Flybondi has expanded its relationship with NFT ticketing company TravelX to issue NFTs for all of its airline tickets. The company is dividing deeper into web3 with a new ticketing solution dubbed Ticket 3.0. It will allow Flybondi passengers to change their name and transfer or sell tickets attached to NFTs independently. The digital assets also hold flight information and give boarding access. The new ticketing technology is built on the Layer 1 proof-of-stake Algorand blockchain for scalability and fast execution of transactions.
The airline company believes its new ticketing method is a fantastic way to spice up the overall travel experience for its passengers – now they can buy in advance without having to define their travel plans or who the travellers will be. In exchange, the airline can slash costs toward its customer service and boost revenue from trading fees. The airline rakes in a 2% from transaction fees, alongside Flybondi, who also takes a 2% cut from fees.
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. Ticket-related rules and conditions are integrated into the NFT's smart contract by the airline. Since launching yesterday, thousands of NFTickets have already been minted on Algorand’s marketplace, Algo Explorer.
Flybondi is not the only airline to adopt the use of NFTs for their ticketing process. For instance, one of the earliest adopters of NFT tickets was Spanish airline Air Europa, which partnered with NFT ticketing company TravelX in April 2022 to launch a series of NFT tickets linked to special perks and events. This partnership allowed Air Europa passengers to purchase NFT tickets for exclusive access to VIP lounges, priority boarding, and other premium services. Same moves were made by the Brazilian airline Azul and the Mexican airline Interjet in 2022.
Overall, the adoption of NFT tickets by airlines is a promising development that has the potential to revolutionise the travel industry. By offering more flexibility and security to passengers, NFT tickets could improve the overall travel experience and help airlines reduce customer service costs. We continue to observe.