Lynkey wants to transform Vietnam’s real estate and tourism with blockchain
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LynKey plans to combine the luxury resort and tourism business with blockchain to transform the real estate ecosystem in Vietnam.
The aim is to distribute tokens such as loyalty coins to real estate investors and tourists and then enable them to participate in the blockchain-based “smart tourism” and luxury real estate market. The goal is to reach $ 8 billion worth of real estate and tourist destinations.
Dinis Guarda, founder and non-executive chairman of LynKey, said in an interview with VentureBeat that Lynkey will digitize luxury resorts and real estate first in Vietnam and then in several other destinations. It will do this with a blockchain-powered token marketplace and ecosystem.
LynKey’s goal is to symbolize all aspects of real estate development – purchases, leases, land use and related tourist entertainment – in an international blockchain-powered ecosystem that connects people with the best real estate technologies and premium experiences of resorts and cruises through NFTs .
“I’ve actually been studying this project for a long time,” says Guarda. “I’ve been on blockchain for almost a decade and have found practical uses for blockchain.”
He added, “One of the biggest things we have in our day-to-day operations is when we travel or look at properties we have to fix some of the issues. “We are currently digitizing this problem that we are talking about, and that’s how this project came about.”
And he said, “So if you look at the real estate market around the world, we’re talking about a very large ecosystem. It is a multi-trillion dollar business that has many challenges and is still paper driven. There are big trust issues, especially when buying or selling real estate, or even renting real estate. “
Above: Conceptual drawings for the objects that LynKey plans to fractionate and digitize.
Image source: Lynkey
Guarda is a blockchain, fintech, AI writer and influencer who has been featured in publications such as Thinkers360 and CoinTelegraph. He has teamed up with other industry figures to transform real estate investing and tourism into more seamless, transparent, and efficient markets, without the fees associated with today’s core real estate infrastructure.
LynKey would like to optimize timeshare, prepaid leasing or the licensing of real estate-based experiences with a focus on tourism. And it offers a reward system for users through its global tokens.
By introducing a global token and unique vacation experience through NFTs, LynKey is digitizing the real estate and smart tourism markets without the need for intermediaries, allowing users to explore an ecosystem that offers real and soon metaverse experiences.
Guarda is also the creator of citiesabc.com and openbusinesscouncil.org. The idea is to provide global participants with easy and transparent access to international real estate and travel experiences and to be rewarded for their participation in a trustworthy ecosystem.
“Despite globalization, challenges remain in the tourism and travel industries,” said Cindy Tran, co-founder and chairwoman of LynKey, in a statement. “Blockchain and NFT technology can address and solve these problems. Most global travelers or real estate buyers have to deal with local currencies, a lack of transparency in buying or leasing real estate and timeshare, and losing money from high exchange fees or worse. “
She added, “In addition, travelers cannot personalize their travel experiences, change, sell or cancel their trips. Planning a trip or finding a property to rent may be digital, but the rest of the process is certainly far from smooth or perfect. A consolidated marketplace and token solution will solve many of these problems. “
Disturbing real estate
Above: LynKey sees plenty of properties in Vietnam that could be converted.
Image source: Lynkey
Guarda said the real estate development industry urgently needs to keep pace with current advances in technology. In addition, buying and renting real estate abroad in the traditional model involves a number of additional costs and procedures during the operation itself and when renting the facility in the future.
It also takes a tremendous amount of time, money, and labor to make a significant real estate or timeshare purchase or lease in another country. The additional fees and certification challenges associated with various real estate agents, platforms, or other intermediaries can be a huge barrier for those looking to travel or buy property abroad.
The non-digital format of current real estate rental, licensing and timeshare is time consuming and flawed. In addition, there are frequent liquidity problems in relation to the global real estate market, leading to price gouging and high costs in some markets.
Start token
Above: LynKey wants to use tokens to transform the resort business.
Image source: Lynkey
LynKey aims to create an ecosystem where travelers, developers, buyers, sellers and tourists are connected through a blockchain platform using NFT technology. LynKey’s tokens, NFTs, and first real estate and resort projects will be announced in the first quarter of 2022.
LynKey works with smart cities and NFT platforms Citiesabc.com, large hotel and real estate groups such as Everland Group, Crystal Holidays, Wyndham Group, Centara, Ztudium, Techabc and many other global partners.
It is especially difficult when trying to buy a property in another country and there are a lot of unnecessary fees, he said. When making a timeshare purchase, it is easy to come across a scam. With the transparency and security of the blockchain’s digital ledger, you can restore trust and turn off the middleman by using peer-to-peer transactions. LynKey wants to enable such trust and will do so by creating a Trust Nonfungible Token (NFT).
NFTs use the blockchain to authenticate the uniqueness and ownership of digital goods, and in this case, this can be applied to real estate. The NFT can serve as proof of ownership. By simplifying the international buying and selling process, LynKey could bring more liquidity to markets that can benefit everyone.
I asked if bringing real estate sales to the public blockchain would affect those who are concerned about privacy when buying real estate. However, Guarda said the data on the blockchain may show that an apartment is being sold, but the buyer and seller information does not have to be public.
“We’re pretty obsessed with privacy ourselves,” he said. “Blockchain gives you both transparency and privacy.”
Share the wealth
One of the topics LynKey is exploring is sub-real estate where people could get involved and own a piece of a castle, not so different from the resort timeshare model.
In contrast to using Frequent Traveler point programs, blockchain-based systems are transparent about the value you have in the loyalty programs or tokens.
“We are creating a strong system with transparency and regulation,” he said.
Why Vietnam
Above: LynKey’s vision for the future in Vietnam.
Image source: LynKey
Guarda chose Vietnam because he fell in love with the country about five years ago. And it’s one of the fastest growing economies in the world, with lots of tourism and lots of high quality resorts. The company has around 40 employees.
The company has a large part of its team in Vietnam. And Guarda believes that young consumers in the country and elsewhere in Asia are ready and happy to embrace blockchain-based innovations.
There are maybe 10 different blockchain real estate projects elsewhere in the world, Guarda said.
“There aren’t many large-scale projects,” he said. “I see them all as potential partners, not as competitors. It’s about creating a new level of solutions that everyone can benefit from. “
Build trust, reduce fees
The blockchain can also decentralize the real estate system, eliminate middlemen and their fees, and it can also gamify the ecosystem through tokens. Aware of the scams in the crypto space, Guarda said he has a background in investment banking and has worked with regulators.
“It’s not about getting a quick buck,” he said. “This is very concrete property that we have and you can see all of our property when you receive our token. We are based in Singapore, which has the most solid regulators in the world, and we work with four law firms including DLA Piper. I’m pretty obsessed with getting things right and making sure this project adds value for everyone. “
Blockchain entrepreneur Michael Terpin is one of the advisors, as well as others, in the blockchain ecosystem.
“This is a bit like Ethereum for real estate and tourism,” he said. “In our case, we use the token to empower the users who will be on the platform, but then the others will share their own experiences on the marketplace. And that’s very exciting. “
As for the timing of the real estate boom or bust, he said that the largest real estate markets are still growing and the world has trillions of dollars in real estate. When COVID is finally under control, people will want to travel again, he said. And so tourism-oriented real estate will thrive again.
“But when you buy small properties in different locations, the experience is completely offline, paper-driven, which is ridiculous,” he said.
When asked if he would tackle virtual real estate for the Metaverse, Guarda said the team had explored that idea but probably won’t address it right away.
“The chance is to pursue the real estate business that doesn’t know how to use digital technology,” he said.
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