A “non-fungible token” (NFT).
Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables, but plenty of sceptics fear they’re a bubble waiting to burst.
In economics, a fungible asset is something with units that can be readily interchanged – like money. With money, you can swap a £10 note for two £5 notes and it will have the same value, however, if something is non-fungible, this is impossible – it means it has unique properties so it can’t be interchanged with something else.
NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own. The digital tokens can be thought of as certificates of ownership for virtual or physical assets.
With money, you can swap a £10 note for two £5 notes and it will have the same value.
However, if something is non-fungible, this is impossible – it means it has unique properties so it can’t be interchanged with something else.
NFT Hotel Opportunities as a Part of the Metaverse
The metaverse refers to the creation of digital worlds, where meaningful social interactions can take place, and aside from virtual and augmented reality, blockchain technology plays a major role. While this most commonly refers to cryptocurrency like Bitcoin, it also includes the Ethereum blockchain and, increasingly, NFTs.
In this context, NFT hotel opportunities become possible, as long as hotels offer digital items that have real value in these virtual worlds. This could include game items, such as cosmetic items for an in-game avatar, along with digital images, music files, video content, and even property or land sold within the virtual worlds.
Read more about hotel opportunities with NFTs on the Revfine website at: https://www.revfine.com/hotel-metaverse/