Letting strangers sleep in your house for money is one of those things that your mother would’ve frowned upon… Ermhhh… Perhaps we might need a better way of phrasing this…
But regardless, the idea of a site like Airbnb would’ve been unthinkable 30 years ago. However, now it’s estimated that the hotel industry loses circa $450 million annually in direct revenues to Airbnb.
This is likely a trend that will continue increasing in the future. But between service fees, host fees, guest service fees, etc Airbnb takes up to 30% of the money that the website charges to its guests.
Obviously, this is an undesirable state of affairs, and at the same time, it makes you wonder what exactly it is that Airbnb does to warrant that fee. True, they were pioneers, and provide a safe environment via reviews, but is that worth 30%?
What if you copied the Airbnb functionality, but ran the platform as a Decentralized Autonomous Organization (DAO) wherein hosts can vote for policies in proportion to their revenue? This way, you could vastly reduce fees, and give both the customers and hosts a cheaper experience.
In other words, the platform would still be paid for by revenue generated from the stays, but a development team would implement the decisions made by the community, instead of management.
Furthermore, if it’s run like a DAO it opens up unique opportunities. For example, instead of going through the difficulties of handing keys to guests, they could be issued with an NFT, a digital token, that can be used to access the premises via a scanner and their phone.
This might sound like the stuff of science fiction, and it kinda is, but that is partially the type of magic the blockchain projects like the CRD Network enable. The CRD Network is a DeFi space that enables people to build DAOs with financial applications, as well as mint tokens with particular functionalities.
Hence, this is why its token, the CRD, is likely to appreciate once the different DeFi app microservice ecosystem is fully operational. Get your CRD and be part of the revolution!