In catching up with the growing trend of the digital economy, Crystal Bay Travel Group and Beowulf Blockchain Technology Group have built the NFT online trading platform for hotel and tourism accommodation services called Crystabaya, the pioneer in bringing a new approach to domestic and international visitors.

NFT market reaches new peaks continuously

According to the United Nations Digital Economy report in August 2021, the rate of value creation is steadily increasing. It is being moved from the product manufacturer to the manager of the interaction between supply and demand, in a "platform economy". The platform economy is the primary business model of the digital economy and becoming more and more important especially in the COVID-19 pandemic. 

From the beginning of 2021, the revenues of the world's 100 most valuable platforms have grossed $1.6 trillion. Currently, the total value of these platforms has reached $16.4 trillion, of which Google/Alphabet, Amazon, Apple, Facebook and Microsoft have raked in $1.35 trillion in total revenue, including $300 billion in net profit. Leading digital platforms of China such as Alibaba, Baidu and Tencent also had net income of $48 billion, up 78% from 2019.

The explosion of the digital economy leads to the development and offers unique opportunities for countries to accelerate the overall economic growth and the sustainable development of businesses in particular.

According to PwC, in the recent "Global Consumers" Report conducted by Statista in 74 countries, Vietnam currently ranks second in the number of people who already owned or are owning some forms of cryptocurrency. As such, Vietnam is having a favourable environment for developing CBDC (an official form of cryptocurrency of a country). Meanwhile, NFTs (Non-fungible token) are blockchain-based tokens, similar to a cryptocurrency.

Crystal Bay partners with Beowulf Blockchain to build NFT online trading platform for hotel and tourism accommodation.

The strong growth of NFT brings new business solutions to businesses around the world. With its "one of a kind" and non-equivalent value, NFT is used as a digital asset token to represent a single asset in the real or digital world, verified, stored on the blockchain and purchasable.

Its scarcity and uniqueness make NFT be a good combination for real-world assets, logistics, music rights and so much more.

According to Google Data Analytics of Blockchain Centre in August 2021, the number of global searches for NFT increased by 426%. Data published on the Open Sea platform show that in the second quarter, the NFT market set a record when sales of digital assets reached $ 2.5 billion so far this year.

That shows that the potential of the NFT market is huge as more and more popular blockchain platforms support NFT. Vietnamese businesses have quickly caught up with NFT technology which is being used in digital content with music, art, painting, resort tourism, restaurants, hotels, …

Phan Duc Trung, Founder of the Universal Blockchain Forum, emphasized: "Blockchain has been creating a boom, this is not the story of a token. Now, we are going to see a ‘transformation’ of wealth, jobs, daily activities... and also personal identification to digital."

The first online trading platform for Vietnamese travel industry

To keep pace with this growing trend, while contributing to the platform economy in the world, Crystal Bay Travel Group and Beowulf Blockchain Technology Group have formed a joint venture to build an NFT online trading platform for hotel accommodation and other travel products called Crystabaya (www.crystabaya.io).

Accordingly, every overnight accommodation of each room at the hotel, each day renting a room or house on Airbnb, travel services, and each product will be encrypted into an NFT token on the blockchain platform and can be traded on the NFT Crystabaya trading platform.

Tourism can book at Crystal Bay's SunBay Park Hotel & Resort Phan Rang with many international facilities using NFT token.

Travellers around the globe can book, buy services, design their own tours directly on the NFT trading platform at the cheapest price. If the plan changes and you don’t have need to use the NFT tokens, you can resell or swap for cost, even profit. This flexibility brings value to tourists in the ever-changing situation of COVID-19, which causes many travel plans to be cancelled or changed.

Hoteliers who serve travellers around the globe can effectively manage booking volumes, minimize operating costs, expand the market, and especially can sell hotel rooms and services years in advance to raise funds.

Travel agencies, small investment companies can buy rooms, rental dates, travel services and resell to people in need.

In addition, transactions on NFT Crystabaya are connected to the loyalty program on the Boyoty platform and Defiato.com with attractive rewards, creating value for customers and businesses.

Crystal Bay has a constantly improved tourism ecosystem to provide international 5-star services to visitors.

With three pillars: international and domestic travel; Asset management and healthcare regarding the package model; Investing in the tourism real estate ecosystem, associated with various types of entertainment and experience, Crystal Bay has a constantly improved tourism ecosystem to provide international 5-star services for visitors. Crystal Bay and its partners develop many all-in-one entertainment and resort complexes, promoting the development of high-end tourism in many provinces:  Khanh Hoa, Ninh Thuan, Quang Ninh, Binh Thuan… Expected to own more than 15,000 5-star hotel rooms with luxury entertainment and experience services by 2025, Crystal Bay pioneers a new approach for global travellers and a traditional travel service system.

“Implementing the advanced blockchain technology, the NFT project for hotel accommodation and tourism services of Crystal Bay and Beowulf Blockchain doesn’t only mark an important milestone in expanding the tourism market, increasing business opportunities, raising funds, but also raises the status  of Vietnam's tourism in the world,  adds value to global tourists, tourism business owners and retail investors”, said Nguyen Tien Trung, General Manager of Crystal Bay.