The first place to stay in Spain to offer resellable rates through NFTs

We hear a lot about Web3 and blockchain technology, its capabilities, and its philosophy, but we are often missing the use cases and applications we can implement today.

And that is exactly what we will present to you in this post: how blockchain technology works in hotels and what advantages its use brings us.

What is the resale rate and how does it work?

The resellable rate is a new non-refundable rate format that simultaneously allows the guest to sell and transfer if they are unable to use their reservation.

It is introduced as a new non-refundable rate standard, especially in contexts of changes and fluctuations.

This type of price is provided by the company takyon s It is possible thanks to blockchain technology.

When a guest books an accommodation at a resellable (non-refundable) price, Takyon creates an NFT that represents the ownership of the said reservation on the blockchain.

Being an NFT (Non-Fungible Token), it can be transmitted securely and verifiable to any user anywhere in the world, without the parties needing to know each other or have a trust relationship between them.

What advantages does it have for guests?

We will list some of the advantages provided by the use of blockchain technology Can be provided to hotel client.

• Get a percentage discount on the standard price.
• Being able to resell or transfer a non-refundable reservation.
• It’s easier to understand than price with insurance. There is no need to read the entire insurance policy or rely on the special circumstances in which the insurance applies.
• The guest is not required to have a digital wallet. NFT was created by Takyon, and the host does not have to be a cryptocurrency user or have a deep understanding of the technology.
• Guest have the flexibility to resell the reservation through Takyon Market or any other secondary market.
• The reservation can be resold at the price the guest desires. It is your freedom of choice.
• Reservations can be resold until 11:59 PM the day before check-in.
• Guest can resell it through private Takyon Market or any secondary online marketplace. Only 5% commission will be applied to the sale price.

What are the advantages of hotels?

Regarding the advantages that this technology can bring directly to the sector:

• Offer your guests a more flexible price.
• The rate is still non-refundable, therefore the hotel charges 100% of the reservation value upon receipt.
• The hotel does not have to worry about creating an NFT. Tachyon takes care of everything.
• The hotel does not need to have a digital wallet or have an in-depth understanding of blockchain technology.
• The hotel earns a 2.5% commission on the resale price of the reservation, which increases its chances of income on the same reservation.
• It requires no investment or technology implementation.

At this point, you might be thinking “Why should I care that guests have a certain degree of control and the ability to sell my room?”

Already, travel agencies control our accommodations: they apply discounts and opaque prices without our knowledge. In this case, you will always see the resale price the guest wants to get, and it is 100% transparent.

This rate does not have to be applied to all of your room types and on all dates. You can apply the restrictions you see according to your business model.

If you see that a guest is reselling a reservation for dates that you, as a hotelier, know is in high demand and you know you can sell it for a better price, you can buy their reservation and put it up for sale again.

Although the advantages of the resale price are obvious to us, it is clear that we must test it first to gauge its reception by the market.

That’s why we already have The first tourist accommodation in Spain to apply this rate, Coimpact Coliving in Barcelona. Gian Franco Mercado, Director of Marketing and Innovation at this institution, comments that initially it is only implemented in Coimpact Coliving Bruc, they will measure the results and little by little they will start implementing it in their other coloring operations and in the Accommodation Suite brand.

Submitted photos: Jonathan Cheng