LABS Group, a blockchain gaming platform, has announced the launch of its own real estate non-fungible token (NFT), an initiative that will give investors a chance to own a stake in the Kunang Kunang Glamping Resort in Banyuwangi, Indonesia.
World’s First RTS-NFTs
In a bid to give more investors the chance to own a share, LABS Group has fractionalized the entire resort into 365 Rewarding Timeshares (RTS) NFTs.
The world’s first community-owned resort and first RTS-NFT auction, which began on July 15 at 1PM UTC, will run for 13 days and is expected to end on July 28, the company said.
Each auction day chronologically represents each month of the year. Interested bidders are advised to visit the Refinable NFT marketplace and locate the LABS Group profile to place their bids on the platform.
The Kunang Kunang Resort features beautiful big-sized glamping rooms with front-facing windows, giving clients the opportunity to have a perfect view of some of the finest Indonesian mountains.
Furthermore, the resort is strategically located close to a waterfall and blue-flame volcano, which is short distance travel for anyone who would like to see them.
Benefits of RTS-NFTs
While LABS Group did not specify the entry price of the auction, all 365 RTS-NFT holders are promised a 10% yearly ROI for the first two years.
Also, holders could receive a projected annual ROI of 15% based on a valuation report by the GCA. Other benefits the Kunang Kunang Resort NFT gives successful bidders include the right to stay at the resort at zero cost for 48 hours, the right to participate in key decision-making, and more.
Furthermore, the top three bidders will have the right to rename their respective rooms based on their preference and will also be given ten free days yearly to stay at the resort.
LABS Group is also planning another auction where the top bidder will have the exclusive right to rename the entire resort based on their preference and other benefits.
Interestingly, all 365 token holders will be automatically added to a lucky draw for an all-expenses-paid trip to Indonesia.
The auction winners can choose to trade RTS-NFT in popular marketplaces built on the LABS ecosystem, Ethereum, and Binance Smart Chain (BSC).