All tickets are now available on the Algorand blockchain as NFTs thanks to an expanded partnership between low-cost carrier Flybondi and NFT ticketing provider TravelX.
The low-cost airline Flybondi of Argentina is introducing Web3 into its ticketing method by distributing electronic tickets as non-fungible tokens (NFT) (NFT).
The brand-new relationship with NFT ticketing provider TravelX, which began in September 2022, is termed Ticket 3.0 and was presented on Thursday. Travellers can autonomously modify their identities, transfer, or sell their “NFTickets” owing to the NFT ticketing platform, which is built on the Algorand blockchain.
The NFT ticket “offers a more flexible travel experience that allows customers to even pay in advance without having to define their travel intentions or who the travelers will be,” according to Flybondi. In exchange, the airline is able to cut its costs for delivering customer care and enhance its revenue through trading fees.
Facundo Martin Diaz, the chief blockchain officer at TravelX, explained to CoinDesk in September that although no fees are applied at the time of initial ticket purchase, the company does collect a 2% transaction fee when trades are conducted on the secondary market. He noted that airlines got a 2% decrease.
TravelX issues a synchronized NFT ticket in addition to the regular e-ticket when travelers purchase tickets through the Flybondi website using fiat currency. Then, through Flybondi, travelers can create a Ticket 3.0 account to control and store their NFTs. The airline has included the NFT’s smart contract with ticket-related terms and conditions.
Flybondi CEO Mauricio Sana noted in a news release that “With this launch, we seek to generate a positive impact in the aviation industry through innovation and an application of blockchain technology. 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 teamed with Spanish carrier Air Europa in April 2022 to offer a series of NFT tickets related to special benefits and activities. Latin American crypto exchange Lemon welcomed TravelX onto its site in October 2022, allowing users to purchase and trade plane tickets.
Content Source: Coindesk