31st March 2023 – (Buenos Aires) Flybondi, a low-cost airline in Argentina, has announced that it will be integrating non-fungible tokens (NFTs) into its ticketing process through a new integration called Ticket 3.0. The NFT ticketing technology is built on the Algorand blockchain and is provided by TravelX, a company that specializes in NFT ticketing.
With the integration of Ticket 3.0, Flybondi aims to offer a more flexible travel experience for passengers, allowing them to purchase tickets in advance without defining their travel plans or who the travellers will be. This will also help Flybondi reduce customer service costs and increase revenue from trading fees.
Passengers can purchase travel tickets using fiat currency through the Flybondi website, and TravelX issues a synchronised NFT ticket on top of the regular e-ticket. Passengers can then create a Ticket 3.0 account to manage and store their NFTs through Flybondi. The NFT ticket allows passengers to change their name, transfer or sell their tickets independently, providing a greater level of flexibility.
Flybondi has integrated the ticket-related rules and conditions into the NFT’s smart contract. This ensures that passengers have access to all the information they need about their tickets, including the terms and conditions, without the need for customer service support.
TravelX does not charge a fee when users initially purchase a ticket, but it does receive a 2% transaction fee when trades are made on the secondary market. Airlines also get a 2% cut. TravelX has also made its infrastructure open so that other exchanges or marketplaces can use the TravelX API. According to the company, over 60 airlines worldwide are exploring the use cases of NFT tickets.
Flybondi CEO Mauricio Sana expressed his excitement about the launch of Ticket 3.0 and how it will generate a positive impact on the aviation industry through innovation and the application of blockchain technology. Sana acknowledges that changing the rules of the game is never easy, but that it is their objective to evolve and offer passengers a new stage of freedom to fly.
TravelX has previously partnered with Spanish airline Air Europa in April 2022 to launch a series of NFT tickets linked to special perks and events. Latin American crypto exchange Lemon has also integrated TravelX onto its platform in October 2022, allowing users to buy and sell airline tickets.