Air Europa Releases the First NFT Flight Ticket Series on Algorand

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. The special flight between Madrid (Miami) will be available to users who purchase such collectibles on November 29, 2022.

NFTs in the Air

The feature, dubbed NFTickets, will be available for purchase on TravelX’s platform. The auction began on April 11th and will be repeated every two weeks.

TravelX explained that tickets function like non-fungible tokens. Transactions can be recorded on the blockchain when traded. The blockchain allows holders to present collectibles for 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. The result is a more convenient way for travelers to manage their flight tickets and trade them from their blockchain wallets. It also includes a new form of collectible art. We believe NFTickets will be the perfect fusion of art, travel, and technology,” the executive concluded.

Emirates recently announced plans to join the NFT space and Metaverse, as well. 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 infrastructure was provided by the bank.

According to estimates, the endeavor handles ticket sales and reduces the processing time for a standard procedure by 10 days to just 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.

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