Use of NFTs to disrupt travel-club models unveils alternative investment vehicle
Euphoric Leisure has launched an NFT collection that turns an exclusive travel membership into an alternative investment vehicle.
This is the first time that tangible, real-world travel benefits and privileges are being attached to tradeable, transferrable digital assets in this way by a local high-end short-term rental-management company.
The Pangolin Collection NFTs will go on sale in a staggered launch, and holders will get exclusive access to over R100,000 in savings in local and international travel benefits a year, for as long as they remain NFT holders.
The Pangolin Collection NFTs are set to be minted between 11 May and 21 June 2023.
Only 111 Pangolin Collection NFTs will ever be minted. This means that, in addition to the immediate travel benefits that NFT ownership affords, members stand to generate a return on their initial investment due to the scarcity of the NFTs if they decide to sell their Pangolin Collection NFTs in the future.
The use of NFTs as proof of membership disrupts dated travel club and timeshare models that lock members into rigid, escalating annual costs and levies, benefits that devalue over time, and red tape when wanting to exit.
“We have conceptualised the Pangolin Collection NFT to be the opposite – giving holders immediate, tangible short-term benefits, as well as potential long-term upside from what is ultimately a tradable digital asset that can appreciate over time. We’re using NFTs to turn a travel membership into an alternative investment vehicle,” explains Euphoric Leisure’s director, Dean McLuckie.
Member benefits include:
50% off seven-night stays throughout the Pangolin Collection (limited blackout dates apply).
20% off all stays less than seven nights even during blackout dates.
The ability to exchange weeks in the Pangolin Collection to travel throughout The Registry Collection’s exclusive portfolio of over 150 premium international destinations.
Access to a dedicated member liaison/concierge to help members plan and organise their travels throughout the year.
First year’s fees paid for a Xapo Bank account, offering the best of secure private banking blended with the freedom of crypto.
Other exclusive perks that will be announced and added over time.
“Traditional travel products have not dramatically changed since the inception of popular booking platforms such as Booking.com and Airbnb, and therefore lack the flexibility and variety that travellers have come to expect. This is where the Pangolin Collection NFT changes the game – adding flexibility and variety,” says McLuckie.
“There are no recurring fixed annual costs. Members can book an unlimited number of times a year, throughout a growing portfolio of properties, at exclusive member rates.”
Members receive a unique booking code that triggers their exclusive member rates on the Pangolin Collection website. If they ever need help or want something more customised, they have access to a dedicated concierge. They are also able to sell their NFT on NFT-marketplaces such as OpenSea or Rarible should they ever wish to exit, and the benefits will simply transfer to the new holder.
Why the Pangolin focus?
Each Pangolin Collection NFT is a completely unique piece of digital art that helps raise awareness of the world’s most trafficked mammal and one of Africa’s most endangered animals – the pangolin. Each of the 111 art pieces is a unique character, and 2.5% of all Pangolin Collection NFT purchases will go to pangolin conservation.
NFTs (non-fungible tokens) are unique digital objects containing computer code and data that convey ownership of something.In 2021, Bored Ape Yacht Club released its first collection of NFTs (selling out in just over a day). According to NFT Stats, the lowest ask price for a Bored Ape NFT at the time of writing was $114,202.
Last year, Adidas released a joint NFT with Bored Ape Yacht Club, providing holders with access to streetwear drops, and creating a community around the brand. Superfandom allows creators and artists to issue NFTs for their fans that come with added benefits like Zoom calls or dinner with the artist.
Spotify is testing NFT-enabled playlists. Fashion brands like Gucci have attached loyalty perks to their NFTs. And sports clubs, from soccer to basketball, have introduced fan tokens linked to exclusive extras.
“Companies are starting to explore the use of NFTs as an innovative way to foster customer loyalty by extending unique privileges to NFT holders,” says Origins Research, in its March 2023 dissection of McKinsey’s metaverse report Value Creation in the Metaverse.It was just a matter of time until someone saw the potential to disrupt the travel industry.