[NEWS] NOT A HOTEL signs memorandum of understanding with GMO Coin for Japan's first RWA token IEO

On the 7th, NOT A HOTEL announced that it had signed a memorandum of understanding with GMO Coin, a domestic cryptocurrency exchange, to raise funds through an IEO.

The cryptocurrency to be issued by NOT A HOTEL will be the real estate-backed RWA (Real World Assets) token "NAC (NOT A HOTEL COIN)". According to the company, this will be the first IEO of the RWA token in Japan.

In addition, NOT A HOTEL will launch "NOT A HOTEL DAO" as a project to own and operate its own facilities and land for development.

The operation will be carried out by NOT A HOTEL DAO, a wholly owned subsidiary of NOT A HOTEL. As soon as the legal framework is in place, NOT A HOTEL DAO's organizational structure will be transferred to a DAO in the future.

According to the announcement, by holding NAC, users can stay at facilities owned by NOT A HOTEL DAO. In addition, it is said that the high utility of NAC is a feature of the token, as rewards can be earned by staking.

There are two types of rewards that can be obtained through staking: accommodation rights at NOT A HOTEL or NAC. The accommodation rights and NAC that can be received vary depending on the amount of staking.

▶︎Examples of facilities where you can stay

The funds raised through the IEO will be used to acquire ownership of NOT A HOTEL and purchase land for new development through NOT A HOTEL DAO. These assets will become the backing assets of NAC, and the aim is to form stable asset value.

The purpose of NOT A HOTEL DAO is to create a system where everyone can own and use NOT A HOTEL. It is said to be a system to make ownership of the usage rights of NOT A HOTEL more accessible and to provide it to more users.

In addition, the provider of the land on which NOT A HOTEL is developed, local collaborators, and creators participating in the project will create opportunities to obtain NAC through NOT A HOTEL DAO.

The company says that it will increase the number of members participating in NOT A HOTEL DAO and accelerate the utilization of idle land in various parts of Japan, tourism, and regional revitalization.

NOT A HOTEL is known for selling memberships that can be used as both a residence and a hotel via NFT.

By holding a membership NFT, you can use the facilities of NOT A HOTEL at a randomly selected travel destination on a set date each year. To use the facilities, you need an NFT key called "THE KEY," but if the date doesn't suit you or there are other reasons, you can sell it on the NFT marketplace.

Reference:Announcement
Image: Quoted from the announcement