citizenM, the pioneer of affordable luxury hotels today announced it will acquire a LAND site in The Sandbox, a leading decentralized gaming virtual world and a subsidiary of Animoca Brands, to begin building a hotel in the Metaverse. This endeavor signifies a new movement in hospitality, as citizenM will be the first ever hotel group to purchase LAND in The Sandbox.
The Sandbox is a metaverse where users may construct and commercialize their own individual worlds and game experiences using LANDs, which are non-fungible tokens (NFTs) that represent virtual real estate in The Sandbox. It was recently profiled as a metaverse pioneer by the Wall Street Journal and CNBC.
The company is aiming on developing loyalty in the online environment after spending the pandemic time focusing on building customer loyalty with the trial launch of subscription products and a new iteration to be unveiled in the coming weeks.
citizenM will bring art to the forefront by showcasing and selling future NFT collections
CitizenM will showcase and sell future NFT collections that will be commissioned alongside rising talent in the digital art area, as it does with all of its hotels. Moreover, the company plans to use the proceeds from the sale of an exclusive collection of NFTs with real-world incentives (utilities) to fund the construction of a virtual hotel.
Each of the 2000 NFTs will cost the same, but buyers will be assigned to one of three levels at random: 1500 “ordinary” citizens, 450 “special” citizens, and 50 “legendary” people. The utilities will come in the form of discounts, free beverages, and more, with the nature of the incentives being determined by the purchaser’s level of NFT. The awards can be used at any of citizenM’s growing network of hotels across the world.
“We are ecstatic to be the first hotel brand to build in the Metaverse,” says citizenM’s CMO, Robin Chadha. “This new initiative in The Sandbox fits not just with our brand strategy, but also with our dedication to the creative community and to our visitors both online and in the real world, as a brand that has always pushed the boundaries and challenged old paradigms. In the coming years, we’re looking forward to exploring more possibilities in the Metaverse.”
citizenM will collaborate with an additional roster of digital artists to create and sell NFT
CitizenM will collaborate with an additional roster of digital artists to make and market NFTs that can be purchased in the digital environment after the virtual hotel, a site for avatars visiting The Sandbox to Work, Sleep, and Play, is completed.
The brand eventually wants to use these revenues, together with the formation of a decentralized autonomous organization (DAO), to completely fund a tangible, real-world property where token holders will vote on the location. CitizenM will eventually develop a hotel for the people, by the people, in keeping with the brand’s mission.