World's first 'resort NFT' raises USD3.65m

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LABS Group, an end-to-end blockchain property investment platform, has successfully raised USD3,650,000 for Kunang Kunang Resort. Kunang Kunang Glamping Resort is the world's first-ever community-owned project fractionalised into Rewarding Timeshare (RTS) non-fungible tokens (NFTs).

An upcoming auction will supply 1095 RTS-NFTs, with each day of the calendar year represented by 3 RTS-NFTs. Interested parties will be able to purchase RTS-NFTs with lower entry barriers and a wealth of benefits.

By fractionalizing Kunang Kunang Resort, LABS Group is aiming to make resort and hotel investment available for everyone. 

Yuen Wong, the CEO of LABS Group, says: "LABS is a digitised real estate investment ecosystem powered by blockchain. With that, we make real estate investment possible for everyday investors. We could bring deals directly to everyday investors, cutting out the middlemen to bring extra value. Furthermore, LABS has made cross-border real estate investment easy, and has carried out all the due diligence for our investors."

RTS-NFT owners are entitled to a miscellany of benefits. This includes 30 years of staying rights, freedom to swap, trade and more. Additionally, the first 100 bidders can win a 200 USDT rebate by placing any first bid on the RTS-NFT auction.

All RTS-NFT holders also receive a special NFT holder privileges package during their stay at the resort on their RTS-NFT date, including:

- Limousine transport to Kunang Kunang Resort

- In-room welcome treats

- Set Breakfast for two

- 50 per cent off on any onsite consumption

- 20 per cent off on any off-site consumption (ie excursion, local tours)