Argentinian low-cost carrier Flybondi is set to revolutionize air travel by incorporating Web3 technology into its ticketing process, issuing e-tickets as non-fungible tokens (NFT) in partnership with NFT ticketing firm TravelX. The new system, dubbed Ticket 3.0, aims to redefine the way passengers engage with air travel.
Strengthening Ties with TravelX
The introduction of Ticket 3.0 reflects the growing collaboration between Flybondi and TravelX, which began in September 2022. The cutting-edge NFT ticketing solution is developed on the Algorand blockchain and grants passengers the autonomy to modify their names, transfer, or resell their “NFTickets” on their own.
Mutual Advantages for Travelers and Carriers
Flybondi highlights that the NFT ticket offers a more adaptable travel experience, as passengers can buy tickets ahead of time without specifying their travel details or the identities of the travellers. This, in turn, allows the airline to minimize customer service expenses and boost its revenue from trading fees.
TravelX’s Chief Blockchain Officer, Facundo Martin Diaz, explained that while there is no fee for the initial ticket purchase, the company collects a 2% transaction fee when NFTickets are traded on the secondary market. Airlines also receive a 2% share of the fees.
Acquiring and Handling NFTickets
Travellers can purchase tickets on Flybondi’s website using traditional currency, after which TravelX issues an NFTicket in tandem with the standard e-ticket. Passengers can then set up a Ticket 3.0 account to oversee and store their NFTs via Flybondi. The airline integrates ticket-related regulations and conditions into the NFT’s smart contract.
Mauricio Sana, Flybondi’s CEO, stated in a press release, “With this launch, our goal is to create a positive impact in the aviation sector through technological innovation and the implementation of blockchain technology. Transforming established practices is never a simple task, but our mission is to evolve and present our passengers with a new level of freedom to fly.”
TravelX’s Expanding Influence in the Airline Industry
In April 2022, TravelX joined forces with Spanish carrier Air Europa to release a series of NFT tickets linked to exclusive benefits and events. In October 2022, Latin American cryptocurrency exchange Lemon integrated TravelX into its platform, allowing users to purchase and sell airline tickets.
TravelX has opened its infrastructure to other exchanges or marketplaces by providing access to the TravelX API. The company states that over 60 airlines around the globe are currently investigating potential applications for its NFT tickets.