Blockchain beyond Ownership

Abstract

This chapter examines the adoption of blockchain technology (BCT) in the tourism and hospitality industry (THI). Non-fungible tokens (NFTs) are one of the tools of BCT. NFTs are reshaping THI with innovative ways of ownership and engagement. Focusing on value co-creation (VCC), this chapter evaluates how NFTs enable travellers to participate in the creation, personalisation, and sharing of experiences. Thus, based on the literature, we discuss the use cases of NFTs. Moreover, this chapter benchmarks THI start-ups that incorporate NFTs into their business models. This chapter discusses the benefits and challenges of NFTs in THI, including the co-creation mechanism and the long-term value of NFTs. Additionally, this chapter highlights the gaps that exist between the potential contribution of NFTs to the tourist and tourism ecosystem and their current usage. Researchers and practitioners can gain insights into the changing digital landscape of tourism by combining VCC theory with practical start-up methods.