Bengaluru, Nov 29, 2022: Buk technology, an NFT-based hotel inventory distribution infrastructure and the secondary marketplace have raised $ 100K in pre-seed funding from Sandeep Nailwal, Co-Founder, Polygon. Buk is a tokenization platform for the hospitality sector that enables open trading and resale of hotel room reservations. aimed at cryptocurrency users and digital nomads, while resolving concerns with hotel distribution and entirely doing away with pricing parity.
Funds will be used for product development and to create a Minimum Viable Product (MVP) by the end of the current financial year. Travelers may find and reserve the rooms of their choice with BUK without having to worry about losing their money on cancellation if their plans change because they can still swap their NFTs and rooms. Hoteliers will be able to develop, store, administer, and market their services to customers as NFTs thanks to BUK. BUK will also guarantee that the inventory and booking status is accurate from a single source. Reduce the duration of contracts, the time required for reconciliation, and problems associated with price parity.
Arul Prakash, CEO, and Founder, Buk Technology said, “The numerous partnerships that we have built with hoteliers, channel partners, and investment from Polygon, reasserts that web3 in travel will provide a completely new experience and the Buk team is well positioned to make this vision a reality. Polygons’ forward-thinking vision, and deep connections in the blockchain, and real-world businesses are something we will fully capitalize on as we launch the Travel NFT marketplace in the next few months.”
Sandeep Nailwal, Co-Founder, Polygon Technologies said, “Real-world utility of blockchain solutions will start slow and then grow suddenly. Hospitality is an industry that’s ripe for tech innovation with increasing demand from GenZ. With a strong enterprise and travel tech background, the team at Buk Technology is well-placed to drive this leapfrog moment. Our investment in them is a testament to the fact that travel and hospitality is an industry in need of innovation and this is the team that can make it happen.”
About BUK Tecnnology: BUK is a tokenization platform for the hospitality industry to enable transparent trading and reselling of hotel room bookings. Targeted crypto users and digital nomads, while solving hotel distribution issues and eliminating price parity completely.