Argentinian carrier, Flybondi Airlines, announced the launch of non-fungible token (NFT) tickets, called “Ticket 3.0”, on March 31, 2023.
Flybondi is the latest airline to join the growing number of airlines introducing NFT to the aviation industry. The low-cost airline who commenced operations in 2018, collaborated with blockchain-based travel distribution company, TravelX, to introduce NFT to its ticketing process. Flybondi believes that this initiative reduces customer service costs and increases revenue from trading fees.
Introducing Ticket 3.0
According to Flybondi, Ticket 3.0 “offers a more flexible travel experience that allows passengers to even buy in advance without having to define their travel plans or who the travellers will be.” This ticketing technology is designed to enable customers to modify their ticket ownership without the usual restrictions, and it is available for all Flybondi flight tickets. Customers will have the flexibility and autonomy to easily rename, transfer or sell their tickets.
Flybondi Airlines believes that this NFT ticketing technology built on the Algorand blockchain is a positive initiative for airline ticketing. According to the CEO of Flybondi, Mauricio Sana, “With this launch, we seek to generate a positive impact in the aviation industry through innovation and an application of blockchain technology. Changing the rules of the game is never easy but we know that it is our objective to evolve and offer our passengers a new stage of the freedom to fly.”
Flybondi Passengers can purchase regular tickets from the airline’s website using fiat currency. TravelX can then synchronize the tickets as NFT tickets along with the regular tickets, and passengers can create a Ticket 3.0 account to manage and keep the NFTs. Rules and conditions relating to tickets have been integrated into the NFT ticket through smart contracts.
What Are NFTs
NFTs are unique cryptographic assets in blockchain technology that cannot be copied or replicated. They are digital or real tangible items like art pieces, tickets, coupons or real estate, which can either be traded for money, cryptocurrencies or other NFTs.
The aviation industry is not new to NFTs, as different airlines have introduced them to the aviation industry in recent times. Popular instances where airlines introduced NFTs into their operations include Etihad Airways’ launch of its first collection of NFTs in July 2022 and Air Europa’s launch of the world’s first NFT flight with TravelX in April 2022. The number of airlines using NFTs is likely to grow as more airlines continue to introduce NFTs to their operations.
What are your thoughts about these new ticket formats? Would you like to see more airlines introduce this? Let us know in the comments below!