Argentinian Airline Issues Every Ticket as an NFT
Flybondi, a budget airline based in Argentina, has announced the integration of Web3 technology into its ticketing process through the issuance of e-tickets as non-fungible tokens (NFT). The airline has named this new integration “Ticket 3.0” and it is an expansion of its partnership with NFT ticketing company TravelX, which was launched in September 2022. The NFT ticketing technology is built on the Algorand blockchain and allows passengers to change their names, transfer or sell their NFTickets independently.
Flybondi claims that the NFT ticket offers passengers a more flexible travel experience, allowing them to purchase tickets in advance without having to specify their travel plans or the travelers' identities. This move will reduce customer service costs for the airline and increase revenue from trading fees.
According to TravelX's Chief Blockchain Officer Facundo Martin Diaz, the company does not charge a fee when customers purchase a ticket initially, but it does receive a 2% transaction fee for secondary market trades. Airlines also receive a 2% cut of the fee. Passengers can buy travel tickets with fiat currency on the Flybondi website, and TravelX generates a synchronized NFT ticket in addition to the regular e-ticket. Travelers can then create a Ticket 3.0 account to manage and store their NFTs through Flybondi. The airline integrates ticket rules and conditions into the NFT's smart contract.
“With this launch, we aim to make a positive impact in the aviation industry through innovation and the application of blockchain technology,” said Flybondi CEO Mauricio Sana in a statement. “Changing the rules of the game is never easy, but we know that our objective is to evolve and provide our passengers with a new level of freedom to fly.”
In April 2022, TravelX collaborated with Air Europa, a Spanish airline, to introduce a set of NFT tickets connected to unique benefits and events. In October 2022, Latin American cryptocurrency exchange Lemon incorporated TravelX onto its platform, allowing users to buy and sell airline tickets.
Additionally, TravelX has made its infrastructure public so that other exchanges or marketplaces can use the TravelX API. According to the company, more than 60 airlines across the world are exploring the possible uses of its NFT tickets.
Content Source: https://businessdor.com/argentinian-airline-issues-every-ticket-as-an-nft/
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