Flybondi, the Argentinian low-cost airline, has announced that it will be integrating Web3 technology into its ticketing process by issuing non-fungible tokens (NFTs) as e-tickets.
This move, called Ticket 3.0, is an expansion of Flybondi’s partnership with NFT ticketing firm TravelX, which launched in September 2022.
Built on the Algorand blockchain, the NFT ticketing technology allows passengers to change the name on the ticket, transfer or sell the NFT ticket independently, offering a more flexible travel experience.
Passengers can buy tickets in advance without having to define their travel plans or who the travelers will be.
The airline aims to reduce customer service costs and increase its revenue from trading fees.
TravelX Chief Blockchain Officer Facundo Martin Diaz explained that while the company does not charge a fee when users initially purchase a ticket, it does receive a 2% transaction fee when trades are made on the secondary market. Airlines also receive 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.
The NFT’s smart contract also integrates ticket-related rules and conditions by the airline. Flybondi CEO Mauricio Sana stated in a press release that the airline aims to generate a positive impact in the aviation industry through innovation and the application of blockchain technology.
The partnership with TravelX, which also partnered with Spanish airline Air Europa in April 2022 to launch a series of NFT tickets linked to special perks and events, has made its infrastructure open so that other exchanges or marketplaces can use the TravelX API. Over 60 airlines worldwide are also exploring the use cases of NFT tickets.
In October 2022, Latin American crypto exchange Lemon integrated TravelX onto its platform, enabling users to buy and sell airline tickets.
This move by Flybondi to integrate Web3 technology into its ticketing process is expected to drive further adoption of blockchain technology in the aviation industry.
The integration of Web3 technology through Ticket 3.0 and the issuance of NFTs as e-tickets is set to revolutionize the aviation industry.
As other airlines explore the use cases of NFT tickets, it is clear that the adoption of blockchain technology in the aviation industry is only just beginning.
With increased flexibility for passengers, reduced customer service costs, and increased revenue from trading fees, the benefits of NFT ticketing technology are clear.
Flybondi’s innovative move is a significant step forward in the digital transformation of the aviation industry.