With this NFT you could own part of a glamping resort near Bali
New use cases for non-fungible tokens are continually appearing. Today, a project combines NFTs with real estate – offering fractional ownership.
LABS Group says he is in the process of establishing the world’s first community-owned complex, allowing people to buy a stake in the Kunang Kunang glamping complex. Surrounded by green forests, the establishment offers 15 private pods and a large suite. The Indonesian island of Bali is a 30-minute flight away – and local attractions include waterfalls and a breathtaking volcano.
According to those behind this project, traditional timeshares can be fraught with problems. Timeshare owners are only allowed to use a property for a fixed number of days per year – and appointments can be extremely difficult to make during peak hours. The value of these investments may also decline over time. Now a new type of NFT has been created to address these issues.
LABS Group takes a different approach by creating 365 RTS-NFT, each token representing 1/365 of the profits generated by the glamping resort.
While this number may seem quite specific, it should be noted that it reflects a specific day in the calendar when the token owner will be able to stay in Kunang Kunang, receiving the best available room. And while other timeshares can be difficult to sell, these NFTs can easily be traded on markets based on both Binance Smart Chain and Ethereum.
How it works
The auction of these RTS-NFTs takes place on Refinable’s NFT marketplace – from July 15th and for 13 days. The best bidders will have the right to name the rooms in the complex. An RTS-NFT will also give the owner the right to name the resort himself and he will also be able to stay at destination 10 days a year.
The final touches are now being put on the station itself, paving the way for a smooth opening in December 2021. Right now, the grand opening is slated to take place in February 2022.
The project is a collaboration between LABS Group and Gravity Resorts, which owns and manages seven properties across Asia. This resort is located in Banyuwangi, which came second in a list of the “10 new Balis”. According to the executives, this area has been set aside for investment by the Indonesian government as it seeks to cultivate the thriving tourism sector.
Yuen Wong, CEO of LABS, told Cointelegraph, “LABS is a digitalized real estate investment ecosystem powered by blockchain. With this, we make real estate investing possible for everyday investors.
Tokenize real estate
LABS Group has entered into a number of partnerships, with GCA conducting due diligence, value consulting, real estate consulting and feasibility studies.
Overall, it is hoped that this will make real estate investing more accessible to the masses, rather than a small group of established institutions and wealthy investors. Importantly, it is also hoped that this will inject liquidity into the global real estate market, which, according to the data, is now worth $ 228 trillion.
Warning. Cointelegraph does not endorse any content or product on this page. While our aim is to provide you with all the important information we may obtain, readers should do their own research before taking any business related action and take full responsibility for their decisions, and this article cannot no longer be considered as investment advice.