NFT’s are making there way into airports as Argentinian low-cost airline Flybondi has announced the integration of Web3 technology into its ticketing process by issuing non-fungible tokens (NFTs) as e-tickets.
The new integration, called Ticket 3.0, is an expansion of Flybondi’s existing partnership with NFT ticketing firm TravelX, which launched in September 2022.
The NFT ticketing technology, which is built on the Algorand blockchain, enables passengers to change the name on the ticket, transfer or sell the NFT ticket independently.
According to Flybondi, the NFT ticket offers a more flexible travel experience for passengers, allowing them to buy tickets in advance without having to define their travel plans or who the travelers will be.
The airline aims to reduce customer service costs and increase its revenue from trading fees. TravelX Chief Blockchain Officer Facundo Martin Diaz explained that while the company does not charge a fee when users initially purchase a ticket, it does receive a 2% transaction fee when trades are made on the secondary market. Airlines also receive a 2% cut.
Passengers can purchase travel tickets through the Flybondi website using fiat currency, and TravelX issues a synchronized NFT ticket on top of the regular e-ticket. Travelers can then create a Ticket 3.0 account to manage and store their NFTs through Flybondi.
Ticket-related rules and conditions are integrated into the NFT’s smart contract by the airline.
Flybondi CEO Mauricio Sana said in a press release that the airline aims to generate a positive impact in the aviation industry through innovation and the application of blockchain technology.
He added, “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.”
TravelX, which partnered with Spanish airline Air Europa in April 2022 to launch a series of NFT tickets linked to special perks and events, has also made its infrastructure open so that other exchanges or marketplaces can use the TravelX API
The firm states that over 60 airlines worldwide are also exploring the use cases of its NFT tickets.
In October 2022, Latin American crypto exchange Lemon integrated TravelX onto its platform, enabling users to buy and sell airline tickets.
The move by Flybondi to integrate Web3 technology into its ticketing process is expected to drive further adoption of blockchain technology in the aviation industry.
NFT’s Flight Tickets
In conclusion, Flybondi’s integration of Web3 technology through Ticket 3.0 and the issuance of NFTs as e-tickets is set to revolutionize the aviation industry. This partnership with TravelX will enable passengers to enjoy a more flexible travel experience while reducing customer service costs and increasing revenue from trading fees. As other airlines explore the use cases of NFT tickets, it is clear that the adoption of blockchain technology in the aviation industry is only just beginning.