Abstract
The COVID-19 pandemic has had a devastating impact on the tourism industry, with many destinations facing financial ruin. Technology could help to revitalize the industry by offering new business opportunities, including the tokenization of tourism assets. Tokenization is the process of converting a physical asset into a digital token such as NFTs, which can then be traded on a blockchain-based exchange. This allows investors to buy and sell fractional ownership of an asset, which can be a more affordable and accessible way to invest. This study explores the potential of NFTs to revitalize the tourism industry. We first provide an overview of tokenization, type of tokens, and its potential benefits for the tourism industry. We then present three theoretical perspectives that can be used to rigorously investigate the phenomenon of tokenization in the tourism industry. Finally, we discuss the challenges of tokenization, such as regulatory uncertainty and security risks.
| Original language | English |
|---|---|
| Title of host publication | Blockchain for Tourism and Hospitality Industries |
| Editors | Irem Önder, Fulya Acikgoz |
| Publisher | Routledge |
| Pages | 51-65 |
| Publication status | Published - Dec 2023 |
Keywords
- blockchain
- non-fungible token
- NFT
- tokenization
- tourism industry
- technology adoption