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Frescos: Cardano NFTs with Real-world Travel Utility
NFTs and Utility
Non-fungible tokens (NFTs) such as Bored Ape Yacht Club (BAYC) on the Ethereum blockchain and Boss Cat Rocket Club (BCRC) on the Cardano blockchain are all the rage, commanding high prices in their respective ecosystems. Athletes, musicians and influencers use them as “flexes” and as status symbols representing entry into exclusive communities.
Most NFT projects are “PFP” or “profile picture” projects with the NFT or token granting membership and perks such as whitelist spots (reserved spots) for future NFT airdrops. However, the average NFT shopper is looking more and more for increased utility – in other words, benefits that extend beyond the NFT project and even real-world use cases.
* Disclaimer: This article is for educational and entertainment purposes only. As with all crypto and blockchain-related purchases and transactions, remember that this is NFA (not financial advice) and to DYOR (do your own research).
What is “real-fi”?
If you’re new to the crypto world, you may have heard of terms such as “defi” or “game-fi” being tossed around. The abbreviated “fi” essentially stands for “finance”. “Defi” and “game-fi” are “decentralized finance” and “game finance,” respectively. Essentially, blockchains and “Web 3.0,” as the internet of blockchains is called, allow for a more secure and trustworthy flow of digital currency and transactions.
“Real-fi” is a new term that’s been thrown around in Twitter spaces and by crypto influencers. It is a relatively new concept, but one that should catapult crypto into the mainstream. “Real-fi” or “real finance” is the concept behind using blockchain technology such as NFTs to provide real-world utility and value.
An example of real-fi would be the use of an NFT to symbolize fractional (partial) ownership of a rental property or even a sports franchise. Ownership of an NFT could potentially allow holders of the NFT to receive fractionalized or partial profits from a real-world business.
Blockchain tech and development is still in its infancy stages, with real-fi being largely conceptual at this point. However, the technology does have the capability to create the formerly mentioned benefits of “real-fi.” It is just a matter of time before we see quantum leaps in real-world utility for NFTs.
Frescos CNFT: A Cardano NFT focused on hotels and hospitality
As the world opens up and attempts to transition out of Covid-19, travel will inevitably pick up. With the price of airline travel and hotel accommodations rising for various reasons, many globetrotters will be motivated to seek out deals to save their wallets from getting a beating.
Frescos is a European-based Cardano NFT collection that focuses on real-world utility and is part of the solution to rising travel and hotel costs. The NFT project seeks to reward holders with discounts on boutique hotel stays.
On their website (frescos.io), the team describes their project as “a collection of 999 1/1 hand drawn digital paintings”. Frescos also explains that it is partnering with hotels and other businesses to offer exclusive discounts and giveaways to Frescos holders not after sell out but from the start.
These statements from the Frescos Team are quite important. First of all, 999 is a small number for mints. Many of the popular “profile picture” NFTs that are commonly found have anywhere between 5000-10,000 NFTs per “drop” or per mint. That means that if Frescos is successful, each NFT will be fairly limited.
We’ll take a look at their team in the section below, but the real-world utility of Frescos is no joke. Keep in mind that the fundamental technology behind NFTs allows for instant verification of ownership. Hotel discounts and accommodation perks can be easily granted to the verifiable holder of Frescos NFTs. In addition, many projects only grant perks upon selling out and making their profits, but the unique team behind Frescos allows for hotel perks to be granted upon receiving the NFT (if you so choose).
Frescos Team and Affiliated Partners
Despite being a two-man team, the duo behind Frescos seems to be a very capable one – especially in the context of what they are aiming to achieve. Both team members are fully “doxxed”, meaning that we know their full names and real-world identities.
Minos Chrysakis, or Cooz, is a hotel owner himself and has shared his experience managing his family hotel business on YouTube interviews. Meanwhile, Angel Fernandez, or Abstract Potato, is a well-known and reputable developer in the Cardano community. Although transparency and expertise do not always equate to project success, this team has all the necessary credentials.
Minos’ hotel and hospitality industry connections give him an automatic leg up when it comes to delivering his NFT project. On its web site, the Frescos team clearly highlights its hotel partners for special stays and perks. They are mainly located in Greece, such as the Kouvohori Villas and Mika Villas on the Greek vacation island of Crete. A recent tweet even specified that discounts may be up to 30-50% of hotel stays, depending on location.
In addition to hotel partnerships and perks, Frescos NFT is developing their own merch brand called Frescos & Co. which will have physical stores located within some of the partner boutique hotels and resorts. Frescos NFT holders will eventually be able to earn fractionalized profits from their merch sales.
WRAP-UP
While PFP animal NFTs are still trending and dominating the current NFT marketplaces on Cardano and other chains, buyers are increasingly looking for more utility. This makes sense as you’d want as much “bang for your ADA” as possible. Frescos is a new project that is still currently minting at 99 ADA each at the time of writing. If you’re reading this after they sell out, you can easily find their NFTs on secondhand marketplaces such as JPG.Store and CNFT.io.
