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13 July 2021, Hong Kong – On July 15, 2021, LABS Group, an end-to-end blockchain property investment platform, will launch an auction for the world's first community-owned resort and rewarding timeshare (RTS) non-fungible token. Gravity Resorts, a LABS Group partner, developed and operates the brand new Kunang Kunang Glamping Resort in Banyuwangi, Indonesia.
The resort NFT ownership will tokenize and fractionalize the entire resort into 365 RTS-NFTs, with each auction lasting 48 hours on the Refinable NFT marketplace.
“LABS is introducing a revolutionary cross-dimensional investment opportunity that allows everyday investors to easily purchase overseas property by lowering the entry point of property ownership and removing both geographical and legal barriers,” said Mahesh Harilela, chairman of LABS Group. To ensure safety, LABS follows all of these protocols.”
Each RTS-NFT will include a staying right that can be exchanged with other RTS-NFT holders, as well as other benefits. In addition, an additional naming right NFT will be auctioned, granting the holder the right to name the resort as well as a 10-day annual stay benefit. This auction will also include a one-time naming right for the top 15 bidders to name resort rooms. RTS-NFTs can be listed, traded, and sold via Refinable or marketplaces based on the BINANCE Smart Chain and Ethereum. RTS-NFT holders will also be granted voting rights for major operational decisions.
Kunang Kunang Glamping Resort, named after “fireflies” in Indonesian, is a 30-minute drive from Banyuwangi Airport and a 30-minute flight from Bali. Despite the pandemic, the average occupancy rate of all hotels in Banyuwangi in 2020 was 65 percent, according to the Indonesia Statistics Department, with occupancy rates reaching 80–90 percent for most hotels.The development, which sits on 6,800 square metres in a lush green forest surrounded by paddy fields, was designed by award-winning architect Willy Sandy Ekaputra to create a unique wilderness atmosphere while maintaining the comforts of home and the luxury of a hotel. It will have a soft opening in December 2021, followed by a grand opening in February 2022.
LABS Group also collaborated with Greater China Appraisal Group on this first-ever community-owned NFT resort, which included due diligence, value advisory, property consultancy, and feasibility studies.
LABS WEBSITE:- https://gravityresortskk.labsgroup.io/
TWITTER:- https://twitter.com/labsgroupio?
TELEGRAM:- http://t.me/labsgroupio
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