Air Europa launch the World's First NFT Flight Ticket Series on Algorand
The first NFT flight tickets are available for purchase after a collaboration between Spain's Air Europa and the blockchain firm TravelX
Air Europa collaboration with the blockchain entity TravelX to present the world's first series of non-fungible token (NFT) airline tickets. Users who buy collectibles will board a special flight between Madrid and Miami on November 29, 2022.
NFT Tickets 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 presented 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 or 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 artist who designed the artwork this initiative is an experiment within the limitations of an 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.
According to estimations, the endeavor handles ticket sales and cuts down the processing time of a standard procedure from 10 days to 20 seconds.
Venezuela's Simon Bolivar International Airport declared plans to accept bitcoin as a payment method for flight tickets. Freddy Borges director of the airport argued that the activity 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.