Web3 and the Hospitality Industry: How Pioneering Businesses Are Staying Ahead

Humanity has continuously advanced by embracing growth, pursuing development, and pushing the boundaries of contemporary technology. It's imperative for individuals and industries alike to strive for ongoing improvement in all aspects of life.

For a company to succeed in today's competitive market, it must have a robust vision for the future and continuously innovate to remain relevant. Uniqueness is key in the face of fierce competition.

While the hospitality sector has always been competitive, it has undergone the least transformation over time. However, with the emergence of Web3 technologies, this industry is on the brink of a significant transformation in how it conducts business. Companies within the hospitality sector must be proactive in adopting these new technologies to set themselves apart and remain competitive.

Since Web3 can be seen as the antithesis of travel, it creates an odd paradox in the travel industry. Additionally, in the media and at conferences, words like "metaverse," "NFT," "Web3," "crypto," "blockchain," "virtual reality," "augmented reality," "mixed reality," etc. are frequently used out of context. Unsurprisingly, our industry struggles to understand these ideas clearly.

Analysts estimated the online travel market would be worth US$354.2 billion in 2020. According to the most recent forecasts, the market will expand by 14.8% CAGR to reach USD 1,835.6 billion by 2028.

The Intersection of Web3 and Hospitality: Pioneering Businesses and Their Strategies

M Social Decentraland

As of May 2022, MullenLowe Singapore helped Millennium Hotels and Resorts open M Social Decentraland, making it the first hospitality company in the world to run a hotel in the metaverse.

M Social Decentraland is at the center of Decentraland, close to Genesis Plaza, on a prime piece of online real estate. It is positioned as a hub for adventurers eager to encounter new things and form bonds with like-minded people, much like its physical sister hotels. The MullenLowe Singapore team contributed to creating the virtual hotel, which features a large "M" on each of its four sides and a modern interior with glass exteriors and neon pink accents.

When visitors enter M Social Decentraland, they can interact with the avatar that greets everyone there. The avatar leads visitors on a discovery-based tour of the hotel. One can win real-world hotel surprises if they reach the top of Decentraland and post a screenshot of their metaverse avatar with the hashtag #MSocialDecentraland on social media.

"The hospitality industry is changing quickly. To engage customers and improve visitor experiences, we are embracing various technologies. One such channel offers us a wide range of chances to develop distinctive social connections with our visitors,” according to Mr. Saurabh Prakash, Group Senior Vice President, Commercials for Millennium Hotels and Resorts. With online connections to offline engagement, M Social Decentraland will allow us to connect with new and existing customers in the real world and online.

Forbes Travel Guide

Forbes Travel Guide amalgamates with Mint Werx, a renowned Web3 innovative and exhibit studio of Fusion92, and Vivid Labs, a top-notch Web3 publishing platform.

Forbes Travel Guide offers the sole independent, standardized star rating system for five-star hotels, restaurants, spas, and cruise ships. Its annual conference, which took place at Resorts World Las Vegas from March 1-2 and is by invitation only, is the premier gathering of leaders, innovators, and suppliers in the hospitality sector.

A unique digital collectible made with Mint Werx and Vivid Labs will be given to each Star Award winner attending The Summit. They can be updated and accommodate various asset formats. "NFTs are more capable of doing a lot more to offer than JPEGs. In our opinion, providing high-impact marketing and branding content via distinctive digital assets will lead to exclusive guest experiences that are even more individualized and compelling."

Parisian Palace

In this innovative move, Parisian Palace by Oetker Collection sets the standard for luxury hotels' digital future. Le Bristol Paris is eager to debut its original contribution to the Web3 ecosystem. To satisfy the demand for greater connectivity and an experiential community, The Oetker Collection's Masterpiece Hotel in the center of Paris aims to embrace its legacy as a house of distinction while upending conventional codes. It is the first hotel of this caliber to use web3 tech and cryptocurrencies.

By taking this innovative step into the future of digital technology, Le Bristol Paris hopes to broaden its influence and give people new avenues to experience its extraordinary art of living.

Dubai Vision Club

The Dubai Vision Club, the first nightclub in the metaverse, opened at The H Dubai, which is going digital. If the metaverse still makes no sense to you, this is a fun way to experience the newest craze. Launched on 9th December 2022, Vision Club Dubai combines cutting-edge technology to create an exceptional experience. The nightclub is supported by The WanTing Group, the biggest entertainment provider in China.

The atmosphere at Vision Club Dubai is futuristic and neo-noir. The entire dance floor is lit up with LED and laser beams. If you're looking for exclusivity—this is Dubai, after all—there are private rooms for VIP visitors. Additionally, keep an eye out for DJs spinning pop and hip-hop music.

"We are incredibly delighted to greet visitors to Vision Club Dubai," - said Chris Wang, CEO, of VISION Club Dubai. This is the realization of our vision to offer a celestial nightlife experience to clubgoers, fans of NFT, and cryptocurrency enthusiasts in a unique location. At Vision, guests will communicate through sound and light, transforming their evenings into a magnificent audiovisual haven.

Unlocking Web3 Possibilities In The Hospitality Industry

The hospitality sector stands to gain significantly from Web3, the decentralized web. Here are a few of the main advantages:

• Decentralized Marketplaces: Using Web3, hospitality companies can develop decentralized marketplaces directly linking visitors and hosts. This eliminates middlemen, lowers commission costs, and offers customers more affordable prices. Decentralized web3 marketplaces can reduce fraud and improve the transparency of booking processes.

  
  

• Personalized Experiences: Web3 can support providing more individualized guest experiences by hospitality businesses. Businesses can gain insight into customer preferences and design specialized experiences that address each customer's needs by utilizing data on decentralized networks.

  
  

• Loyalty Programs: Web3 can transform loyalty programs by building decentralized networks that let customers accrue and use rewards at various businesses. As a result, customers may receive greater value, and loyalty programs may become more appealing.

  
  

• Security and Privacy: Using Web3, hospitality companies can ensure customer data is safe and untouchable. Businesses can offer customers a more private and secure experience using blockchain technology.

  
  

• Cost Savings: Web3 can offer hospitality businesses significant cost savings by eliminating middlemen and lowering commission costs. Companies can invest in other business ventures and run more effectively.

  
  

• Innovation: Web3 gives businesses a fresh set of web3 tools and technologies that can aid in innovation and help them stand out from the crowd. Companies can develop distinctive experiences and differentiate themselves in a crowded market by utilizing Web3.

Final Take Aways

In summary, Web 3.0 has the potential to transform the way businesses operate by eliminating intermediaries, enhancing interactions between businesses, clients, vendors, and employees, and providing customized offerings to visitors based on their preferences and location.

Furthermore, technological advancements in Web 3.0 will not only simplify access to goods and services for customers but also enable service providers to market their existing products and develop new ones based on customer preferences. Thus, Web 3.0 has the potential to impact not just the hotel industry but also other sectors such as travel and tourism.

And that’s it! We hope you have a great week ahead.