3 - 5 minute read
Argentinian low-cost airline Flybondi is integrating Web3 into its ticketing process by issuing every ticket as a non-fungible token (NFT). The airline has expanded its partnership with NFT ticketing company TravelX to offer all its tickets as NFTs on the Algorand blockchain. The new integration, called Ticket 3.0, allows passengers to change their name, transfer or sell their “NFTickets” independently.
The NFT ticketing technology offers a more flexible travel experience that allows passengers to buy in advance without having to define their travel plans or who the travelers will be. In return, the airline is able to reduce customer service costs and increase its revenue from trading fees. According to TravelX Chief Blockchain Officer Facundo Martin Diaz, the company does not charge a fee when users initially purchase a ticket, but it does receive a 2% transaction fee when trades are made on the secondary market. Airlines also get 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.
“With this launch, we seek to generate a positive impact in the aviation industry through innovation and an application of blockchain technology,” said Flybondi CEO Mauricio Sana in a press release. “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.”
Flybondi’s move to issue every ticket as an NFT on the Algorand blockchain is a sign of the growing adoption of Web3 in the aviation industry. By leveraging blockchain technology and NFTs, Flybondi is offering passengers a more flexible travel experience while also reducing customer service costs and increasing its revenue from trading fees.
However, it is important to note that trading carries high risk and investors should always do their own research and consult with financial advisors before making any investment decisions.
TravelX has partnered with other airlines and crypto exchanges to offer NFT tickets linked to special perks and events. The company’s infrastructure is open so that other exchanges or marketplaces can use the TravelX API. According to the company, over 60 airlines worldwide are also exploring the use cases of its NFT tickets.
Flybondi’s Ticket 3.0 integration is a significant step forward in the adoption of blockchain technology in the aviation industry. By offering every ticket as an NFT, the airline is providing passengers with greater flexibility and control over their travel plans while also reducing costs and increasing revenue. It remains to be seen whether other airlines will follow suit and embrace NFT ticketing, but the potential benefits are clear.
