Rent LUV Tokenizes Hotel Bookings With NFTs

May 27 17:36 2021
Rent LUV Tokenizes Hotel Bookings With NFTs

Rent LUV is a decentralized multi-dimensional P2P NFT booking platform integrated with the LUV NFT marketplace. By removing the middleman from the booking process, hotel reservation snafus and overcharges are eliminated. NFTs are the solution to hotels having data mismatches between customers, hotels, and booking agents. Such errors are found in at least 5% of bookings, according to Rent LUV.

The hotel booking (OTA/GDS) and software industry (CM/PMS) is fragmented with no fewer than five different groups working for commission between travelers and hotels.

Problems:

High commission payments.

Onerous legal agreements.

Fragmented computer systems.

Data and Payment bottlenecks.

This results in:

Complex system integrations.

Dreadful user experiences (guests and operators).

Reconciliation and auditing nightmares (costs, fees, and commissions).

Lack of transparency for multi-property owners.

Hotel data bottlenecks are due to the fragmented systems that have to be cross-integrated to Property Management Systems and Channel Managers. A large hotel chain like Marriott has whole departments in place to set these processes up and stay up to date as new services are updated. Smaller, independent hotels do not have such ability and have to manually reconcile transactions with guest cycles — daily, weekly, and monthly. A timestamped public ledger removes all doubt for the hotels, specifically, when trying to determine which guest made a reservation first, in turn, this solves any double booking possibilities. Currently, there is an abundance of confusion between hotels, OTA’s, and channel managers.

When booking through Expedia or Priceline (who happen to control pretty much all of the distribution websites) and you request a discounted rate due to a bad experience, the hotel will send you directly to Expedia first…next, Expedia calls the hotel to try to remedy the situation. The hotel would then decide whether to discount the rate or not and then manually refund the guest’s credit card. Finally, the hotel would have to log in to the Expedia PartnerCentral to manually find the guest’s data and reconcile the discounted rate so that they don’t get charged 20–25% commission for the full amount. When a hotel has over 2,000 bookings per month (with a 15–25% cancellation rate and hundreds of rate adjustments), that adds up to a lot of data bottlenecks… The bottlenecks are not due to how fast or slow the current systems are, but rather how inefficient the reconciliation process is (for the operator) as well as unnecessary barriers put in place by OTA’s.

Many hotels over-book their properties intentionally with the expectation that a percentage of the guest reservations won’t arrive as scheduled.

NFT Hotel Booking Ecosystem

The use of NFT technology can improve the flow of data, integrating identity and payment processes. This will dramatically reduce reconciliation and auditing tasks, lower commission costs, allow for improved API integrations and reduce inventory over-booking.

Since Rent LUV will act as a property management system, channel manager, and payment processor for the hotel as it provides metasearch capabilities for the traveler, which in turn allows much of the current ecosystem to be bypassed.

Online travel agencies have all of the power in the traditional travel ecosystem due to the fact that they control distribution. NFTs offer a way to bypass the “trusted authority” (OTA) and allow hotels to post their room availability on Rent LUV, to a secure and open network for anyone in the world to access directly.

In addition, the traditional ratings review system has been tainted, so we created a new system based on spreading love (LUV). Rent LUV utilizes a LUV-based review system as a moral compass for reviews. Guests are incentivized for bookings with $LUV which can be used for bookings and shopping with local vendors around the world. In the case of a bad experience, a hotel can remedy the situation from a place of $LUV easily by sending digital currency to the guest’s digital wallet instantly. Also, if a guest wanted to give a tip to any of the hotel staff they can do so with $LUV vs finding the proper cash bill amount and/or currency exchange.

A hotel room NFT booking represents a guest’s access for each specific day and is secured in their digital wallet, which also acts as an ID.

Hotels Can:

Transfer a hotel room NFT for events like “Walk-In Guests” (a hotel term for transferring a guest to another hotel due to over-booking) without paying any gas fees on the LUV NFT Marketplace.

Earn royalties on secondary booking sales up to the check-in date/time.

Automate the booking process with smart contracts which alleviates double bookings.

Offer more affordable booking prices.

Expedite the check-in process due to the hotel room NFT being already stored in the buyer’s digital wallet.

Reduce cancellations by allowing guests the ability to resell a last-minute booking or transfer a hotel room NFT to family or friends.

Reward guests with $LUV currency.

Guests Can:

Resell a booking on the LUV NFT Marketplace for a higher price than they initially paid for the hotel room.

Transfer a hotel room NFT to family or friends on the LUV NFT Marketplace without paying any gas fees.

Tip staff or add gratuity with $LUV.

Earn a bonus of additional $LUV for a booking.

Help support the local area’s economy by using local vendors worldwide who accept their $LUV coins.

“Most people think NFTs are only for artists however, we have created a new use case for NFTs by tokenizing the travel industry. Your whole vacation experience from your hotel, flight, vehicle rental, tours/activities, and passport should be consolidated with NFTs and safely stored in your digital wallet.” — Rent LUV founder Hahz Terry

Recent Booking.com research reveals that travelers have an increased desire to experience the world with a more sustainable mindset. Over half of global travelers (53%) acknowledged that they want to travel more sustainably as a result of the coronavirus, with travelers in Colombia (74%), Brazil (71%), and India (70%) expressing especially strong intentions to be more Eco-conscious.

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Media Contact
Company Name: BLK LUV org
Contact Person: Hahz Terry
Email: Send Email
Phone: 4046435715
Address:2960 Olympic Industrial Drive
City: Atlanta
State: GA 30324
Country: United States
Website: https://www.rentluv.com/