The ticket was introduced by Spanish airline Air Europa and TravelX, a company that develops blockchain-based distribution systems. It grants access, among other things, to a special Air Europa flight to Miami Beach.
Non-fungible tokens (NFTs) have been making inroads into the tourist sector for quite some time. In March, MakeMyTrip, an online travel agency, provided NFTs for well-known Indian destinations. According to the company, the objective was to provide vacationers with digital souvenirs of their favorite locations.
Multiple hospitality firms have entered the NFTs market. To digitize its high-end tourist assets, Singapore-based LynKey, for instance, has used a token system supported by blockchain. Then there are customer rewards programs, which provide customers with an NFT that retains their customer information and generates a unique entry with secure data storage. This may then be used in hotels and restaurants, or for reward points based on transactions.
A NFT-based airline ticket has been issued, and it is possibly the most costly ticket ever sold in the history of commercial flight. The NFTicket-labeled ticket was sold at auction for $1 million.
The ‘NFTicket’ is a cooperation between Air Europa and TravelX, a Spanish company that is creating a blockchain-based distribution mechanism for the travel.
So, what is the explanation behind this ticket’s excessive cost? To begin with, it is a one-of-a-kind item. It is also a work of art, part of the series titled “The Art as the Destination.” This was created by the American-Puerto Rican contemporary artist Carlos Betancourt, whose multimedia works address memory and culture.
In contrast, the ticket will be used as a boarding pass for a business class seat on a November 29 flight to Miami Beach.
The remaining NFT tickets in this series will be auctioned on the TravelX platform between June 1 and September 2 and will include works by a range of renowned artists.
According to TravelX, these NFTickets will function similarly to conventional NFTs, with transactions recorded on the blockchain. According to TravelX, this might become the new standard in the travel business, offering customers with a more streamlined experience while increasing income for travel companies.