By Denis Sheehan, Publisher, H&C News: citizenM announce opening a hotel in the Metaverse.citizenM London Bankside
The citizenM hotel group has announced it is building a hotel in the Metaverse. The hotelier plans to acquire a LAND site in The Sandbox, a leading decentralized gaming virtual world, to begin building the hotel. This signifies the entry of another hospitality innovator to the Metaverse, by becoming the first ever hotel group to purchase LAND in The Sandbox.citizenM Metaverse
Recently featured as a metaverse pioneer by the Wall Street Journal and CNBC, The Sandbox is a metaverse where users can create and monetize their own distinct worlds and game experiences on LANDs, which are non-fungible tokens (NFTs) that represent virtual real estate in The Sandbox.
citizenM will finance the construction of the virtual hotel through the sale of 2,000 NFTs attached to rewards redeemable throughout its global portfolio of ‘real-world’ hotels.
The NFTs will be sold at the same price with buyers randomly assigned one of three categories of ownership – 1,500 become ‘regular’ citizens – 450 ‘special’ citizens and – 50 ‘legendary’ citizens. Rewards are then assigned according to the buyers category, increasing in value from regular through to legendary. The rewards will be redeemable at any of citizenM’s growing portfolio of hotels in the real world.
Having spent the pandemic period focusing on building customer loyalty with the trial launch of subscription products and a new iteration to be announced in the coming weeks, citizenM is now focusing on building loyalty in the online world.
As with all of its hotels, citizenM will bring art to the forefront by showcasing and selling future NFT collections that will be commissioned with growing talent in the digital art space.
“We are thrilled to be the first hospitality company to build in the Metaverse,” Robin Chadha, CMO of citizenM, shares. “As a brand that has always pushed the boundaries and challenged traditional models, this new venture in The Sandbox fits not only with our brand strategy but also the commitment we have to the creative community and to our guests both online and in the real world. We’re excited to further explore opportunities in the Metaverse in the years to come.”
Once the virtual hotel – a location for avatars visiting The Sandbox to Work, Sleep & Play – is built, citizenM will collaborate with an additional roster of digital artists to create and sell NFTs that can be purchased in the digital space.
Eventually, the brand plans to use these profits, as well as the incorporation of a decentralized autonomous organization (DAO), to fully finance a physical, real-life property where token holders will vote on the location. In line with the brand’s ethos, citizenM will ultimately build a hotel for the people, by the people.