Argentinian low-cost airline Flybondi will begin issuing e-tickets as non-fungible tokens through a partnership with NFT ticketing company TravelX, one of PhocusWire’s Hot 25 Travel Startups for 2023. The NFT version allows passengers to change the name on tickets, transfer or sell them.
The NFT ticket technology, built on the Algorand blockchain, “demonstrates our commitment to innovation and providing our customers with the best possible experience,” said Flybondi CEO Mauricio Sana. “We're excited to be at the forefront of this change in the travel industry.”
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Here’s how it works: Consumers purchase e-tickets through the Flybondi website using regular currency.
TravelX issues an NFTicket on top of that the original ticket, on the blockchain, and the two tickets are synchronized to have the same fare rules, seat numbers and itineraries. The airline can trace the NFTickets even as they may be renamed, resold or transferred up to 72 hours before departure, and the airline and TravelX receive a transaction fee every time tickets are exchanged on the secondary market.
"Our partnership with Flybondi and the integration of our NFTicket technology on the Algorand blockchain exemplifies the enormous potential for innovation within the travel industry,” said TravelX CEO Juan Pablo Lafosse, whose company said it’s in similar discussions with more than 60 other airlines. “We're eager to continue driving this transformation alongside the other airlines worldwide we are already working with."
TravelX partnered last year with Spanish airline Air Europa to release the first NFTickets, what it called the world’s first NFT flight tickets. The first one sold in a live auction for $1 million.
TravelX chief officer of travel supply Erika Moore explained in November at The Phocuswright Conference in Phoenix how airlines of all types can use TravelX’s technology and why she expects interest to grow. Watch the full discussion below.
Executive Interview: TravelX