MakeMyTrip launches NFTs to reinvent Indian tourism
MakeMyTrip, the Indian online travel company, is the latest comer to the world of non-fungible tokens (NFTs). The company has launched a limited-edition immersive NFT series, which features some of India’s best-known travel destinations.
The NFT series, titled “Virtual Vacations,” will be available on a first-come, first-served basis, and there will only be 25 owners of each NFT artwork, the company said on its app.
The first batch of collectibles captures the visible and invisible beauty of Goa, Rajasthan, Odisha, Meghalaya, Ladakh, Jammu and Kashmir, Andaman and Himachal Pradesh. At the time of writing, the NFT artworks depicting Goa, Ladakh and Kashmir – 3 of India’s most prominent tourist destinations – have already sold out.
Proceeds from the sale of these NFTs will support sustainable tourism projects in India.
The NFT art collection is “immersive” since each digital art is a kaleidoscopic meta-representation created by artificial intelligence and iterative loop programming.
“These NFTs are in line with our overall marketing and communications goal to inspire every Indian to discover and explore the majestic beauty of India,” said Sunil Suresh, Marketing Director of MakeMyTrip Group.
The NFT collection comes at a time when the global pandemic has disrupted the tourism and hospitality sector in India. The Union Government recently informed Parliament that 21.5 million people involved in the tourism industry have lost their jobs due to the Covid-19 pandemic. Moreover, the government added that tourist arrivals to India were also significantly low during the pandemic.
NFTs, for those unfamiliar with the concept, are one-of-a-kind digital collectibles that no one can replicate. This is perhaps one of the most important applications of blockchain technology, which is now used by the beleaguered tourism and hospitality sector.
NFT tokens can digitally represent any asset, including virtual-only assets. Some of the examples of NFTs are digital works of art, including in-game items such as avatars, digital and non-digital collectibles, domain names, event tickets, and tangible assets such as real estate.
For example, LynKey, a Singapore-based prop-tech startup, launched a blockchain-powered marketplace and ecosystem for tokenizing resorts, hotels, and luxury properties. Last year, the famous international hotel chain Marriot launched a set of NFTs capturing different travel experiences. LynKey and Marriot are just two examples. The business applications of blockchain technology are numerous.
According to a report by Mindtree, blockchain can be an effective technology for supply chain management, loyalty points and rewards management, and guest identity management in the hospitality industry.
“This (blockchain technology) fundamentally builds trust without the need for an intermediary,” the Mindtree report notes, adding that relying on third parties to build trust has resulted in additional costs for businesses.
While stating that blockchain technology can revolutionize the way we travel, Chirantan Patel, CEO of blockchain-powered travel startup Amaze Global Pty Ltd, added challenges to its adoption. “Although blockchain serves as a core technology, every company or collective can create their network and include their algorithms. Since there is no standardization, adoption is a bit of a challenge,” he said. declared.
