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LynKey plans to connect luxury resorts and tourism businesses with blockchain to transform the property ecosystem in Vietnam.
The goal is to distribute tokens like loyalty coins to real estate investors and travelers, and then enable them to participate in blockchain-based “smart tourism” and luxury real estate markets. The goal is to target $ 8 billion in assets and tourist destinations.
Dennis Garda, founder and non-executive chairman of LynKey, said in an interview with VentureBeat that LynKey will digitize luxury resorts and properties, first in Vietnam and then in many other locations. It will do so with a blockchain-driven token marketplace and ecosystem.
LynKey aims to tokenize all aspects of property development – purchase, lease, land use and related tourism recreation in an international blockchain-driven ecosystem that connects people to premium resort and cruise experiences through the best property tech and NFTs.
“This project is something I’ve really been studying for a long time,” Garda said. “I’ve been in blockchain for almost a decade, and I’ve been looking for practical uses for blockchain.”
He added, “The biggest thing in our day-to-day operations is that when we travel, or you look at the property, we have to solve some problems. “We’re just digitizing the problem we’re talking about, and this project has come from there.”
And he said, “So if you look at the real estate market around the world, we’re talking about a very large ecosystem. It is a multi-trillion-dollar business with many challenges and is still based on paper. There are big issues around trust, especially if you are buying or selling a property or renting out a property. ”
Guarda is a blockchain, fintech, AI writer and influencer published by publications such as Thinkers360 and CoinTelegraph. He has teamed up with other industry figures to turn real estate investment and tourism into more seamless, transparent and efficient markets, without the fees associated with the mainstream real estate structure today.
LynKey seeks to optimize the licensing of timeshares, prepaid leasing or property-based experiences that focus on tourism. And it provides a reward system for users through its global tokens.
Launching a global token and unique vacation experience through NFTs, LynKey said it is digitizing the property and smart tourism markets, empowering users to explore ecosystems without the need for intermediaries and providing real-world and soon, metavars experiences.
Guarda is also the creator of the platforms cityabc.com and openbusinesscouncil.org. The idea is to allow global participants to easily and transparently access international assets and travel experiences, and is rewarded for their participation in a trusted ecosystem.
“Despite globalization, challenges remain in the tourism and travel industry,” Cindy Tran, co-founder and chairman of Linky, said in a statement. “Blockchain and NFT technology can address and address these issues. Most global travelers or property buyers lose money for buying or leasing local currency, property and timeshares, due to lack of transparency and high exchange fees or worse.
She added, “In addition, tourists cannot personalize their travel experiences, change their trips, sell or cancel. Searching for a travel plan or property rental can be digital, but the rest of the process is certainly not seamless or complete. An integrated marketplace and token solution will address many of these issues.
Disturbing real estate
Guarda said the property development industry desperately needs to catch up with current technological advances. In addition, the traditional model involves a range of additional costs and procedures for purchasing and renting property abroad during operation and when renting a facility in the future.
Acquiring or leasing a significant property or timeshare in another country also requires a lot of time, money and effort. Additional fees and certification challenges associated with various property brokers, platforms or other intermediaries can be a major hurdle for those looking to travel abroad or buy property.
The current non-digital format of property leasing, licensing and time sharing is time consuming and flawed. In addition, there are often liquidity issues in the context of the global property market, which in some markets leads to price increases and higher costs.
LynKey wants to create an ecosystem where travelers, developers, buyers, sellers and travelers are all connected through blockchain, NFT-powered platforms. LynKey’s tokens, NFTs and first properties and resort projects will be announced in the first quarter of 2022.
LynKey is partnering with smart cities and NFT platform Citiesabc.com, major hotel and property groups such as Everland Group, Crystal Holidays, Wyndham Group, Centara, Ztudium, Techabc and many more global partners.
This is especially difficult if you try to buy a property in a different country, and it involves a lot of unnecessary fees, he said. If you buy a time-share, you could easily be caught in a scam. With Blockchain’s digital ledger transparency and security, you can restore trust and eliminate intermediaries using peer-to-peer transactions. LynKey wants to make such a trust possible, and that trust will do so by creating a nonfungible token or NFT.
NFTs use blockchain to certify the uniqueness and ownership of digital goods, and this is the case, which can be applied to real estate property. NFT can serve as proof of ownership. And by simplifying the international buying and selling process, LynKey can bring more liquidity to the markets, benefiting everyone.
I asked if putting a sale of real estate on a public blockchain would affect people concerned about privacy when it comes to buying a property. But Garda said data on the blockchain could show that the apartment is being sold, but buyer and seller information does not have to be public.
“We ourselves are very obsessed with privacy,” he said. “Blockchain allows you to maintain both transparency and privacy.”
Distribution of wealth
One of the topics LynKey is exploring is fractal real estate, where people are no different from the time-sharing model for the resort and can get a piece of the castle.
Unlike frequently using traveler point programs, blockchain-based systems are transparent about the value you have in loyalty programs or tokens.
“We build a strong system with transparency and regulation,” he said.
Garda chose Vietnam because he fell in love with the country, which began about five years ago. And it is one of the fastest growing economies in the world and has a lot of tourism and lots of high-quality resorts. The company has about 40 people.
The company has a large team in Vietnam. And Guarda believes that young customers in the country and elsewhere in Asia are ready for blockchain-based innovations and will adapt easily.
Elsewhere in the world, maybe 10 different blockchain real estate projects are underway, Garda said.
“There aren’t many projects with many scales,” he said. “I see them all as potential partners, not competitors. This is about creating a new level of solutions that will benefit everyone.”
Build trust, cut fees
Blockchain can also decentralize the real estate system, reduce intermediaries and their fees, and it can also make the ecosystem passionate through tokens. Aware of scams in crypto, Garda said he comes from an investment banking background and works with regulators.
“It’s not about getting money fast,” he said. “This is a very solid property that we have, and when you get our token you will be able to see all the property we have. We are based in Singapore, which has some of the strongest regulatory bodies in the world and we work with four law firms, including DLA Piper. I am passionate about doing things right and making sure this project creates value for everyone.
Blockchain entrepreneur Michael Terpin is one of the consultants, as well as others in the blockchain ecosystem.
“It’s like Etherium for property and tourism,” he said. “In our case, we use tokens to empower users who will be on the platform, but then others market their own experience. And that’s where the thrill comes in. “
For the real estate market boom or bust time, he said the largest property market is always growing and is the trillion dollar property in the world. When Kovid finally gets under control, people will want to travel again, he said. And so tourism-focused property will flourish again.
“But when you buy small properties in different places, the experience is completely offline, driven by paper, which is ridiculous,” he said.
Asked if he would face virtual real estate for metavars, Garda said the team had explored the idea but would probably not enter into it immediately.
“This opportunity is going behind the real estate business who do not know how to use digital technology,” he said.
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