Many companies and industries are incorporating Web3 technologies into their business structures, and the travel industry is no exception.
On Wednesday, Argentine airline FlyBondi announced a strategic alliance with blockchain technology company responsible for tokenizing flight tickets. The partnership aims to enable travelers to purchase airline tickets through Binance Pay using the imperishable token USD Coin (USDC) as payment for transactions.
“In the year In 1990, there were 1.2 billion airline passengers, and the industry’s market size was $250 billion. Thanks to the adoption of the Internet, Between 1990 and 2007, the industry grew to 2.5 billion passengers and a market size of $510 billion.
In the year They explained that there was another increase in 2008. Members of the International Air Transport Association explained that when the use of e-ticketing service was mandatory, the number of travelers increased from 4.5 billion to 4.5 billion annually and the industry’s market size was 870 billion dollars.
Diaz believes that NFTticket can be useful for travelers, as it allows flyers to sell, sell, trade and transfer tickets from wallet to wallet, giving them full control over managing and disposing of their travel belongings for free and hassle-free.
“If you can’t travel, think of being able to sell your NFT card or send it as a gift to your mom whenever you want.”
In addition, NFTICKs may allow airlines to increase their revenue through resale from the secondary market. Diaz told Cointelegraph, “Every time NFTket is resold in the secondary market, the airline collects a percentage of the proceeds based on the revenue sharing model defined in the smart contract.
Speaking about his vision for the place’s bright and exciting future, Diaz said:
“We believe that the blockchain-based distribution and retail infrastructure we are creating for the travel industry will help transition to a transparent industry, driven by transparent smart contracts without black boxes, hidden fees and conditions.”
He added, “But perhaps the most exciting new use cases are the ones we haven’t even imagined yet.
TravelX hopes to set the standard for NFTickets in the travel industry, but has no intention of monopolizing the market, Diaz shared.
“We have created the first layer of infrastructure and are opening it up to the real travel industry and new players like exchanges, DeFi protocols or entrepreneurs to connect and/or build new solutions on top of it.”
The blockchain company is building its infrastructure on the Algorand network “because of performance, security, cost and scalability, but mainly because it’s an environmentally friendly blockchain, taking into account the proof of stake. It has a carbon footprint. Negative.”
For now, TravelX, an American company, is focused on the highly challenging airline inventory distribution that has a positive impact on the travel industry. Mr. Diaz shared: “TravelX is negotiating with more than 60 airlines from Europe, the Middle East and the US to adopt the TravelX standard and infrastructure for cargo handling and distribution.