One of the leading Spanish airline companies – Air Europa – partnered with the blockchain entity TravelX to introduce the world’s first series of non-fungible token (NFT) airline tickets. Users who buy such collectibles will board a special flight between Madrid and Miami on November 29, 2022.
NFT in the air
The feature, dubbed NFTickets, will be available for purchase on TravelX’s platform. The first auction took place on April 11, as the process will repeat every two weeks.
TravelX explained that the tickets work like traditional non-fungible tokens. When traded, transactions are recorded on the blockchain. Holders can present the collectibles and receive a matching flight ticket.
Air Europa and its partner said the move will provide buyers “an opportunity to own a piece of travel industry history and participate in the first-ever blockchain-supported flight.” It will take off from Madrid on November 29, 2022 and land in Miami.
Carlos Betancourt – the artist who designed the artwork – said this initiative is an experiment with the boundaries of art and technology.
“The animated artwork is inspired by concepts of space, magical realms, and travel experiences, and the memories and feelings these experiences evoke,” he added.
The non-fungible tokens are minted on Algorand’s blockchain. Facundo Diaz – Co-Founder of TravelX – praised the ecosystem for its environmentally friendly focus as it is fully carbon-neutral.
“We will combine the best of traditional NFT, but add real-world application and experience. This provides a better plane ticket that travelers can easily manage and redeem from their blockchain wallet, combined with a new type of collectible artwork. We believe NFTickets will be the perfect fusion of art, travel and technology,” the executive concluded.
Emirates also announced recently plans to join the NFT and Metaverse space, as CryptoPotato reported.
Crypto’s interaction with the airline industry
Almost two years ago, Russia’s leading private airline – S7 – signed an agreement with financial institution Sberbank to use blockchain technology and sell air tickets for tokens. The bank provided the necessary infrastructure.
According to estimations, the endeavor handles ticket sales and cuts down the processing time of a standard procedure from 10 days to 20 seconds.
On another note, Venezuela’s Simon Bolivar International Airport has announced plans to accept bitcoin as payment for airline tickets. Airport manager Freddy Borges argued that the move will attract more travelers to visit the South American country and thus boost its economy.
“Just as Russian passengers arrived in Margarita, they will also come to La Guaira, through Conviasa, so we must advance in these new economic and technological systems that can be accessed,” he stated last year.
