The World’s First NFT Resort by LABS Group Begins Auction on July 15
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 July 15, 2021. Kunang Kunang Glamping Resort, the brand new resort located in Banyuwangi, Indonesia, is developed and operated by LABS Group partner Gravity Resorts.
The resort NFT ownership will tokenize and fractionalize the entire resort 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.
Mahesh Harilela, chairman of LABS Group, said:
“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. LABS goes through all of these protocols to ensure safety.”
RTS-NFT PROJECT DETAILS
The Auction
- The LABS RTS-NFT will be sold via an auction on the Refinable marketplace on 15th July.
- The auction will last for 14 days, with each auction lasting 48 hours.
- 365 NFTs will be issued in total, one for each day of the year.
- All starting bids will start at the cost base price.
- A long-term holder of the RTS-NFT will enjoy token rights for 30 years, receiving a guaranteed minimum of 10% per year on nominal value for the first 2 years.
About LABS Group
LABS is a digitized real estate investment ecosystem that is powered by blockchain and community. The ecosystem, which aims to redefine the real estate investment sector, includes a crowdfunding and trading platform, a collateralized lending platform, and NFT reward solutions on resorts and hotels. Using the LABS platform, developers can easily tokenize and fractionalize their real estate, allowing them to sell or trade it.
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