Argentine budget airline Flybondi is implementing blockchain technology in its operations. The company recently announced that it will issue tickets as non-fundable tokens (NFTs), expanding the possibilities of what customers can do with their tickets. Users will be able to sell or transfer tokens to other travelers up to three days before the relevant flight, for example.
Flybondi to Issue NFT Tickets
{18
More and more companies are incorporating NFT as part of their business model, as the benefits and advantages it brings are recognized. Flybondi, an Argentinean low-cost airline, has also decided to use blockchain technology in its operations and announced that it will issue tickets as non-fundable tokens (NFTs), expanding the range of things customers can do with their tickets.
The solution, developed by blockchain technology developer Travelx, will allow customers to trade, transfer, and sell tickets in the name of the user up to three days before the flight.
The alliance also initially introduced the possibility of purchasing these tickets using Binance Pay with stablecoins, including USDC. However, Travelx announced that other stablecoins would be included to offer customers even more possibilities.
Regarding the benefits that users will enjoy with this change, Travelx stated,:
This industry innovation will allow travelers to take advantage of better rates and more flexibility to predict their travel plans without the risks associated with purchasing tickets in advance.
Web3 Introduces Secondary Market
Incorporating Web3 technologies and NFTs into these operations opens up a secondary market for customers. Regarding the use of these new technologies, Travelx says this move brings a new phase.” Together, the travel industry and the new Web3 world will provide a much more flexible experience for travelers, while creating new revenue streams and significantly reducing transaction costs for airlines.” And.
According to a statement from Flybondi, the company is one of the pioneering organizations to implement this type of functionality and hopes that if this experiment is successful, other organizations will follow suit.
Projects to use NFTs in their work have increased this year: on September 8, the European Union announced plans to use NFTs to protect intellectual property and fight counterfeiting; in August, a report issued by market research firm Grand View Research, Inc. found that the NFT market is estimated to grow to reach $200 billion by 2030.
Image credits: Shutterstock, Pixabay, Wiki Commons