LABS Group, an end-to-end blockchain real estate investment platform, began its auction of the world’s very first community resort and rewarding non-fungible timeshare (RTS) token on July 15, 2021.
Kunang Kunang Glamping Resort, the brand new resort located in Banyuwangi, Indonesia, is developed and operated by Gravity Resorts, partner of LABS Group.
Ownership of the NFT complex will tokenize and split the entire complex into 365 RTS-NFT, and each will be auctioned on the Refinable NFT Marketplace for 13 days, each auction lasting 48 hours.
Mahesh Harilela, President of LABS Group, said:
“LABS presents a revolutionary interdimensional investment opportunity that makes it easy for ordinary investors to purchase property overseas, lowering the entry point for real estate ownership and removing geographic and legal barriers. LABS goes through all of these protocols to ensure security. “
Each RTS-NFT will come with a right of residence which can be exchanged with other RTS-NFT holders, among other benefits. In addition, an additional NFT naming right will be auctioned to grant the license holder the right to name the resort, as well as an annual 10-day stay benefit.
This auction will also offer a unique naming right to the top 15 bidders to name the rooms in the resort. RTS-NFTs can be listed, traded or sold through Refinable or Binance Smart Chain and Ethereum based marketplaces. RTS-NFT holders will also receive voting rights for major operational decisions.
Named after “fireflies” in Indonesian, Kunang Kunang Glamping Resort is a 30-minute drive from Banyuwangi Airport and a 30-minute flight from Bali. According to the Indonesian Department of Statistics, the average occupancy rate of all hotels in Banyuwangi in 2020 was 65% despite the pandemic, with occupancy rates reaching 80-90% for most hotels.
Sitting on 6,800 square meters in a verdant forest surrounded by rice paddies, the development was designed by award-winning architect Willy Sandy Ekaputra to create a special wild atmosphere while retaining the comforts of home and the luxury of a hotel. Its smooth opening will take place in December 2021, with a grand opening scheduled for February 2022.
LABS Group also partnered with Greater China Appraisal Group, which conducted due diligence, valuation advice, real estate advice and feasibility studies on this very first community-owned NFT complex.
In partnership with Gravity Resorts, LABS Group will also have one property in Cambodia, three in Japan and two more in Indonesia for an RTS-NFT auction within the next two years. Gravity Resorts currently owns and operates seven properties across Asia.