Flybondi, an Argentine low-cost airline, is adding Web3 to its ticketing system by giving out e-tickets as NFTs that can’t be changed.
The expansion of its existing relationship with NFT ticketing company TravelX, which launched in September 2022, is referred to as “Ticket 3.0,” which was announced on Thursday. Built on the Algorand blockchain, the NFT ticketing system lets passengers change their identities, give their “NFTickets” to others, or sell them.
Flybondi says the NFT ticket offered a more flexible way to travel by letting people buy in advance without saying their travel plans or who will be travelling. As a result, the airline can reduce customer service costs and increase revenue from trading fees.
In September, TravelX’s chief blockchain officer, Facundo Martin Diaz, told that the company does not charge a fee when consumers initially purchase a ticket but receives a 2% transaction commission when secondary market transactions occur.
Passengers can purchase travel tickets using fiat currency on the Flybondi website, and TravelX issues a synchronised NFT ticket in addition to the standard e-ticket. Then, passengers can establish a Ticket 3.0 account to store and manage their NFTs via Flybondi. The airline integrates ticket-related regulations and conditions into the NFT’s smart contract.
In a press release, Flybondi CEO Mauricio Sana said that the launch is expected to positively affect the aviation industry by bringing new ideas and using blockchain technology. Changing the game’s rules is never simple, but the firm was determined to evolve and offer its passengers a new level of flight freedom.
In April 2022, TravelX and the Spanish airline Air Europa worked together to release a series of NFT tickets with special benefits and events. In October 2022, the Latin American cryptocurrency exchange Lemon added TravelX to its platform. This made it possible for users to buy and sell airline reservations.
Additionally, TravelX has made its infrastructure accessible so that other exchanges or marketplaces can use the TravelX API. According to the company, more than 60 airlines around the globe are investigating the use cases of its NFT tickets.