Global platform LynKey, which powers luxury resort and vacation property with blockchain and AI tech, has announced a project for tokenizing and providing NFT solutions of more than $8 billion for travel and tourism by leveraging smart contracts.
LynKey will be digitizing luxury resorts and properties at several different destinations, providing them over its blockchain-enabled token marketplace and ecosystem, “seeking to tokenize all aspects of property development — purchases, leases, land use, and related tourism entertainment — in an international blockchain-powered ecosystem to connect the people around the world with the best of property technology and premium experiences from resorts and cruises with NFTs.”
Dinis Guarda, Founder and Non-Executive Chair of LynKey, remarked:
“Using NFTs with AI data-driven protocol sets, the company is revolutionizing the travel destination and entertainment space with smart tourism. LynKey connects the global audience with a blockchain-powered platform and a token that empowers an ecosystem with time-sharing, and reward solutions at premium luxury tourist spots.”
Guarda, who is notably the creator of platforms citiesabc.com, and openbusinesscouncil.org and has been working with various universities including Oxford, commented:
“By bringing the power of blockchain and NFT technology to the tourism and property industry, and even going forward by creating a related metaverse, we bring comprehensive digital solutions to see the travel and property world in a secure, innovative, rewarding, and trustworthy space.”
Cindy Tran, Co-Founder, and Chairwoman of LynKey said despite globalization, “challenges in the tourism and travel industry persist and that blockchain and NFT technology can address and resolve these issues.”
“Most global travelers or property buyers have to deal with local currencies, lack of transparency in buying or leasing property and timeshares, and losing money to high exchange fees or worse. Furthermore, travelers cannot personalize their travel experiences, modify, sell, or cancel their ‘trips’. Planning to travel or searching to lease property may be digital, but the rest of the process certainly is far from seamless or perfect with conventional models of tourism and travel. A consolidated marketplace and token solution will solve many of these issues.”
With global tourism expected to reach a $1.3 trillion mark by the end of this year, LynKey aims to target critical issues such as non-transparency, unreliability “plaguing the travel industry.”
At present, the non-digital format of the current property leasing, licensing, and time-sharing is “time-consuming and easily flawed,” the update explained.
Additionally, there can be liquidity issues “with respect to the global property market, which sometimes leads to price gouging and high costs,” the announcement noted.