Who would’ve ever thought that there would ever be a day where airline tickets are sold and traded in the form of NFTs? But much to almost everyone’s surprise, it’s currently happening.
Not long ago, an Argentinian airline, Flybondi shared that it will be teaming up with TravelX, a blockchain technology company, to convert its airline tickets into non-fungible tokens (NFTs).
WHAT DOES IT MEAN?
The strategic alliance which is happening between Flybondi and TravelX, will enable travellers to purchase airline tickets as nonfungible tokens (NFTs) where they will be utilising Binance Pay, in USD Coin (USDC), for every transaction made. Many have said that such a move is set to be a game changer in the travel industry; this includes Facundo Diaz, the co-founder of TravelX, who believes the utilisation of Web3 technologies will allow the travel industry to reach new heights. He explained, the NFTickets will benefit travellers since it will enable flyers to auction, sell, trade, and transfer tickets from one wallet to another – thus, granting them full control over managing and disposing of their travel assets without having to worry about the hassles. Additionally, airlines could potentially increase their revenue through resales from the secondary market through NFTickets.
There have been voices in the industry that dub the brand-new NFTickets as the new evolution, transitioning from the previous and widely used e-tickets.
Just like how the introduction of e-tickets helped solve some issues, the same goes for tickets that are issued as NFTs that could potentially make it easier and possible for airlines to make further progress – from spotting fraud and ensuring the ticket’s validity. Nonetheless, it is important to understand that the vast majority of NFTickets bought by people are merely tickets and not works of art as we usually see in other NFTs.