citizenM Announces New Venture into the Metaverse
Apr 06, 2022, 09:00 ET
Award-Winning Global Hospitality Brand Becomes the First to Buy Property in The Sandbox
NEW YORK, April 6, 2022 /PRNewswire/ -- citizenM – the pioneer of affordable luxury hotels – today announced it will acquire a LAND site in The Sandbox, a leading decentralized gaming virtual world and a subsidiary of Animoca Brands, to begin building a hotel in the Metaverse. This endeavor signifies a new movement in hospitality, as citizenM will be the first ever hotel group to purchase LAND in The Sandbox.
Recently featured as a metaverse pioneer by the Wall Street Journal and CNBC, 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.
Having spent the pandemic period focusing on building customer loyalty 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.
As with all of its hotels, citizenM will bring art to the forefront by showcasing and selling future NFT collections that will be commissioned with growing talent in the digital art space. Once the LAND is purchased, citizenM aims to finance the build of a hotel in the virtual world through the sale of an exclusive collection of NFTs with real-world rewards (utilities) attached.
Each of the 2000 NFTs will be priced equally, however purchasers will at random be assigned one of three levels: 1500 "regular" citizens, 450 "special" citizens and 50 "legendary" citizens. The utilities will take the form of discounts, free drinks and more with the specifics of the rewards being determined by the level of NFT assigned to the purchaser. The rewards will be redeemable at any of citizenM's growing portfolio of hotels in the real world.
"We are thrilled to be the first hospitality company to build in the Metaverse," Robin Chadha, CMO of citizenM, shares. "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."
Once the virtual hotel - a location for avatars visiting The Sandbox to Work, Sleep & Play - is built, citizenM will collaborate with an additional roster of digital artists to create and sell NFTs that can be purchased in the digital space.
Eventually, the brand plans to use these profits, as well as the incorporation of a decentralized autonomous organization (DAO), to fully finance a physical, real-life property where token holders will vote on the location. In line with the brand's ethos, citizenM will ultimately build a hotel for the people, by the people.
citizenM was launched in 2008 with a purpose – to disrupt the traditional hotel industry. Rattan Chadha – the founder of the global fashion brand Mexx – was inspired by his employees to create a hotel for the modern travellers, giving them everything they need and nothing they don't. This means central locations in the world's most exciting cities, but at an affordable price. Not just a place to sleep, but somewhere to work, relax and play – just like home. Somewhere with superfast free Wi-Fi, tech that makes life easy, and a great bed to crash in at the end of a long day. Rattan Chadha called this philosophy 'affordable luxury for the people'.
The first citizenM opened at Amsterdam's Schiphol Airport in 2008. Today, citizenM's portfolio includes 24 hotels in 16 exciting cities: London, Glasgow, Amsterdam, Rotterdam, Paris, Copenhagen, Zurich, Geneva, New York, Los Angeles, San Francisco, Boston, Seattle, Washington DC, Taipei and Kuala Lumpur.
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