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BLOOMBERG: The World's First NFT Resort by LABS Group Begins Auction on July 15

July 12, 2021, 9:15 AM EDT


Making resort and hotel investment possible for everyday investors

HONG KONG / ACCESSWIRE / July 12, 2021 / LABS Group, an end-to-end blockchain
property investment platform, will begin its auction of the world's first-ever
community-owned resort and Rewarding Timeshare (RTS) non-fungible token on
July 15, 2021. Kunang Kunang Glamping Resort, the brand new resort located in
Banyuwangi, Indonesia, is developed and operated by LABS Group partner Gravity
Resorts.

The resort NFT ownership will tokenize and fractionalize the entire resort
into 365 RTS-NFTs, and each will be sold through an auction on the Refinable
NFT marketplace for 13 days, with each auction lasting 48 hours.

Mahesh Harilela, chairman of LABS Group, said, 'LABS is introducing a
revolutionary cross-dimensional investment opportunity that allows everyday
investors to purchase overseas property easily, by lowering the entry point of
property ownership and removing both geographical and legal barriers. LABS
goes through all of these protocols to ensure safety.'

Each RTS-NFT will come with a staying right that can be swapped with other
RTS-NFT holders, among other benefits. In addition, there will be an
additional naming right NFT to be auctioned to grant the holder the right to
name the resort, along with an annual staying benefit of 10 days. This auction
will also offer a one-time naming right for the top 15 bidders to name rooms
of the resort. The RTS-NFTs can be listed, traded or sold through Refinable or
marketplaces based on the Binance Smart Chain and Ethereum. Holders of the
RTS-NFT will also receive voting rights for major operational decisions.

Named after 'fireflies' in Indonesian, Kunang Kunang Glamping Resort is a
30-minute drive away from Banyuwangi Airport and a 30-minute flight from Bali.
According to the Indonesia Statistics Department, the average occupancy rate
of all hotels in Banyuwangi in 2020 was 65% despite the pandemic, with
occupancy numbers hitting 80-90% for most hotels. Sitting on 6,800 square
meters in a lush green forest surrounded by paddy fields, the development is
designed by award-winning architect Willy Sandy Ekaputra to create a special
wilderness atmosphere while keeping the comforts of home and the luxury of a
hotel. Its soft opening will be in December 2021, with a grand opening slated
for February 2022.

LABS Group also partnered with Greater China Appraisal Group, which conducted
due diligence, value advisory, property consultancy and feasibility studies on
this first-ever community-owned NFT resort.

In partnership with Gravity Resorts, LABS Group will also have one property in
Cambodia, three in Japan, and two more in Indonesia up for RTS-NFT auction
within the next two years. Gravity Resorts currently owns and manages seven
properties throughout Asia.

High resolution Images for the project can be seen in the following link
https://bit.ly/2VmAnjd.

More clarification on the project conducted by LABS group can be seen in the
following video

.

For more information, please visit http://gravityresortskk.labsgroup.io/.

About LABS Group

LABS is a digitized real estate investment ecosystem that is powered by
blockchain and community. The ecosystem, which aims to redefine the real
estate investment sector, includes a crowdfunding and trading platform, a
collateralized lending platform, and NFT reward solutions on resorts and
hotels. Using the LABS platform, developers can easily tokenize and
fractionalize their real estate, allowing them to sell or trade it.

Follow @labsgroupio on the following social media and tag photos with the
hashtag #labsgroupio.

Social Links:

Twitter: https://twitter.com/labsgroupio
Telegram: https://t.me/labsgroupio
Facebook: https://www.facebook.com/labsgroupio
Instagram: https://www.instagram.com/labsgroupio/

Media Contact:

Company: LABS Group
Contact: Marketing team
Email: [e-mail]
Website: https://labsgroup.io/

SOURCE : LABS Group

View source version on accesswire.com:
https://www.accesswire.com/655097/The-Worlds-First-
NFT-Resort-by-LABS-Group-Begins-Auction-on-July-15
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The team is led by NSAV Director, Mr. Yuen Wong. Mr. Wong is also the CEO of LABS Group Limited https://labsgroup.io, the world’s first end to end Blockchain powered real estate investment ecosystem and powered by the LABS ecosystem token through decentralized finance (DeFi) and governance.

Mr. Wong is also a Managing Partner at Bitmart Cryptocurrency Exchange https://www.bitmart.com. BitMart is a premier global digital asset trading platform with over 2 million users worldwide and ranked among the top crypto exchanges on CoinMarketCap. Bitmart’s platform supports over 220 cryptocurrencies and has a 24 hour trading volume of approximately $2 Billion.


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