFT series that showcases some of the best-known travel destinations in India.
The NFT series, titled “Virtual Vacations,” will be available on a first-come, first-served basis, with only 25 owners of each NFT artwork, the company said on its app.
The first set of collectibles showcases the visible and invisible beauty of Goa, Rajasthan, Odisha, Meghalaya, Ladakh, Jammu and Kashmir, Andaman and Himachal Pradesh. At the time of writing, the NFT artworks depicting Goa, Ladakh and Kashmir – 3 of India’s most prominent tourist destinations – were already sold out.
Proceeds from the sale of these NFTs will support sustainable tourism projects in India.
The NFT art collection is “immersive” because any digital art is a kaleidoscopic meta-representation created by artificial intelligence and iterative loop programming.
“These NFTs are in line with our overall marketing and communications objective of inspiring every Indian to discover and explore the majestic beauty of India,” said Sunil Suresh, Chief Marketing Officer of MakeMyTrip Group.
The NFT collection comes at a time when the global pandemic has disrupted the tourism and hospitality industry 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. In addition, the government added that tourist arrivals in India were also drastically low during the pandemic.
NFTs, for those unfamiliar with the concept, are unique digital collectibles that no one can duplicate. It is arguably one of the most prominent uses of blockchain technology, now used by the beleaguered tourism and hospitality industry.
NFT tokens can digitally represent any asset, including virtual assets. Some examples of NFTs are digital artworks, including in-game items such as avatars, digital and non-digital collectibles, domain names, event tickets, and tangible assets such as real estate.
For example – LynKey, a Singapore-based prop tech start-up, has launched a blockchain-powered marketplace and ecosystem for tokenizing luxury resorts, hotels and properties. Last year, the famous international hotel chain Marriot launched a series of NFTs that capture different travel experiences. LynKey and Marriot are just two examples. The business applications of blockchain technology are numerous.
According to a report from Mindtree, blockchain can be an effective technology for supply chain management, loyalty points and rewards management, and customer identity management in the hospitality industry.
“This (blockchain technology) fundamentally bolsters trust without the need for an intermediary,” noted the Mindtree report, adding that using third parties to bolster trust has resulted in additional costs for businesses.
While Chirantan Patel, CEO of blockchain-powered travel start-up Amaze Global Pty Ltd, could revolutionize the way we travel, Chirantan Patel said blockchain technology could revolutionize the way we travel. “Although blockchain is the basic technology, any company or collective can create its network and incorporate its algorithms. Since there is no standardization, adoption is a bit of a challenge,” he said.