IHG is ‘entering the metaverse’ by offering NFTs for auction bundled with stays and benefits. Oddly, they spent actual money to create the NFTs engaging British contemporary artist Claire Luxton.
Each NFT features artwork created specifically for the brand, inspired by the beauty of global travel using Claire’s signature flora and fauna style. Motifs paying homage to key historical InterContinental properties have been brought to life as an animation in a virtual NFT gallery, including the blue and yellow macaw, representing the first InterContinental hotel in Belém, Brazil, and the panther chameleon, spotlighting InterContinental Resort Mauritius on Balaclava Bay.
The NFTs come bundled with InterContinental Ambassador status, which include IHG One Rewards Platinum, as well as a one-night stay at the InterContinental Rome Ambasciatori Palace which is expected to open next year.
These are available for auction using points through December 9. Bids start at 150,000 points. I wouldn’t pay more than that.
Saturday Night Live offered the best explanation of NFTs.
NFT sales had already plunged 92% by this past spring. Michael Jordan’s NFTs are down 50%. And do you really think Justin Bieber is still a Belieber in NFTs?
Justin Bieber purchased this Bored Ape NFT in January for $1.31 million.
Today, it’s worth $74,382. pic.twitter.com/ovG4hhv2cl
— Watcher.Guru (@WatcherGuru) November 17, 2022
Really what IHG is doing is what Etihad did when the Gulf carrier sold elite status at a discount bundled with an NFT. Compared to the value of status, their NFT had negative value. But they claimed they were selling NFTs, so they were on trend (but it was this past summer, so they were already late). Back in February American Airlines ConciergeKey members received NFTs so at least American jumped on this before it jumped the shark.
It’s an odd time to be entering the Metaverse as though Facebook wasn’t laying off 11,000 people. At least Chase has an actual lounge in Decentraland. Also, don’t expect there to be much of an aftermarket for these, liquidity has been drying up for all things blockchain, and that’s known as the Alameda Gap.