Introduction
The past couple of years has been a mixture of ups and downs for the participants of the global economy. Furthermore, it depends upon the sectors at the receiving end of the consequences of the pandemic. Covid has had a serious impact on every possible human-experienced aspect under the sun, and it took a toll on the healthcare and the hospitality industry the most.
Intimidating revenue generation aspects of digital assets trading in 2021 has had consequential repercussions in the application and expansion of the sector to better serve the people. On the flipside, NFTs and crypto as a form of escape boomed in the same space and time as the unfortunate events occurred. NFTs have resurrected the hope in the industry to survive and possibly get back on their feet with their use scenarios and an endless case of incentivizing opportunities.
This article looks at the evolution of NFTs to serve real-life applications beyond their online appeal, the drawbacks in the hospitality and healthcare industry that the integration of NFTs can improve, and the future of the sector to aid more in the charitable and monetary gains.
Evolution Of NFTs In The Past Couple Of Years
Starting as a digital art trade platform, the sector has grown exponentially to host and grow a variety of industries. Any enterprise that had its revenue model running on the online space, despite the NFTs, stood a chance in integrating themselves into the digital trading platform. And the rise of NFTs gave the freedom to develop a plethora of incentive revenues that can dedicate their own set of resources further. Music, gaming, metaverse, real estate, and social media were some of the divisions that found a footing in the sector. In lieu of unprecedented industries taking advantage of the new platform – hospitality and healthcare made their way into NFTs in their dire time of need.
How The Hotel Industry Is Affected By The Pandemic?
People have found it difficult to travel experience a sense of escape from the world as they have been able to do before the whole fiasco. And with the million restrictions on travel and mandates on lockdowns differing depending upon different places. The hotels and vacation spots can’t keep their establishments running empty. Luckily the NFTs can serve as a semblance of hope. Established entities such as the service industry have used NFTs to garner more engagement and user utilities to help people in this time of need.
The Obvious Drawbacks That Need A Fresh Take In Approach
- The hotel and lounge spots thrive on the promise of escape, and that needs partici[ation from the customer to travel to the designated spot to unwind and let their feet down.
- And with that aspect of traveling and unwinding eliminated, for the time being, the next step is to be towards the digitization of the same experience that can be presented and implemented.
- The record-keeping, documentation, and customer data are the unaddressed bread and butter for any industry that has a commerce aspect to it. And the hotel division is no exception.
- Maintenance, property damage, and cleanups – housekeeping responsibilities have been minimized.
- Central record holding to customize and curate special experiences for loyal customers is also a drawback.
- Logs, records on staff, bookkeeping for external & internal expenses – logistics are all not centralized under one domain.
How NFTs, In Retrospect, Help The Hospitality Industry
- For starters – digitization, central record sharing – consumption & transfer of the data, decentralized immunity against scams and threats of the data stored in the blockchain.
- The operations of maintaining visitor logs, ease in workflow, hotel bookings & cancellations, marketing – booklets, advertising, etc., can be achieved through NFTs.
- NFTs serve a great deal to the marketing aspect of the industries it hosts. With respect to the hotel sector, one can make use of NFTs to market the respective establishment’s digitizable assets.
- For example, one of the biggest advancements in the NFT space is the introduction of metaverse spaces.
- Guests can travel to different destinations and attain the full experience of the hotel in the digital land of augmented reality.
- Establishments can completely transform their physical space into digital realities that they can sell as exclusive events.
- Ticketing is another way the sector could generate world-class engagement. User interaction through VIP events, exclusive parties, and community spaces are some of the places where ticket NFTs can be issued.
Concluding Thoughts
Rewards and gifting aspects of NFTs are another impactful way for hotels to drive engagement to their interface. The future of NFTs in the hotels can be a win-win situation for all the parties involved. To reiterate, digital assets trading has the potential to revive the now stagnant sector of hospitality to make it more pleasant. The people are searching for an outlet to escape, and now the high-end revenue generative sector can help boost the spirits and wallets of the participants.
