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Role Of NFTs In The Travel Industry
By Vishakha Thakur
An airline refund for cancelled flights Or, more likely, a hotel reservation refund. These are just two of the many frustrating situations that exist in the travel industry. They are not only inconvenient for travellers, but also for businesses who must deal with refunds and compensation. What if there was an easy way to pay for travel expenses without risking losing everything if an emergency prevented you from going? Perhaps NFTs are an unlikely solution to the challenges confronting the travel industry. NFTs in travel will transform several operations by leveraging its underlying technology, blockchain.
1. Bookings
NFTs are an excellent platform for managing reservations because they can help to streamline the process and reduce the amount of time and effort required. They can particularly assist in tracking bookings, confirming availability, and processing payments. As a result, they have the potential to improve booking methods while also lowering the cost and complexity of the process. Furthermore, NFTs are highly secure, which can help protect against fraud and ensure that bookings are safely processed.
2. Customer loyalty
NFTs’ secure and transparent nature makes them ideal for fostering trust in the travel industry. Customers can easily view their loyalty cards on the blockchain and see what benefits they are entitled to for repeat business. NFTs should also be transferable in the unlikely event that a trip is delayed or cancelled entirely. The hotels are not required to pay refunds in this manner, and the traveller still receives value for his NFTs. This can also help hotels improve their brand marketing strategies.
3. Brand Building
People are hardwired to connect with others; otherwise, Discord servers and Telegram pages would not spring up every other second. While most of these communities usually trade hopes and promises, NFTs in the travel industry will be completely different. Travel companies can build their own NFT ecosystem in which users can identify with and interact with their features. To increase liquidity, the NFTs will also be interoperable with third-party marketplaces.
4. Tracking Luggage
When travelling, luggage frequently changes hands, and missing luggage is not uncommon. Tracking luggage positions can be made easier and less laborious with a decentralized database, such as the one used to build NFTs.
5. Rewarding Customers
Travel NFTs can also be used as an incentive system to reward customers who complete tasks such as visiting specific locations and providing information about them.
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