TripsTrade.com: booking accommodation and hotels in Phuket through the purchase of NFT

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TripsTrade is a decentralized booking system for rental accommodations and hotels where each booking is represented as an NFT. The service allows you to book accommodation through the purchase of NFT without using bank cards.

Growing geopolitical tensions and new packages of sanctions continue to make it harder for citizens of Russia and some CIS countries to use the traditional banking system to pay for goods and services. In response to the limitations of traditional centralized accommodation booking services, decentralized alternatives are emerging to make services accessible to everyone.

One of these services is TripsTrade, which is a decentralized booking system for renting real estate (similar to Airbnb or VRBO) and hotel rooms, where each booking is represented as an NFT belonging to the person who bought it. The NFT holder can exchange, sell or gift these NFTs through the TripsTrade marketplace or other NFT marketplaces through the Polygon network, which supports cheap and fast transactions. Homeowners can receive booking payouts in crypto assets or local currency.

Now the service is actively developing in Thailand, where more than 100 booking options are already available, and is also gradually expanding to the European market, for example, to Portugal. For those who are deprived of access to paying for housing using international payment systems, the TripsTrade service opens up new booking opportunities. The service fee is 1%, and Visa or Mastercard cards are not needed to pay the rent.

How it works

According to the White Paper of the project, representing an NFT booking (specific accommodation for certain dates) in the terminology of the service is called BNFT. The main users of the service are homeowners (Property Owner), tenants (Renter) and BNFT buyers (BNFT Buyer). Moreover, the tenant may not be the first buyer of BNFT, since after purchasing the reservation, the user can sell it to someone else before the start date of the reservation.

Booking option in Phuket through TripsTrade

According to the creators of the project, TripsTrade is an Opensea or Rarible-style platform for issuing and selling BNFT. Property owners can rent out their property through TripsTrade, allowing buyers or renters to issue BNFTs that entitle them to stay on their property on specific dates. TripsTrade also provides an easy to use marketplace to sell or resell these BNFTs.

View from the room of one of the available booking options in Phuket through TripsTrade

TripsTrade solves two key problems of traditional accommodation booking services.

• Loss of deposit due to trip cancellation. 

When booking accommodation through traditional services, a fairly strict cancellation policy applies. The closer to the travel dates, the less the amount of the paid reservation can be returned by the tenant in case of cancellation, which leads to a complete loss of the deposit if you have to cancel the reservation a few days before the trip.

TripsTrade allows you to resell your booking (BNFT) on the domestic market. The user can make a discount and thus attract the attention of other travelers who are looking for a good deal. However, selling BNFT at a discount is not the only option.

If a BNFT holder becomes aware of a circumstance that will drive up rental prices in a region, such as hosting a music festival or filming a popular franchise film, they can resell the BNFT at a margin. This will allow him to earn on rent and either keep the profit for himself, or rent a more expensive housing option elsewhere without additional investment.

Booking option in Phuket through TripsTrade

• Lost profit due to last minute cancellation. 

Cancellation at the last moment is an unfortunate circumstance not only for the tenant, but also for the owner. Although the owner receives the full amount of the reservation, he is deprived of the client who would have made additional expenses at the hotel or with the owner's partners during the stay.

The possibility of reselling the reservation by the tenant eliminates this problem as well. Not only can the original buyer of BNFT get back some of the money they spent when they sell the booking at a discount, but the homeowner also gets a customer who will spend money on additional services and services during their stay.

For homeowners who are unfamiliar with the concepts of NFTs and cryptocurrencies in general, or who wish to receive payouts in their local currency, TripsTrade provides this option through its Actively Managed Accounts service. The service staff manages all bookings, and the owner of the accommodation will receive payments on a weekly basis in the currency of their choice. A commission of $10 per object per month will be deducted from earnings. However, if there were no bookings, then no commission is charged.

Booking through NFT purchase

The TripsTrade service outwardly resembles Airbnb, which has completely stopped working in Russia since April 2022. To get the available booking options, you need to enter the country or city, the dates of the booking and the number of guests.

After receiving the options available on the specified dates, we select the one that suits the price and location and proceed to the accommodation booking page.

Next, you need to register an account on the site - provide an email address, password and then confirm the account by clicking on the link from the letter. Since the purchase of a booking (BNFT) takes place for crypto assets, you must also connect Metamask or another wallet to your account.

After connecting the wallet and adding the Polygon Ethereum second layer network, you can choose a token for booking payment: FRAX, USDC, DAI or USDT. Once a booking is completed, the user becomes the BNFT owner of that booking and can resell it at a discount or margin on TripsTrade's internal market.

The very concept of the service looks promising. Not only does TripsTrade give everyone equal access to accommodation bookings, regardless of nationality or location, but it also allows you to truly own what you paid for - manage your bookings (BNFT) as you see fit.

Join the Discord server to contact the team directly. More information about the TripsTrade project can be found on Medium.