Last Updated: 31 March 2023
Argentinian low-cost airline Flybondi is embracing blockchain technology by issuing electronic tickets as non-fungible tokens (NFTs) on the Algorand blockchain. The airline has partnered with NFT ticketing firm TravelX to launch Ticket 3.0, which allows passengers to change their name, transfer, or even sell their “NFTickets” independently.
Ticket 3.0: A Flexible Travel Experience
Flybondi claims that the new NFT ticket offers a more flexible travel experience, allowing passengers to purchase tickets in advance without defining their travel plans or the travelers. This innovative approach to ticketing enables the airline to reduce customer service costs and increase revenue from trading fees.
TravelX: Facilitating NFT Ticketing
TravelX, which launched in September 2022, provides the technology for issuing NFT tickets on the Algorand blockchain. The company doesn’t charge a fee when users initially purchase a ticket but takes a 2% transaction fee when trades are made on the secondary market. Airlines also receive a 2% cut.
Passengers can purchase travel tickets using fiat currency on the Flybondi website. TravelX issues a synchronized NFT ticket on top of the regular e-ticket, which travelers can then manage and store through Flybondi’s Ticket 3.0 account. The NFT’s smart contract incorporates ticket-related rules and conditions set by the airline.
A Positive Impact in the Aviation Industry
Flybondi CEO Mauricio Sana says that the integration of blockchain technology into the airline’s ticketing process will generate a positive impact in the aviation industry. “Changing the rules of the game is never easy, but we know that it is our objective to evolve and offer our passengers a new stage of the freedom to fly,” he added.
TravelX Partnerships and Open Infrastructure
TravelX has partnered with Spanish airline Air Europa to launch a series of NFT tickets linked to special perks and events. Latin American crypto exchange Lemon has integrated TravelX onto its platform, allowing users to buy and sell airline tickets.
TravelX has also made its infrastructure open, enabling other exchanges or marketplaces to use the TravelX API. The company claims that over 60 airlines worldwide are exploring the use cases of its NFT tickets.
Flybondi’s move to issue NFT tickets represents a significant development in the aviation industry. It provides passengers with greater flexibility and control over their travel plans, while enabling airlines to reduce costs and increase revenue. With blockchain technology increasingly being adopted by various industries, it’s likely that more airlines will follow Flybondi’s lead in the coming years.
Investors who are interested in the blockchain and cryptocurrency space may want to keep an eye on the developments in the aviation industry, as the adoption of blockchain technology and NFTs could have significant implications for the sector. Platforms like Bitcode Al and Bitcoin UP provide investors with the opportunity to trade cryptocurrencies and invest in companies that are at the forefront of these technological advancements, making them potential avenues for those looking to capitalize on these emerging trends.