LIFE is an online booking platform offering hotel reservations and services to be digitized and converted into tradable collectible NFTs.
Founded in 2022, LIFE claims to be the first platform to make large volumes of hotel bookings available for trading on secondary markets.
What is your 30 second investor presentation?
LIFE is an online booking platform offering hotel reservations and services to be digitized and converted into tradable collectible NFTs. Powered by artificial intelligence, now powered by a major online travel agency, LIFE will launch with discounts on millions of hotels and experiences around the world. LIFE will be the first platform to make large volumes of hotel reservations available for sale in secondary markets, as baseball or Broadway tickets do today. By creating liquidity in bookings, both hotels and travelers will have more flexibility and a better travel experience.
Describe both the business and technology aspects of your startup.
LIFE is a marketplace that offers travel and related products at better prices than even hotels can offer. Using NFTs representing hotel stays or tickets to movies, concerts and other events, LIFE allows travelers to showcase where they’ve been, where they are and where they’re going, and allows them to trade those bookings on the open market.
Give us your SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of the company.
Strengths: Travel-adapted AI technology, proven encryption/NFT technology, team experience in travel, blockchain and financial services.
Weak sides: the need for more capital to increase growth
Capabilities: A $400 billion+ addressable market, legacy systems ready to be disrupted by blockchain and Web 3, the ability to appeal to traditional travel markets as well as wealthy young travelers who are comfortable with NFTs and crypto.
Threats: Global travel downturn, lack of liquidity on other NFT trading floors, which could affect our secondary volumes.
What travel pain points are you trying to alleviate from both a customer and industry perspective?
Travel and entertainment is ripe for blockchain disruption; A blockchain-based booking solution can enable the tokenization of travel and event bookings and their safe and seamless sale. Hotels welcome the decision as it helps them manage their revenue streams and address high cancellation rates by creating bookings that can be resold rather than canceled when travelers change plans.
So, you have a product, now how to attract a lot of customers?
LIFE will use a network of influencers to monetize existing online visitor traffic and quickly book initial hotel rooms with above-average conversion rates. We will offer unique hotels and experiences that others will not be able to replicate at competitive prices for our members. And we believe that the possibility of selling reservations in secondary markets will be attractive to many clients, especially if their plans change frequently.
Tell us what process you went through to establish the real need for your company and the size of your target market.
LIFE is at the intersection of travel and blockchain and our leadership team has years of experience in travel agencies and finance. We are solving the problem for travelers and hotels at the same time, reducing friction in the hotel booking industry and creating value from bookings that are currently dead assets.
How and when will you earn money?
Our core technology platform is built and our business is scalable. We’ve been making money since we made our first booking and we can control how much of our earnings we keep and how much we put back into marketing for growth. We will also earn income from the sale of unique Passport NFTs and from secondary trading on our marketplace, which will increase as liquidity increases on the platform.
What are the background and previous accomplishments of the founding team?
Eduardo Ibanez is a former Principal Scientist at Priceline.
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Sean Sloves is the CEO of Velocity Ledger and Fundamental Interactions (FI), a New York-headquartered technology company that develops commercial e-commerce products and provides technology to major securities, derivatives and crypto exchanges around the world.
David Shuler – co-founder and president of Y2X, former managing director of Paxos; former managing director and head of Exchange Technologies, NYSE; MD, CME and chief of staff at Goldman Sachs.
How did you solve the problem of diversity and inclusion in your business?
The team is lean and eclectic. The founder, Eddie Ibanez, is of Hispanic origin and we work with intrepid coders in Ukraine.
What has been the hardest thing about starting a business so far?
Finding the right people is always difficult. Our leadership team has been fortunate to have great relationships in travel and fintech, and through our own networks and those of our friends and advisors, we have been able to build a great organization.
As a rule, travel startups face a rather difficult time in order to succeed – so why would you be one of the lucky ones?
First, we meet the real needs of customers and industry in a huge market. The online travel market is valued at $433 billion and is estimated to exceed $2 trillion by 2028. Sports and entertainment ticketing, which we may enter later, is a $72 billion business with a CAGR of 6.5%. Following forced closures due to COVID-19, these industries are rapidly recovering as travelers seek new experiences and opportunities.
Second, we’re introducing a new way to book travel that appeals to different customer demographics. We will accept payments with credit and debit cards or major cryptocurrencies. For some users, our NFTs will simply represent a record of their bookings, while for others they will be collectibles. We will make the platform fun and interesting to interact with by introducing rewarding games and quests that, for example, offer travel discounts, and we can easily connect to Web 3 and Metaverse environments.
Where do you think your startup will be in a year?
Our tech stack is built, we have access to millions of hotel rooms, and we’re building great partnerships; we will grow as fast as we can acquire customers. We believe that through creative marketing and innovative products, we can increase total bookings and services at a lower customer acquisition cost than our competitors. We have aggressive but realistic projections of double-digit revenue by the end of our first year.
What is your ending? (listing, acquisition, growth and privacy, etc.)
We are building an innovative, technology company that will change the way people interact with the travel and entertainment industry and how the industry interacts with its customers. We are creating tremendous value along the way and we will be flexible on whether this will lead to an IPO or M&A in the future.
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