Stands for ‘Non-Fungible Token’, NFT has upended the art world in 2021. Next up? The travel industry may soon use cryptocurrency-backed NFTs to quantify the value of our vacations.
To simplify, NFT is a type of cryptocurrency. What makes NFTs different in comparison to other cryptocurrencies or physical money is their uniqueness. Because NFTs are non-fungible, each token, which is stored on the blockchain, has a unique identifying code and is therefore not interchangeable.
The idea of using an NFT to validate an owner’s claim to something valuable has yet to take off in the travel industry. It is only a matter of time before the new technology is integrated into border crossings, itinerary planning, conservation efforts, and even F&B menus.
Early this month, Marriot Bonvoy has joined with several digital content creators to launch three non-fungible tokens (NFTs) aimed at promoting the global tourism industry. Brian Povinelli, Senior Vice President of Brand, Loyalty, and Portfolio Marketing for Marriot International said his company was excited to bring its “extraordinary portfolio of the hotel brand and endless experiences” to the rising platform. Social media platforms such as the video streaming platform TikTok and Pinterest have featured content for Marriot Bonvoy’s Power of Travel campaign, with the firm set to expand it further across the Metaverse in the near future.
For travellers, the most important application for NFTs might be making international trips smoother. Airports, airlines, and sporting events including the Kentucky Derby are already exploring the idea of NFTs as digital keepsakes. It is predicted the high demand there will be in 2022 that benefit the travel companies.