One of the leading Spanish airlines, Air Europa, has partnered with blockchain company TravelX to introduce the world’s first series of non-fungible token (NFT) tickets. Users who purchase these 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 the TravelX platform. The first auction took place on April 11, and the process will be repeated every two weeks.
TravelX explained that tickets work like traditional non-fungible tokens (NFTs). When selling, transactions are recorded on the blockchain. Owners can submit collectibles and receive a matching ticket.
Air Europa and its partner said the move would provide buyers with “the opportunity to preserve a piece of the history of the travel industry and take part in the first ever blockchain-powered flight.” It will depart Madrid on November 29, 2022 and land in Miami.
Read Also: The NFT Market Is Growing More Than The Cryptocurrency Market, According To Nansen Report
Carlos Betancourt , the artist behind the artwork, said the initiative is an experiment with the boundaries of art and technology.
“The animation work is inspired by the concepts of space, magical realms and travel, and the memories and feelings these experiences evoke,” he added.
Non-fungible tokens are issued on the Algorand (ALGO) blockchain . Facundo Diaz , co-founder of TravelX, has praised the ecosystem for its environmental friendliness as it is completely carbon neutral.
“We will bring together the best of traditional NFT but add real applications and experiences. This provides a better air ticket that travelers can easily manage and buy from their blockchain wallet, combined with a new kind of collectible piece of art. We believe that NFTickets will be the perfect combination of art, travel and technology,” concluded the leader.
Emirates also recently announced plans to join the NFT and Metaverse sectors.
The Interaction Of Cryptocurrency With The Aviation Business
Almost two years ago, Russia’s leading private airline S7 signed an agreement with the financial institution Sberbank on the use of blockchain technology and the sale of air tickets for tokens. The bank provided the necessary infrastructure.
It is estimated that this business sells tickets and reduces the processing time of the standard procedure from 10 days to 20 seconds.
On the other hand, the Venezuelan Simon Bolivar International Airport has announced plans to accept bitcoin as a payment method for air tickets. Freddy Borges , director of the airport, claims the move will attract more travelers to the South American country and thus boost its economy.
“Just as Russian passengers arrived at Margarita, they will also arrive at La Guaira via Conviaça, so we must move forward in these new economic and technological systems that can be accessed,” he said last year.
