As the non-fungible token (NFT) market has increased in adoption over the past years, several of its potentials are seen being unlocked to further boost the ecosystem. Earlier today, a South American Airline called Flybondi announced its adoption of NFT – using it as flight tickets.
This latest NFT adoption as a ticket which is called ‘NFTickets’ is a technology initially introduced by the technology company, TravelX. The NFTicket technology has made the company in conversation with over 60 airlines looking to adopt the technology, according to a press release.
Making Use Of NFTs As Flight Tickets – NFTickets
NFTickets is a technology that utilizes NFT as flight tickets. It is governed by smart contracts and reduces customer service costs and increases revenue for airlines as they receive a share of NFTicket sales on the secondary market.
According to the announcement, NFTickets enable flexible and efficient ticket distribution whereby customers would be able to easily trade, transfer to another traveler, or resell their NFTickets. Flybondi’s latest move to adopt NFTs as flight tickets make it the first-ever airline to fully utilize the NFTicket technology.
Mauricio Sana, CEO of Flybondi, noted, “Flybondi’s Ticket 3.0, powered by TravelX’s NFTicket technology, demonstrates our commitment to innovation and providing our customers with the best possible experience. We’re excited to be at the forefront of this change in the travel industry.”
NFTickets On Algorand
Furthermore, TravelX’s NFTickets technology is built on top of the Algorand blockchain an autonomous, decentralized blockchain network that offers a wide range of secure, efficient, and scalable applications. Per the announcement, NFTicket users or travelers will now be able to enjoy unparalleled flexibility, convenience, and security with NFTickets.
“We are thrilled to see our technology being utilized in such a unique way by TravelX,” said Staci Warden, CEO of Algorand Foundation. “This likely represents the largest use-case of utility NFTs we’ve seen and something that could only happen with the reliability and scalability of the Algorand blockchain.”
In addition, with the ticket-related rules and conditions integrated into a smart contract like Algorand, NFTickets offers peer-to-peer transactions, unlocking new potential use cases that boost the ticketing experience.
These potential use cases include improving the usefulness of ticket buying as with NFTickets come with reselling opportunities, bulk purchases, and innovative payment methods using NFTickets as collateral.