Flybondi, an Argentina-based budget airline, is incorporating Web3 technology into its ticketing system by issuing e-tickets in the form of non-fungible tokens (NFTs).
The NFT ticketing start-up TravelX, which began operations in September 2022, is now a part of the new integration, known as Ticket 3.0, which was unveiled on Thursday. The Algorand blockchain-based NFT ticketing solution enables users to rename, transfer, and sell their “NFTickets autonomously.”
According to Flybondi, the NFT ticket enables a more adaptable travel experience that allows travelers to purchase in advance without specifying their travel plans or the passengers’ identities. As a result, the airline can decrease its customer service expenses and raise its revenue from trading fees.
Facundo Martin Diaz, chief blockchain officer at TravelX, stated in September that the company does not charge a fee when customers buy tickets initially but does charge a 2% transaction fee when customers buy tickets on the secondary market. A 2% cut goes to airlines as well, he added.
The Flybondi website allows users to purchase airline tickets using fiat money, and TravelX then produces an additional synchronized NFT ticket on top of the standard e-ticket. Using Flybondi, travelers can manage and store their NFTs by creating a Ticket 3.0 account. The airline has incorporated ticket-related terms and conditions into the smart contract for the NFT.
Flybondi’s CEO, Mauricio Sana, stated in a press release that the airline aims to positively impact the aviation industry by utilizing blockchain technology and innovation. He added that while changing the existing norms is difficult, Flybondi’s goal is to evolve and provide its customers with a new level of freedom to travel.
In April 2022, Air Europa, a Spanish airline, partnered with TravelX to introduce a series of NFT tickets that came with exclusive benefits and events. Later in October 2022, Lemon, a South American cryptocurrency exchange, integrated TravelX onto its platform, enabling its users to buy and sell airline tickets.
Additionally, TravelX has opened up its infrastructure so that other marketplaces or exchanges can use the TravelX API. According to the company, about 60 airlines from around the world are also evaluating potential uses for their NFT tickets.