Dtravel NFT Room-night
Changing the business model of the accommodation industry based on blockchain technology
About
The problem it solves Currently, Dtravel provides each listing with a payment smart contract, enabling customers to make direct bookings with the host. The primary role of the Payment Smart Contract is to receive payments from travelers and process payouts to the host based on predetermined milestones, following the listing's cancellation policy. This approach closely resembles the traditional model of the accommodation domain and has several limitations. Dtravel is proposing a new model based on blockchain(NFT) technology, in which each night's stay at the host's property is represented by a Room-night token (NFT Room-night). This approach eliminates the concept of refunds and cancellations, providing hosts with better inventory management when selling rooms and streamlining operational processes. Moreover, due to its NFT nature, the Room-night token can be bought, sold, and traded on the secondary market, making it convenient for travelers to exchange and liquidate if no longer needed, and even allowing for investment if desired.
How it's made
Challenges we ran into This project only partially implemented our idea. Alongside integrating with other NFT market platforms like Opensea, we intend to establish an NFT marketplace directly on Dtravel's website with three key concepts: - Allowing travelers to adjust the price of purchased NFT Room-nights and resell them directly on the listing's calendar. This feature enhances listing availability. - Enabling travelers to bid on NFT Room-nights with other travelers or even the host. - Listing NFT Room-nights that are being resold for less than their original purchase price. This aspect helps travelers recoup part of their expenses when they are unable to use the NFTs. Moreover, it operates as a discount platform for other travelers. Due to the time constraints of the Web3 Hackfest event, we were unable to fully develop this concept within the program's deadline. This limitation is perhaps the primary hurdle we encountered in creating a valuable product.