Asia has been the hardest hit by the pandemic, but from the thousands of popular Travel Destinations, Bali has been the hardest hit with 82% of its population relying on tourism. #1 on the Forbes 50 Place to travel to, Bali offers everything to the traveller… super luxury, adventure, cultural immersion, health & wellness, and even spiritual enlightenment.
But most hotels, villas, transport aggregators, theme parks, and entertainment services are struggling to make a basic living. After 19 months, they cannot pay their workers even basic salaries. And the current state of the market is set up to pay only when a reservation is used in an environment where no one really knows when restrictions will be lifted. Not helpful in surviving Now.
In the previous article, I have briefly explained about the travel industry may soon use cryptocurrency-backed NFTs to quantify the value of our vacations. Click this link to read the article. Now, let’s get to know about the Galileo project.
Galileo Travel Futures leverages pandemic-priced travel opportunities through the blockchain that enables the average person to buy highly discounted Travel, Experience, and Accommodation Entitlement NFTs.
They are harnessing the power of blockchain NFTs to provide capital now to the down trod tourism industry. Galileo has already sold over 500 Bali room nights from 3 hotels including Viceroy and Avalon Castle in 72 hours. The pandemic priced Bali accommodations and experience NFTs can be redeemed anytime till the end of 2025 and can be sold at a profit as tourism recovers by the investors who bought them. Galileo is creating a new revenue source for small investors to bring immediate cash flow that supports the socio-economic problems the island is facing.
While blockchain is not new, to date, applications have been focused only on technology and recently art and music through NFTs… but to solve Real World Problems and Reward people for doing it… which is disruptive, even in the blockchain sphere. Galileo Travel is only the tip of the “Experience Metaverse” that Galileo is building with many once in a lifetime experiences like a Formal Dinner with the King of Bali and co-creation with local Bali artists.
Galileo Future Travel’s innovation takes “Buy Low, Sell High”, combines it with real-world Travel, Experience, and blockchain technology to create “Experience NFTs” to help Tourism NOW. With the support of the future-minded Binance Smart Chain, the first BALI Series of NFTs has been launched and the Experience Metaverse is growing from the Galileo initiative.
By creating artistic NFT digital Smart contracts, gamifying the investment/experience system, and offering Pandemic priced Travel Experiences valid till end of 2025… Galileo is connecting Crypto investment with real-world value and opening a New Revenue Source to the tourism sector that can be accessed now when it is needed by Bali tourism-related businesses to support local employment.
Investors/NFT buyers are rewarded as tourism returns as the tangible value of each Entitlement NFT can be sold or traded at higher Market rates… currently 3 to 7 times higher than pandemic prices.
While Galileo will be expanding globally, we are focusing on BALI because of the positive social-economic impact it will have on the local community. The current Set of Bali Entitlement NFTs can be seen at https://galileotravel.app/marketv2?market=experiences. The system is also connected to an ecosystem where investors can earn free travel, have masterminds with the world’s thought leaders, and mix with jetsetters at global jetsetter parties that support the less fortunate through the XPRNC token.
According to Arthur Carmazzi, owner of Galileo, bestselling author, and ranked as the world’s #1 thought leader in Organizational Culture and ’10 in Leadership, “This is not just about investment or travel, it is about lifestyle, WHO you meet, HOW you grow, and HOW you make an impact in the world”
The Ecosystem is fuelled by the XPRNC token which is gaining liquidity from the sale of NFTs. Stakers of XPRNC earn t-shares used to trade for these lifestyle experiences. When experiences are bought and used, the system also rewards users with rare live Traveller, Jetsetter and Explorer NFTs.
A recent survey by SuperLauncher indicated that 84% of investors were interested to buy luxury holiday experiences as NFTs to either use or sell when tourism picked up. “This is a Crypto Crash proof investment,” says Carmazzi “because it relies on the tourism market, not on the crypto market, and is fuelled by the two biggest human desires, to experience more life and more wealth”
Galileo is also hooked up with the forward-thinking Bali Tourism Authority to bring this project to the international stage, and while many hotels and experiences waiting to see the outcome of this first sale, many future-minded organizations including the King of Kerambitan, and Mayor of Tabanan are jumping on and supporting the future of tourism and the wellbeing of Bali.