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First boutique resort in Indonesia offers NFTs

For the first time, a boutique resort in Southeast Asia, Indonesia, is selling non-fungible tokens or NFTs at auction to provide hotel benefits to customers. The auction will be held on the NFT marketplace known as Refinable, which is an NFT marketplace based on the Binance blockchain.

A blockchain property investment group known as LABS Group raised a staggering amount of $3,650,000 with the help of non-fungible tokens for Kunang Kunang Resort. Kunang Kunang Glamping Resort is the first project in the world to have community ownership. The project was split into NFTs called Rewarding Timeshare or RTS.

NFTs have completely transformed the way investors gradually build their portfolio in a diverse way. They do this by providing unlimited access to a diverse set of assets, the ability to continue trading 24/7 and by providing much lower transaction costs.

The aforementioned auction was able to gather an estimated 1095 RTS NFTs with much lower barriers to entry than others and, of course, with an ocean of benefits along with it. Through this initiative to fractionalize Kunang Kunang Resort, investing in a resort or hotel is easier and widely available, thanks to the LABS Group who made the whole project possible.

Yuen Wong, who is the CEO of LABS Group, mentioned that LABS is a digitized investment ecosystem that operates in the real estate domain and is completely powered by blockchain technology. With the help of this innovative concept and digitized platform, they make real estate investment possible for common individuals who are willing to invest.

The use of blockchain technology has enabled them to bring opportunities directly to investors, which would otherwise have to be done with an intermediary acting as a mediator. The blockchain-based application has rendered intermediaries completely useless and, therefore, they can now deal directly with investors and, as a result, the company is gaining more time and money, adding more value to the company. In addition to that, he claimed that the LABS Group has greatly facilitated the completion of cross-border transactions and has also taken care of all kinds of diligence on behalf of investors.

The Rewarding Timeshare Auction

The latest renewed auction of the Kunang Kunang project commenced on July 26, 2021. There are two models available for bidders to choose from. One is through participation in the auction mentioned above and the other is through an outright purchase.

The auction continued for a seven-day period beginning July 26, 2021. A total of 365 RTS-NFTs are available at a price range of $3333 USDT each. Bidders interested in purchasing the NFTs can do so on Refinable's NFT marketplace.

Benefits and rewards of using RTS NFTs

Owners of RTS Non-Fungible Tokens are entitled to a wide range of exclusive benefits and rewards. These include the right to host for 30 years, plus the ability to trade them, redeem them and much more. In addition, the first 100 lucky bidders can get a discount of up to $200 USDT.

To be eligible for this discount, all they have to do is place the first bid in the auction. Each individual who owns an RTS NFT will have the privilege of earning a special package of privileges while staying at the resort.

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