CitizenM has announced that it will purchase a LAND site in The Sandbox, a decentralized gaming virtual world and subsidiary of Animoca Brands, to begin construction on a hotel in the Metaverse. CitizenM will be the first hotel group to purchase LAND in The Sandbox, ushering in a new era in hospitality.
The Sandbox is a metaverse where users can create and monetize their own distinct worlds and game experiences on LANDs, which are non-fungible tokens (NFTs) that represent virtual real estate in The Sandbox and were recently featured as a metaverse pioneer by the Wall Street Journal and CNBC.
After focusing on building customer loyalty during the pandemic period with the trial launch of subscription products and a new iteration to be announced in the coming weeks, citizenM is now focusing on building loyalty in the online world.
CitizenM, like all of its hotels, will bring art to the forefront by showcasing and selling future NFT collections commissioned with emerging talent in the digital art space. After purchasing the LAND, citizenM intends to fund the construction of a virtual hotel through the sale of an exclusive collection of NFTs with real-world rewards (utilities) attached.
Each of the 2000 NFTs will be priced equally, but buyers will be assigned at random to one of three levels: 1500 “regular” citizens, 450 “special” citizens, and 50 “legendary” citizens. The utilities will be in the form of discounts, free drinks, and other perks, with the specifics of the perks determined by the level of NFT assigned to the purchaser. The rewards will be redeemable in the real world at any of citizenM’s growing portfolio of hotels.
“We are thrilled to be the first hospitality company to build in the Metaverse. As a brand that has always pushed the boundaries and challenged traditional models, this new venture in The Sandbox fits not only with our brand strategy but also the commitment we have to the creative community and to our guests both online and in the real world. We’re excited to further explore opportunities in the Metaverse in the years to come.”Robin Chadha, CMO of citizenM
Once the virtual hotel – a location for avatars visiting The Sandbox to Work, Sleep, and Play – is completed, citizenM will work with an additional roster of digital artists to create and sell NFTs that can be purchased in the digital space.
Eventually, the brand intends to use these profits, as well as the formation of a decentralized autonomous organization (DAO), to fully fund a physical, real-world property where token holders will vote on the location. CitizenM will eventually build a hotel for the people, by the people, in keeping with the brand’s ethos.