The new integration announced Thursday is called Ticket 3.0 and is an expansion of its existing relationship with NFT ticketing company TravelX, which launched in September 2022. The NFT ticketing technology, built on the Algorand blockchain, allows passengers to change their name, transfer or sell their "NFTickets" independently.
Flybondi says the NFT ticket "offers a more flexible travel experience that allows passengers to even buy in advance without having to define their travel plans or who the travelers will be." In return, the airline is able to reduce customer service costs and increase its revenue from trading fees.
TravelX chief blockchain officer Facundo Martin Diaz told CoinDesk in September that the company 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, he said.
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.
"With this launch, we seek to generate a positive impact in the aviation industry through innovation and an application of blockchain technology," said Flybondi CEO Mauricio Sana in a press release. "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."
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 also exploring the use cases of its NFT tickets.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.