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The World’s First NFT Resort by LABS Group Begins Auction on July 15th

LABS Group, an end-to-end blockchain property investment platform, will begin its auction of the world’s first-ever community-owned resort and Rewarding Timeshare (RTS) non-fungible token on July 15, 2021. Kunang Kunang Glamping Resort, the brand new resort located in Banyuwangi, Indonesia, is developed and operated by LABS Group partner Gravity Resorts.

The resort NFT ownership will tokenize and fractionalize the entire resort into 365 RTS-NFTs, and each will be sold through an auction on the Refinable NFT marketplace for 13 days, with each auction lasting 48 hours.

Mahesh Harilela, chairman of LABS Group, said, ‘LABS is introducing a revolutionary cross-dimensional investment opportunity that allows everyday investors to purchase overseas property easily, by lowering the entry point of property ownership and removing both geographical and legal barriers. LABS goes through all of these protocols to ensure safety.’

Each RTS-NFT will come with a staying right that can be swapped with other RTS-NFT holders, among other benefits. In addition, there will be an additional naming right NFT to be auctioned to grant the holder the right to name the resort, along with an annual staying benefit of 10 days. This auction will also offer a one-time naming right for the top 15 bidders to name rooms of the resort. The RTS-NFTs can be listed, traded or sold through Refinable or marketplaces based on the Binance Smart Chain and Ethereum. Holders of the RTS-NFT will also receive voting rights for major operational decisions.

Named after ‘fireflies’ in Indonesian, Kunang Kunang Glamping Resort is a 30-minute drive away from Banyuwangi Airport and a 30-minute flight from Bali. According to the Indonesia Statistics Department, the average occupancy rate of all hotels in Banyuwangi in 2020 was 65% despite the pandemic, with occupancy numbers hitting 80-90% for most hotels. Sitting on 6,800 square meters in a lush green forest surrounded by paddy fields, the development is designed by award-winning architect Willy Sandy Ekaputra to create a special wilderness atmosphere while keeping the comforts of home and the luxury of a hotel. Its soft opening will be in December 2021, with a grand opening slated for February 2022.

LABS Group also partnered with Greater China Appraisal Group, which conducted due diligence, value advisory, property consultancy and feasibility studies on this first-ever community-owned NFT.

In partnership with Gravity Resorts, LABS Group will also have one property in Cambodia, three in Japan, and two more in Indonesia up for RTS-NFT auction within the next two years. Gravity Resorts currently owns and manages seven properties throughout Asia.

Photo by Dayana Brooke on Unsplash

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