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.
NFTs Up in the Air
The feature, dubbed NFTickets, will be available for purchase on TravelX’s platform. The first auction was 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 grant buyers “an opportunity to hold a piece of travel industry history and participate in the first-ever blockchain-backed 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, as well as by 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 blend the best of the traditional NFT but add real-world application and experience. This provides a better flight ticket that travelers can easily manage and trade from their blockchain wallet, combined with a new kind of collectible art piece. 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 Business
Nearly two years ago, the leading private airline in Russia – S7 – inked a deal with the financial institution Sberbank to employ blockchain technology and sell flight 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 disclosed plans to accept bitcoin as a payment method for flight tickets. Freddy Borges – Director of the airport – 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.
Featured Image Courtesy of Air Europa
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Credit: Source link