Flybondi, a low-cost airline in Argentina, has introduced Web3 technology into its ticketing process by issuing e-tickets as non-fungible tokens (NFTs). The airline’s latest offering, Ticket 3.0, is an expansion of its existing partnership with NFT ticketing company, TravelX, which was launched in September 2022. Built on the Algorand blockchain, the NFT ticketing technology allows passengers to transfer or sell their “NFTickets” independently, as well as change their name, thereby giving them a more flexible travel experience.
The NFT ticket also enables passengers to buy in advance without the need to define travel plans or identify travelers. This development will assist Flybondi to reduce customer service costs and increase revenue from trading fees.
Passengers can purchase travel tickets using fiat currency through the Flybondi website, and TravelX issues a synchronized NFT ticket along with the regular e-ticket. Travelers can then create a Ticket 3.0 account to manage and store their NFTs through Flybondi. The airline has integrated ticket-related rules and conditions into the NFT’s smart contract.
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TravelX Chief Blockchain Officer, Facundo Martin Diaz, told CoinDesk that the company does not charge a fee when users initially purchase a ticket, but it does receive a 2 per cent transaction fee when trades are made on the secondary market. Airlines also receive a 2 per cent cut.
Flybondi CEO Mauricio Sana, said that the introduction of Ticket 3.0 aims to generate a positive impact on the aviation industry through innovation and an application of blockchain technology. He stated that the objective is to evolve and offer passengers a new level of freedom to fly.
TravelX has also made its infrastructure open so that other exchanges or marketplaces can use the TravelX API. The company has reported that over 60 airlines worldwide are exploring the use cases of its NFT tickets.
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The partnership between TravelX and Flybondi has offered benefits to other companies. TravelX partnered with Air Europa, a Spanish airline, in April 2022 to launch a series of NFT tickets linked to special perks and events. Latin American crypto exchange Lemon integrated TravelX onto its platform in October 2022, enabling users to buy and sell airline tickets.
The introduction of Ticket 3.0 offers a new level of flexibility for passengers and offers an opportunity for airlines to reduce costs and increase revenue. As more airlines consider the use of NFT tickets, the aviation industry could witness a major shift in the way travel is purchased and managed.
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