Tuesday, December 6, 2022

Air Europa Released First NFT Ticket Series On Algorand

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Air Europa released its first NFT ticket series on Algorand after a collaboration between the Spanish company and the blockchain firm TravelX so let’s read more today in our latest Blockchain news.

One of the leading Spanish airline companies Air Europa released its first NFT ticket series with the blockchain entity TravelX and users who buy these collectibles will board a special flight between Miami and Madrid in November this year. The feature dubbed NFT Tickets will be available for purchase on the TravelX platform and the first auction was set on April 11 with the process repeating every two weeks.

TravelX explained that the tickets work like traditional non-fungible tokens and when traded, the transactions are recorded ont the blockchain so the holders can present the collectibles and will receive a matching flight ticket. The Air carrier and its partner said that the move will grant buyers a chance to hold a piece of travel industry history and will take part in the first-ever blockchain-backed flight also it will take off from Madrid and land in Miami.

air europa, algorand,

The artist who designed the artwork Carlos Betancourt said the initiative is an experiment within the boundaries of technology and art:

“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.”

The NFT tokens are minted on the Algorand blockchain and the co-founder of TravelX Facundo Diaz praised the ecosystem for being environmentally friendly and 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.”

NFT-Backed Loans, cryptopunks, sotheby's,

Emirates also announced plans to join the NFT and the Metaverse space. Two years ago, the private airline in Russia also inked a deal with Sberbank to use blockchain technology and to sell flight tickets for the tokens with the bank providing the necessary infrastrcuture. According to the estimations, the endeavor handles ticket sales and lowers the processing time of a standard procedure from 10 days to 20 seconds. Also, Venezuela’s Simon Bolivar International Airport disclosed more plans to accept BTC as a payment method and the director of the Airport Freddy Borges argued that this move will attract even more travelers that will visit the South American country:

“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.”

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