South American airline adopts TravelX’s NFTickets on the Algorand Blockchain, ushering in a new era in the travel industry
The Argentinian low-cost airline leverages TravelX’s NFTicket technology on the Algorand blockchain, transforming ticket distribution and creating the largest Utility NFT use case in the blockchain, with 60+ airlines exploring adoption.
Buenos Aires, Argentina, 30 March 2023 /PRNewswire/ — A leading Argentine low-cost airline, Flybondi, has started distributing its tickets as NFTickets using TravelX’s innovative technology, built on Algorand, the world’s safest, most reliable and sustainable blockchain. The move positions the airline as the first to fully utilize NFTicket technology, with over 60 airlines worldwide in talks with TravelX to explore its adoption, and for the first time in the 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 the travel industry
Mauricio SanaCEO of Flybondisaid, “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 are excited to be at the forefront of this change in the travel industry.”
Governed by smart contracts, NFTickets enable secure, flexible and efficient ticket distribution, reduce customer service costs and increase revenue for airlines as they collect a percentage of NFTicket sales on the secondary market.
Staci WardenCEO of the Algorand Foundation, commented, “We are thrilled to see our technology being used in such a unique way by TravelX. This represents probably the largest use of utility NFTs we have seen and something that could only happen with the reliability and scalability of Algorand- the blockchain.”
Travelers can now enjoy unparalleled flexibility, convenience and security with NFTickets, as they truly own and manage the tickets according to their needs. This enables customers to easily shop, transfer to another traveler or resell NFTickets with full transparency and confidence.
With ticket-related rules and conditions integrated into the smart contract, NFTickets enables seamless peer-to-peer transactions, unlocking new use cases that enhance the ticketing experience. These include pre-purchase tickets with resale options, bulk purchases and innovative payment methods with NFTickets as security, all of which contribute to a more efficient and personalized experience for customers.
Juan Pablo Laffose, CEO of TravelXsaid, “Our partnership with Flybondi and the integration of our NFTicket technology on the Algorand blockchain exemplifies the enormous potential for innovation in the travel industry. We are eager to continue driving this transformation alongside the other airlines worldwide we already work with. “
The introduction of NFTicket technology represents a significant milestone for the airline industry, with TravelX leading the charge in driving this transformative change.
About Flybondi
Flybondi is the first ultra-low-cost airline in Argentina. It was founded in 2016 and started operating further 26 January 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.
About TravelX
TravelX is a technology company founded and led by a team of experienced professionals in the travel and technology industry. The company has raised a 16 million dollars seed round to develop a blockchain-based retail solution for airlines. Their NFTicket technology is a game-changing solution that allows customers to own their tickets and exchange 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 the Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its healthy financial supply economy, decentralized governance, and healthy and prosperous open source ecosystem. Designed by MIT professor and Turing Award-winning cryptographer Silvio Micali, Algorand is uniquely able to deliver on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with instant finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since its publication in 2019. For more information, please visit https://algorand.foundation.
Media Contacts:
For FlyBondi: Lucía Ginzo, Corporate Communications Director, [email protected]
For the Algorand Foundation: Ditto PR, [email protected]
SOURCE Algorand Foundation
