August 5, 2021

World’s First Resort NFT Begins Auction, Allows Individuals to Invest in Hotels

2 min read

LABS Group, an end-to-end blockchain property financial investment platform, began its auction of the world’s first-ever community-owned resort and rewarding timeshare (RTS) non fungible token on July 15, 2021.

Kunang Kunang Glamping Resort, the brand new resort situated in Banyuwangi, Indonesia, is established and run by LABS Group partner Gravity Resorts.

The resort NFT ownership will tokenize and fractionalize the entire resort into 365 RTS-NFTs, and each will be offered through an auction on the Refinable NFT marketplace for 13 days, with each auction lasting for 48 hours.

Mahesh Harilela, the chairman of LABS Group, said:

“LABS is presenting a revolutionary cross-dimensional investment chance that allows everyday investors to buy abroad home easily, by reducing the entry point of property ownership and removing both geographical and legal barriers. LABORATORIES goes through all of these procedures to ensure security.”

Each RTS-NFT will come with a staying right that can be swapped with other RTS-NFT holders, among other advantages. Likewise, there will be an additional naming best NFT to be auctioned to grant the holder the right to call the resort, in addition to an annual staying benefit of 10 days.

This auction will also provide a one-time naming right for the leading 15 bidders to name spaces in the resort. The RTS-NFTs can be noted, traded or sold through Refinable or marketplaces based on the Binance Smart Chain and Ethereum. Holders of the RTS-NFT will also get voting rights for significant operational choices.

Named after “fireflies” in Indonesian, Kunang Glamping Resort is a 30-minute drive away from Banyuwangi Airport and a 30-minute flight from Bali. According to the Indonesia Statistics Department, the average occupancy rate of all hotels in Banyuwangi in 2020 was 65% in spite of the pandemic, with occupancy numbers hitting 80– 90% for the majority of hotels.

Sitting on 6,800 square meters in a rich green forest surrounded by paddy fields, the development was designed by award-winning designer Willy Sandy Ekaputra to produce an unique wilderness environment while keeping the comforts of home and the high-end of a hotel. Its soft opening will remain in December 2021, with a grand opening slated for February 2022.

LABS Group likewise partnered with Greater China Appraisal Group, which conducted due diligence, worth advisory, home consultancy and expediency studies on this first-ever community-owned NFT resort.

In partnership with Gravity Resorts, LABS Group will also have one property in Cambodia, 3 in Japan, and two more in Indonesia up for an RTS-NFT auction within the next two years. Gravity Resorts currently owns and handles 7 properties throughout Asia.