The travel industry is beginning to integrate aspects of a decentralized Internet
Trend - At face value, technologies like the Metaverse or NFTs seem antithetical to the travel industry in that they challenge the value of physical over digital. However recent developments in the tourism industry show Web3 technologies adding delight and convenience to various parts of the journey, from booking to an in-person experience.
Insight - Web3 is defined as the next iteration of the Internet; it focuses on decentralization via the Metaverse, NFTs, and token-based economics. This shift in technology is slowly impacting various consumer-facing industries, though for now, in small, experimental ways. The tourism industry is one ripe for disruption considering how much necessary change it's sustained due to the pandemic. Specifically, this industry is more open to technological and non-physical shifts than ever before as it adapted to these needs during recent COVID-related lockdowns.
Insight - Web3 is defined as the next iteration of the Internet; it focuses on decentralization via the Metaverse, NFTs, and token-based economics. This shift in technology is slowly impacting various consumer-facing industries, though for now, in small, experimental ways. The tourism industry is one ripe for disruption considering how much necessary change it's sustained due to the pandemic. Specifically, this industry is more open to technological and non-physical shifts than ever before as it adapted to these needs during recent COVID-related lockdowns.
Workshop Question - How would a decentralized Internet impact your industry positively? Negatively?
Trend Themes
1. Web3 Integration in Tourism - Web3 technologies are being integrated in the tourism industry to add delight and convenience to various parts of the journey from booking to in-person experience, with more opportunities to come.
2. Nft-based Loyalty Programs - Companies are utilizing NFTs in loyalty programs, granting customers digital collectibles which can be utilized for exclusive rewards, opening up a new avenue for immersive experiences and potential customer engagement.
3. Innovative Metaverse Marketing - As the metaverse waxes in popularity, marketing of hotels, resorts and other tourism-oriented products in that space are being used to engage customers in an interactive, immersive experience like nothing else.
Industry Implications
1. Hospitality Industry - As the travel and tourism industry changes, with Web3 integration and metaverse marketing, there are many opportunities for disruptive innovation in the hospitality sector.
2. Airline Industry - With the adoption of NFT-based loyalty programs, airlines and other companies have a chance to reward customers with digital collectibles that can lead to greater customer loyalty and engagement.
3. Gaming Industry - As gamification and metaverse-related technologies become more important to corporations, the gaming industry will offer disruptive opportunities for partnerships and collaboration.
