Press Release
Dtravel is Tokenizing Vacation Rental Bookings on Polygon PoS with its v3 Smart Contract Upgrade
Dtravel is accelerating the global adoption of direct bookings using blockchain infrastructure to remove the need for intermediaries and their native utility token, TRVL, to reward growth.
Hong Kong โ January 30, 2023 โ Dtravel, a community-owned peer-to-peer vacation rental ecosystem is bringing real world services on-chain to Polygon PoS by tokenizing vacation rental bookings with their latest v3 smart contract upgrade.
The recent move is a revolutionary innovation to Dtravel Direct, Dtravelโs direct booking product suite for vacation rental operators. As a result of the upgrade, Nite Tokens, an ERC-721 representation of a property night, are transferred from the operatorโs smart contract to the guestโs wallet using the Polygon PoS network, a highly scalable, EVM compatible chain with fast transactions at near-zero gas fees.ย
The tokenization of vacation rental bookings brings unparalleled flexibility to the booking process. For travelers, it means the possibility to securely sell or transfer their reservation through a peer-to-peer marketplace, in the event that a booking can no longer be fulfilled, offering a level of adaptability that traditional booking systems simply cannot match. For operators, Nite Tokens ensure cash flow security and the potential for new revenue streams via secondary sales. Finally, Nite Tokens open up the possibility for new DeFi markets and innovative business models, including collateralized arbitrage.ย
Introducing Nite Tokens to the Dtravel ecosystem is one component of a much larger initiative. Dtravel is currently spearheading the development of the Nite Protocol, the worldโs first open standard booking protocol for the vacation rental industry. Designed to solve the costly, inefficient and fragmented infrastructure plaguing the vacation rental industry, the Nite Protocol will act as a single API connection that anyone can read and write listing and booking data to, eliminating the need for duplicative data and expensive API connections. It aims to effectively dismantle isolated data silos, thus creating a cohesive system where data is transparent, accurate, and accessible to all industry participants, significantly reducing costs of building within the industry. As part of that solution, the Nite Protocol will utilize Nite Tokens as a single-source of truth for bookings, allowing anyone to verifiably prove who holds the right to stay at a given property.ย
โThe Polygon ecosystem is a clear leader when it comes to working with brands and bringing non web3 natives on-chain. Dtravel is very much aligned with this ethos and so building on Polygon PoS was a natural fit,โ notes Cynthia Huang, CEO of Dtravel. โFurthermore, with tokenizing both fiat and crypto bookings, we need a highly scalable and low cost solution to support our high booking transaction volume, and this is another area where the Polygon ecosystem shines.โ
โThe Polygon ecosystem has been the ground for innovation and that is only possible with high quality builders contributing to the ecosystem. With the Polygon ecosystem laying out the foundational infrastructure, protocols like Dravel are making them go mainstream. With its ability to tokenize booking value on-chain for vacation rentals, Dtravel is set out to disrupt the vacation rental industry. We look forward to supporting Dtravelโs success story as they continue to deliver such innovative solutions,โ commented Aishwary Gupta, Ecosystem BD Head at Polygon Labs.
About Dtravelย
Dtravel is a community-owned peer-to-peer vacation rental ecosystem on mission to create a rewarding travel experience for everyone through direct connections. The Dtravel ecosystem includes Dtravel Direct, a direct booking product suite for vacation rental operators;ย Dtravel Sensei, an AI-powered recommendation engine for discovering vacation rentals that can be booked directly with owners anywhere in the world; and Dtrave Meridian a web3 travel application.
Dtravel is one of the founding projects developing the Nite Protocol, an open standard booking protocol for the vacation rental industry.ย
- To learn more about Dtravel, please visit: www.dtravel.com.
Cynthia Huang
CEO, Dtravel
E: [email protected]
James Soulodre
Head of Marketing, Dtravel
E: [email protected]
Disclaimer: CryptoSlate was previously an early investor in Dtravel.
