LIFE is a platform that offers hotel reservations and travel experiences that can be digitized and converted into NFTs. Developed by Eduardo Ibañez and David Shuler, its launch date is scheduled for December 4, 2022 in the United States. Interview with David Shuler, co-founder and CEO of LIFE.
What is the concept of LIFE? How is it preparing to revolutionize the hotel market?
LIFE is an online booking platform that offers hotel reservations and digitized experiences converted into tradable and collectible NFTs. Powered by AI to service the vast number of travel options available through online agencies, LIFE will launch discounted prices on millions of hotels and experiences around the world. Our platform is the first to make hotel reservations available for trading in secondary markets, just like baseball tickets or Broadway shows already are. By creating liquidity in bookings, hotels and travelers will benefit from greater flexibility and a better travel experience. The platform is easy to use and no special knowledge of cryptocurrencies or blockchain is required.
Why did you create the LIFE platform? How does it work for hoteliers and travellers?
The travel and entertainment markets are mature enough to be disrupted by new blockchain-based technologies. The reservation solution allows you to securely tokenize and exchange tickets and reservations. Hotels welcome this solution as it helps them manage their revenue streams and solves the problem of high cancellation rates by creating reservations that can be redeemed in secondary markets rather than canceled when traveler plans change. Booking a hotel on the platform works almost exactly like other traditional booking sites, with low prices on millions of hotels and unique experiences. The user sees his reservation in his account with the same information as any other reservation, with the difference that the latter is in the form of an NFT with a unique identifier. Up to 24 hours before registration, this NFT can be transferred or traded on our secondary market or others such as Open Sea. At this time, the hotel receives the data from the owner’s wallet containing the NFT and confirms the registration.
Are NFTs and Cryptocurrencies the Future of the Industry?
Adding flexibility and efficiency to the hotel reservation market benefits everyone in the industry. The advantage of the LIFE platform is that it is a much more efficient and flexible system than the current system. The reservation systems used in the tourism industry and their implementation require very little change for hotels or travellers. Those who embrace NFTs and cryptocurrencies can take advantage of its features, such as making payments in cryptocurrencies, doing business in the secondary market or finally creating and listing their own properties.
Do you think we are entering a new era of hospitality?
Many travelers today don’t just want reservations, they want experiences. Blockchain and Web 3.0 are creating a new channel of communication between buyers and sellers of hospitality services. They allow bilateral markets to operate even across international borders. For example, it will be possible to offer an NFT that includes two nights in a luxury hotel, tickets to a big game with VIP access and a reservation in a restaurant where it is sometimes impossible to get a reservation through a traditional channel. Imagine making this NFT widely available to global travelers in multiple markets and tradable at any time if your plans evolve will be a game changer and that’s what we will be offering on LIFE.
Opening photo: @ArthurMazi