INSUBCONTINENT EXCLUSIVE:
MakeMyTrip Launches NFTs To Reimagine Indian TourismMakeMyTrip, the Indian online travel company, is the latest entrant into the world of
Non-Fungible Tokens (NFTs)
NFT series, titled 'Virtual Vacations', will be available on a first-come, first-serve basis, and there will only be 25 owners of every NFT
art piece, the company stated on its app
Andaman and Himachal Pradesh
At the time of writing, the NFT art pieces depicting Goa, Ladakh and Kashmir - 3 of India's most prominent tourist destinations - were
'immersive' since each digital art is a kaleidoscopic meta-representation created through Artificial Intelligence and iterative loop
the global pandemic has disrupted the tourism and hospitality sector in India
The Union government recently informed the Parliament that 21.5 million people involved in the tourism industry had lost their jobs due to
Moreover, the government added that tourist arrivals in India were also drastically low during the pandemic
It is perhaps one of the most prominent applications of blockchain technology, which is now being utilised by the beleaguered tourism and
Some of the examples of NFTs are digital artwork, including in-game items like avatars, digital and non-digital collectables, domain names,
blockchain-powered marketplace and ecosystem for tokenising luxury resorts, hotels and properties
Last year, the famous international hotel chain Marriot launched a set of NFTs capturing different travel experiences
LynKey and Marriot are just two examples
technology for supply chain management, loyalty points and rewards management and customer identity management in the hospitality industry
using third parties to reinforce trust has resulted in additional costs to businesses
Amaze Global Pty Ltd, added challenges in its adoption
"Although blockchain serves as the base technology, every company or collective can create its network and include its algorithms
Since there is no standardisation, adoption is a bit of a challenge," he said.
