LABS Group, the first end-to-end crowdfunding service in the blockchain and real estate industry, has launched the world’s first community-powered and owned resort – Kunang Kunang Glamping Resort. LABS Group fractionalised the entire resort into 365 Rewarding Timeshare (RTS) NFTs, providing successful bidders with benefits never seen before in the traditional timeshare market. The RTS-NFTs will be sold via an auction on Refinable NFT marketplace starting from 1PM UTC July 15th, 2021.
Project Introduction Video
How to Join?
The Auction will be starting from July 15th 1pm (UTC) to July 28th.
The 365 RTS-NFTs will be sold off via an auction held on the Refinable marketplace with a starting price of 9999 USDT.
To participate in the auction, users must first understand the details of the project on LABS Group’s project site. Potential bidders can then visit the Refinable marketplace, search for “LABS Group”, and place a bid for the listed property.
The auction in particular will provide the top 3 highest bidders and the top bidder each month with a one-time benefit of resort rooms naming rights. On top of that, there will be one separate NFT that gives the winner the right to name the resort that comes with 10 free nights of staying benefit per year for 10 years.
What is RTS-NFT?
RTS-NFT, aka Rewarding Timeshare NFT, is a revolutionary NFT invented by LABS. Bringing applicability of NFTs to the real estate industry, RTS-NFT makes resort investment possible for everyday investors. Each RTS-NFT represents 1/365 of the total profit share, where holders will enjoy their token rights for 30 years.
These token rights are designed to combat certain issues that arose with the traditional timeshare market by conferring various benefits, such as:
Profit Backed Rewards — Actual profit backed rewards of the property generated from the resort operations will be shared to RTS-NFT Holders. The projected return on investment is 10-15% per year, which means that investors could break even in year 7. There is also a guaranteed minimum 10% return per year in the first 2 years based on the nominal price.
Staying Right — RTS-NFT will each represent a specific day in the calendar and the corresponding staying right (on that day) on the best room available basis with a penalty clause to compensate for unavailability for whatever reasons.
Trading Right — NFTs would be tradable on marketplaces based on Binance Smart Chain (BSC) and Ethereum.
Swapping Right- RTS-NFT holders would be able to swap the days, the incentive point, and the location (of other resorts) later either among themselves, on the marketplace, or within the LABS ecosystem.
Voting Right — Built-in voting content (80%+) for major operational decisions (if applicable), such as selling off the resort at a high value.
By tokenizing and fractionalizing the property, RTS-NFT allows investments to become more accessible, eliminating the barrier of a high minimum investment. Anyone will be able to invest in real estate products worldwide in fractional shares.
What is Kunang Kunang?
Named after “firefly” in Indonesian, Kunang Kunang is the first ever community-owned glamping resort and the first RTS-NFT on Binance Smart Chain. Sitting on 6,800 square meters in a lush green forest surrounded by paddy fields in Banyuwangi, it is only a 30-minute drive away from Banyuwangi Airport and a 30-minute flight from Bali.
According to the Indonesia Statistics Department, in 2020 the average occupancy rate of all hotels in Banyuwangi is 65% despite the pandemic, with occupancy numbers hitting 80-90% for most hotels.
The development is designed by award-winning architect Willy Sandy Ekaputra to create a special wilderness atmosphere while keeping all the comforts of home, and luxury of a hotel.
Its soft opening will be in December 2021, with a grand opening slated for February 2022.
Kunang Kunang Resort marks as a major first step for LABS Group to make real estate accessible for everyone. With the project, LABS Group will not only revolutionize the real estate sector by alleviating traditional timeshare issues and fractionalizing real estate, but also revolutionize the blockchain industry in the near future. To know more about the details of Kunang Kunang or LABS Group themselves, follow their social media channels listed below.
keep an eye on the auction and connect your wallet to the Refinable marketplace to join!
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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