Argentinian low-cost airline leverages TravelX’s NFTicket technology on Algorand blockchain, transforming ticket distribution and creating the largest Utility NFT use case in blockchain, with 60+ airlines exploring adoption.
BUENOS AIRES, Argentina, March 30, 2023 – (SEAPRWire) – A leading Argentinian low-cost airline, Flybondi, has begun distributing its tickets as NFTickets using TravelX’s innovative technology, built on Algorand, the world’s most secure, reliable, and sustainable blockchain. This move positions the airline as the first to fully utilize NFTicket technology, with over 60 airlines worldwide in conversations with TravelX to explore its adoption, and for the first time in this industry, it creates a secondary market for the airline’s ticket inventory.
South American Airline Flybondi Adopts TravelX’s NFTickets on the Algorand Blockchain, Pioneering a New Era in Travel Industry
Mauricio Sana, CEO of Flybondi, said, “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, governed by smart contracts, enable secure, flexible, and efficient ticket distribution, reducing customer service costs and increasing revenue for airlines as they collect a percentage of NFTicket sales on the secondary market.
Staci Warden, CEO of Algorand Foundation, commented, “We are thrilled to see our technology being utilized in such a unique way by TravelX. 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.”
Travelers can now enjoy unparalleled flexibility, convenience, and security with NFTickets, as they truly own and manage their tickets according to their needs. This enables customers to easily trade, transfer to another traveler, or resell their NFTickets with full transparency and confidence.
With ticket-related rules and conditions integrated into the smart contract, NFTickets enable seamless peer-to-peer transactions, unlocking new use cases that enhance the ticketing experience. These include advance ticket buying with reselling opportunities, bulk purchases, and innovative payment methods using NFTickets as collateral, all contributing to a more efficient and personalized experience for customers.
Juan Pablo Laffose, CEO of TravelX, said, “Our partnership with Flybondi and the integration of our NFTicket technology on the Algorand blockchain exemplify the enormous potential for innovation within the travel industry. We’re eager to continue driving this transformation alongside the other airlines worldwide we are already working with.”
The adoption of NFTicket technology represents a significant milestone for the airline industry, with TravelX leading the charge in driving this transformative change.
Flybondi is the first ultra-low-cost airline in Argentina. It was founded in 2016 and began operating on January 26, 2018. It inaugurated the low-cost segment of the industry and grew thanks to the generation of new passengers who previously did not travel or did so very little.
The main investor in the company is Cartesian Capital Group LLC, followed by Yamasa Co. Limited and Givin Capital, as well as private investors from Argentina and Europe.
TravelX is a technology company founded and led by a team of experienced travel and tech industry professionals. The company has raised a $16M seed round to develop a blockchain-based retailing solution for airlines. Their NFTicket technology is a game-changing solution that allows customers to own their tickets and trade or transfer them, creating the travel industry’s first secondary market. This innovative technology provides airlines with new revenue streams and improved operational efficiency. For more, visit https://travelx.io/.
About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. Designed by MIT professor and Turing Award winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019. For more information, please visit https://algorand.foundation.
For FlyBondi: Lucía Ginzo, Corporate Communications Director
For Algorand Foundation: Ditto PR
SOURCE Algorand Foundation
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