LABS Group, an end-to-end blockchain property investment platform, on 15 July 2021 organized an auction of Kunang Kunang Resort, the world’s first-ever community-owned resort and Rewarding Timeshare (RTS) non-fungible token.
According to the press release, Kunang Kunang Glamping’s ownership would be tokenized and fractionalized into 1095 RTS-NFTs, and each would be sold through an auction on the Refinable NFT marketplace for 13 days, with each auction lasting 48 hours.
The idea behind this auction of the world’s first NFT resort was to introduce a revolutionary cross-dimensional investment opportunity that allowed everyday investors to purchase overseas property easily, by lowering the entry point of property ownership and removing both geographical and legal barriers.
Each RTS-NFT came with a staying right that can be swapped with other RTS-NFT holders, among other benefits. In addition, there would 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 also offered a one-time naming right for the top 15 bidders to name rooms of the resort. The RTS-NFTs could be listed, traded, or sold through Refinable or marketplaces based on the Binance Smart Chain and Ethereum. Holders of the RTS-NFT also received 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.
Sitting on 6,800 square metres 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.
According to construction-property.com