Earlier in the year we reported on Labs Group and their revolutionary use of the NFT, linking real world properties to the blockchain. Now, they are ready for their first auction, a share in a luxury resort in the heart of Indonesia.
In an innovative display of NFT versatility, Labs Group is turning the real-estate industry on its head. In essence, they are committing real-estate to the blockchain. Then, via the utility of fractionalization, offering shares of that property for sale in a series of online auctions.
The first project of their fascinating new endeavour is a “glamping” resort in Indonesia, a stones throw from the infamous holiday destination, Bali. Labs Group has fractionalized the resort into 365 tokens, each of which will be auctioned in a public sale.
The auction will take place on Refinable’s NFT marketplace, commencing on July 15 and running for 13 days. Winners will then be eligible for a whole host of resort ownership benefits, including a 1/365 share in profits.
The resort is now close to completion, scheduled for a soft opening in December 2021, ahead of a grand opening in February 2022. Let’s all hope the tourism industry has sufficiently recovered by then.
Just in case you were wondering, glamping is a compound of “glamorous” and “camping,” so, fancy tents.
Visit the Labs Group auction >> Here
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Decentralised human, Explorer, Adventurer.