NFTs or non-fungible tokens are blockchain-based digital tokens that represent digital assets such as images, gifs, video clips, collectibles, etc. Even though NFTs are built on blockchain, they are different from other cryptocurrencies. For one, NFTs are non-fungible, i.e. they cannot be interchanged. Each NFT is unique and has a unique value determined by its rarity and demand.
As for the question of whether or how blockchain and NFTs can be used in the travel space, let’s find out.
Blockchain has been around for more than a decade now and is already being utilized or experimented with in many industries around and beyond finance. As a distributed ledger technology (DLT) that provides great security for digital data along with the ability to perform peer-to-peer transactions, blockchain can be positively used for the betterment of the travel industry. NFTs, as an application of blockchain, also can be used for tokenizing travel documents and assets and ensuring easy trading on the blockchain.
In this article, we will try to understand the significance of blockchain technology and NFTs in the travel space with the example of Orfeus Network – an emerging decentralized self-developing tourist ecosystem & B2C blockchain marketplace.
Blockchain for travel
The Orfeus Network is the latest example of the use of blockchain technology to uplift tourism. It intends to use the technology to provide travel-related services such as ticket booking, flights, etc. at 0% commission.
One of the major roadblocks for the travel industry is the need for and high cost of middlemen – travel agents, etc. The Orfeus Network will partner with or create a number of dedicated decentralized travel booking platforms through which tourists can make travel plans, book tickets online and more without the need to pay an agent. The system will be based on the principle of 0% commission.
In addition, the network will use blockchain technology to create a first-of-its-kind decentralized database of safe tourist sites around the world. As a member of the Orfeus Network, you can check whether the tourist place you are planning to visit has been marked safe from infections.
NFTs for travel
The Orfeus Network also uses non-fungible tokens to represent graphic images and travel passes that give seamless access to the various services of the network.
“Tourist sites receive as participants in the community free graphic images, which are located on the map of the world. These images can be traded or exchanged individually or become part of the NFT Travel Pass, which is a package travel offer.”
Tourists can purchase an NFT image of a particular site in order to get discounts and attractive offers when traveling to the place. NFT pass is a digital document created and issued by tour operators that tourists can purchase to get access to a range of travel-related services – such as a visit to a museum, eating in a restaurant, attending an event, or shopping – in a particular destination. Each NFT pass is unique and represented by a token that only the actual owner will own and can sell it to others.
Other than these use cases, blockchain and NFTs may have many other applications in the travel industry, from issuing unique proof of travel (through NFTs) to selling unique travel-related digital assets, and more.
