To fully understand the potential for the NFT travel industry, it is worth looking at the success of NFTs in general. This can be best highlighted by the fact that total NFT sales increased by more than 21,000 percent between 2020 and 2021, with sales rising from $82.5 million to over $17 billion.
Most early NFT transactions were based around the sale of collectible digital items, such as original artwork, original music files, and even original Tweets from celebrities. However, over time, the NFT craze has expanded, which has given rise to the sale of NFTs with functional applications.
The travel industry is ideally placed to capitalize on both the collectible and functional NFT categories. The sale of NFTs can generate business headlines, highlight brand values and creativity, and serve as promotional items. Yet, NFT technology can also be used to power customer loyalty programs, exclusive club memberships, and more!
The question is, what’s next?