LABS Group to Auction World’s First NFT Resort in Indonesia, Name Cambodia as Next Target

• 14 July 2021
• International News
• 3307 Views

By LABS Group/ACCESSWIRE

LABS Group, an end-to-end blockchain property investment platform, will begin its auction of the world’s first-ever community-owned resort and Rewarding Timeshare (RTS) non-fungible token on 15 July 2021.

The Kunang Kunang Glamping is a brand new resort located in Banyuwangi, Indonesia and is developed and operated by LABS Group partnered with Gravity Resorts.

With this partnership, the two firms also plan to have one property in Cambodia, three in Japan, and two more in Indonesia up for RTS-NFT auction within the next two years.

According to the press release, Kunang Kunang Glamping’s ownership will be tokenised and fractionalised into 365 RTS-NFTs, and each will be sold through an auction on the Refinable NFT marketplace for 13 days, with each auction lasting 48 hours.

Chairman of LABS Group Mahesh Harilela said that LABS is introducing a revolutionary cross-dimensional investment opportunity that allows everyday investors to purchase overseas property easily, by lowering the entry point of property ownership and removing both geographical and legal barriers.

Each RTS-NFT will come with a staying right that can be swapped with other RTS-NFT holders, among other benefits. In addition, there will be an additional naming right NFT to be auctioned to grant the holder the right to name the resort, along with an annual staying benefit of 10 days.

This auction will also offer a one-time naming right for the top 15 bidders to name rooms of the resort. The RTS-NFTs can be listed, traded or sold through Refinable or marketplaces based on the Binance Smart Chain and Ethereum. Holders of the RTS-NFT will also receive voting rights for major operational decisions.

Named after ‘fireflies’ in Indonesian, Kunang Kunang Glamping Resort is a 30-minute drive away from Banyuwangi Airport and a 30-minute flight from Bali.

Sitting on 6,800 square metres in a lush green forest surrounded by paddy fields, the development is designed by award-winning architect Willy Sandy Ekaputra to create a special wilderness atmosphere while keeping the comforts of home and the luxury of a hotel.

Its soft opening will be in December 2021, with a grand opening slated for February 2022. (Video)

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