Crowds gather in the lobby of the Dream hotel in Hollywood to look at NFT art
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How NFTs could revolutionize hotel stays
WHAT HOTELS SHOULD DO , AND NOT DO , WHEN USING NFTS FOR GUEST INTERACTION , RETENTION , AND NEW EXPERIENCES .
Contributed by JULIANA SHALLCROSS
At the Dream Hotel in Hollywood , California , the energy of the lobby is electric -literally- thanks to an eyepopping gallery of NFT artworks that adorn the walls . As one of the first places in the world to display an NFT art gallery , done in partnership with The Crypt Gallery of New York , The Dream is taking the model of a static hotel art program and turning it on its head .
More than half of the hotel lobby is occupied by various-sized LED frames , each offering a cornucopia of continuously churning digital art . Every artwork has a QR code , which takes viewers to an NFT marketplace . There they can buy the artwork , store it in their digital wallet , and display it on their own devices . For those not in the know about non-fungible tokens , The Dream ’ s gallery also educates visitors on how NFTs work .
Dream Hollywood General Manager Vaughn Davis believes NFTs are just the tip of the iceberg when it comes to attracting a new generation of consumers , as well as a new way of doing business .
“ It ’ s a completely new transitionary environment ,” he says of using NFTs to shift the hospitality world from Web 2 to Web 3 . “ NFT is not just a buzzword . The whole landscape has changed .”
Yet unlike social media where hotels can easily cultivate a following through pretty visuals , the NFT community isn ’ t easily impressed . Hotels can ’ t just drop an NFT and expect to make waves . Nor should they release an NFT that is just a piece of art . It needs to have utility and experiences behind it .
“ The NFT community is so tightknit right now that you ’ re called out if you enter the space wrong ,” Tommy Farr , chief executive officer of Metaverse Hospitality , a digital consultancy firm . Rather , Farr suggests hotels dive deep into understanding the NFT community through discussions on Twitter Spaces and research on Web 3 utilities and cryptocurrencies , before looking at business opportunities .
“ I think research and education is still huge right now , so you don ’ t have to release an NFT project next week ,” Farr adds . “ There ’ s plenty of time , but you have to do it right .”
When a hotel does decide to drop an NFT , Davis suggests building something that lives in perpetuity , not a one-time NFT such as giving buyers of an NFT artwork a room package at the hotel . “ It shouldn ’ t be a one-time thing ,” Davis says . “ That defeats the purpose of maintaining something on the blockchain versus actually using the underlying technology to create something that ’ s unique .”
8 hotelsmag . com September 2022