The travel industry is ripe for disruption, and one startup is seeking to do just that with the launch of NFT airline tickets. Buenos Aires-based Flybondi is the first airline to offer NFT tickets to its customers, allowing them to make name changes on their reservations or transfer their tickets to others. The service is offered via NFTicket, a blockchain-based technology developed by Miami-based startup TravelX that integrates ticket-related rules into smart contracts.
Flybondi’s adoption of NFTicket follows last year’s launch of the airline’s NFTicket Marketplace, which tokenized 1% of Flybondi tickets sold monthly as a proof of concept. Now, all Flybondi tickets are tokenized and built directly into the airline’s online platform, enabling customers to activate their NFT tickets with a simple link in their confirmation email.
TravelX’s Chief Product Officer, Alejandro Nardi, believes that NFT airline tickets are set to become the new standard in the travel industry. He sees the technology as a way of empowering consumers by allowing them to take control of their tickets and trade them on a secondary marketplace. This, in turn, could help airlines build loyalty and generate additional revenue.
However, Nardi admits that bureaucracy and concerns about lost revenue are holding back some of the larger legacy airlines from adopting the technology. Many airlines have strict travel terms and rules, and NFTicket is seeking to change that by giving consumers greater flexibility and empowerment.
Travelex has already met with around 70 other airlines across Europe, Latin America, the US, Asia, and Africa about adopting NFTickets. The company expects most low-cost carriers worldwide to adopt the technology within the next 12 to 18 months.
The NFTicket system uses blockchain technology developed by Algorand, a blockchain platform that claims to offer unparalleled speed and security. Each user creates an account that is associated with an Algorand address, but travelers don’t get their private keys, and must use the platform to modify or transfer their tickets.
The NFTicket technology is a significant step towards wider adoption of NFTs, according to Bryan DiSanto, head of Web3 brand and marketing for gaming studio InfiniGods. He believes the new airline tickets will help airlines build loyalty and generate additional revenue.
In conclusion, NFT airline tickets are a game-changer for the travel industry, as they allow consumers to take control of their tickets and trade them on a secondary marketplace. The technology is expected to be adopted by most low-cost carriers worldwide within the next 12 to 18 months. While bureaucracy and concerns about lost revenue are holding back some legacy airlines, NFTicket is seeking to empower consumers and give them greater flexibility and empowerment.