ICO Review: AIRSTAYZ
AIRSTAYZ is an existing platform looking to take on the blockchain travel sector using an ERC-223 token.
The basic goal of AIRSTAYZ as a platform is for a user to be able to search any hotel, check in/out, and open your room without having to visit the front desk. Their token (STAY) is the engine that will allow travelers to be automatically rewarded with a currency that has industry demand.
The token’s goal is to provide rewards to both consumers and those that work within the travel industry. With an initial inspiration to reduce booking commissions while offering marketing packages to increase exposure to potential clients. Plus, reduction in commissions allows AIRSTAYZ to offer more flexibility with their room rates, lowering the price.
With STAY initially being released for $0.30 per token in a public sale capped at $24 million, here’s what we think of what they have going on:
Current and Upcoming Structure/Solutions
AIRSTAYZ has a current platform, which they call a “Hoteliers Modernization Modules.” Their platform allows hotels to list their rooms, which is then advertised to the travelers. Here are a few of the products they’re looking to offer:
‘Skip The Desk’: Travelers can bypass reception with a digital key.
AIRSTAYZ Concierge: An app that connects guests to solutions such as transportation, dining, attractions, and other amenities.
Bellhop: Aggregator of ride-sharing apps to compare prices, as well as Alluxe, which is for luxury transportation (i.e., exotic cars, yachts, and helicopters).
Openkey: A part of the ‘skip the desk’ solution mentioned above, where guests can open their room with their cell phone
Update247: Allows hotels to update the rates and availability of their listings.
Pinya: A mixed reality platform where users can interact with their favorite brands in a specific location.
Additionally, AIRSTAYZ has picked up some significant partners as well, including:
Marc Hotels: A chain of hotels throughout Australia, Asia, and Europe.
BettaBet: Asocial wagering platform where STAY tokens will be accepted as a currency to bet. Winnings can be accepted on AIRSTAYZ to book a night.
LedgerLeap: Token sale process and development firm.
OpenTable: A restaurant renovation platform
Alluxe: Provides elite travelers with access to booking luxury cars, yachts, and helicopters.
Alice: Cloud-based hotel operations platform that connects all departments with guests to handle requests.
Problems AIRSTAYZ Is Looking To Solve
Travel is an industry with a tremendous amount of inefficiencies. As there’s little synergy between marketplaces, customers lack the incentive to participate. Here are a few of the issues AIRSTAYZ believes that STAY can help solve:
- Hotels are not financially motivated to improve guest experience since current rating system doesn’t give enough depth. AIRSTAYZ also points out that larger hotels can secure more bookings than smaller ones as they put forth more marketing dollars, thus providing less incentive to grow.
- Reward programs are inefficient as they make guests feel obligated to stay in the same hotel to earn points. Points are also nontransferable and usually require a significantly high threshold to redeem.
- Travelers pay more for bookings because hotels overpay to be listed on large centralized sites.
By implementing a decentralized ledger, AIRSTAYZ is looking to eliminate the intermediaries that drive up prices. Furthermore, guest essentially mine STAY by participating in the reward program, garnering valuable data.
How They Look To Solve It
AIRSTAYZ aims to have hotels compete on a level playing field, regardless of their size. With a sizeable goal of reducing booking costs form 25 to 8 percent, here are the nuts and bolts of how they’re going to get it done:
- The core of their platform seems to be the STAY coin, which is what the system is powered on.
- Users are granted STAY for each booking, as well as granted 20 percent extra STAY for writing reviews and rating their travel experience, plus an additional 10 percent for repeat business.
- Customers earn 50 percent STAY during booking through the AIRSTAYZ app and an additional 20 percent for using the skip the desk feature.
By providing an incentive for guests to rank the hotel, ratings are based more upon a genuine experience, verifying that the person stayed there. Furthermore, they also look to lower the price by reducing the marketing costs for hotels, as well as removing priority “pay-to-play” type systems.
Another feature AIRSTAYZ looks to offer is consolidation, which could be pretty beneficial to the travel world as it brings all of your rewards points into one ecosystem. As a feat that hasn’t been seen before, this could be a gamechanger for the industry.
Perhaps the most fascinating part of AIRSTAYZ solution is how it’s able to keep the travel industry into one ecosystem. Their focus places an emphasis on creating a better system for both consumers and more boutique/small hotels, which is exciting. Furthermore, as travel is such a massive industry that so many people use on a daily basis, the market potential here is astronomical. Overall, AIRSTAYZ appears to be a top-tier project to buy into, primarily to use the token as a utility for travel.
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