How do NFTs enhance traditional airline business models?
Did you know that NFTs and crypto-tokens have real-world applications and benefits that go far beyond pixelated JPEGs and gaming assets? Nearly every industry, including fashion, sports, and travel, is tapping into the business potential and limitless use cases for web3 and NFT-based technology that can significantly improve business operations and provide consumers a better and safer experience.
However, some are still in doubt about the capabilities of these cryptocurrencies as they believe that they are not a stable way of payment for the ticketing industry and that NFTs don’t have the driving power of utility to be considered worthwhile purchases.
Even still, big companies in the airline industry, such as airBaltic, Flybondi, Air Europa, Etihad Airways, Qantas, Kinectair, and the crypto-based program — Flycoin, are adopting these methods in their business model. Let’s learn how NFTs and cryptocurrencies are used in the aviation sector.
Airline Companies Embracing Cryptocurrencies and NFTs
airBaltic — a Latvian-based airline is now accepting cryptocurrencies as payment for their flight tickets. They recently launched their NFT collection called “Planies,” a loyalty program with great perks. In fact, it made history as the first airline to adopt this new system. The company has partnered with BitPay, to convert cryptocurrencies into euros.
Flybondi, the Argentinian airline, is known for its low-cost fares and excellent quality of service. They have launched a revolutionary airfare known as Ticket 3.0, partnering with NFT ticketing company, TravelX.
The company is exploring a new approach for new sources of revenue. Buying a ticket on their site will not charge additional fees. However, when a transaction is made on the secondary peer-to-peer market, TravelX and Flybondi will each receive a 2% fee.
Air Europa, the Spanish airline company, also partnered with TravelX and with Algorand. Together, they unveiled the flight ticket series called “NFTickets.” You may present the NFT to receive a matching flight ticket with additional benefits, such as access to special flights and events, and collaborations with prominent artists.
Etihad Airways, the national airline of the UAE, released its first-ever non-fungible token collection, ‘EY-ZERO1’. A purchase of this collection will immediately grant the buyer an Etihad Guest Silver tier membership for one year, a valuable loyalty program offering various benefits, including lounge access and priority check-in. Thinking that NFTs are not worth it? Owning Etihad Airways’ NFT will make you feel like a VIP!
FlyCoin, a fintech startup, also released a revolutionary blockchain-based travel rewards program. Customers can now earn easily transferable tokens, known as FLY, that can be used for free flights or exchanged for other currencies, rather than being restricted to specific airlines. Participating in FlyCoin’s program is simple, with customers earning FLY by utilizing partner services, including flying with an airline, staying at a hotel, or making purchases with a credit card. This enables customers to earn rewards through their everyday activities. FlyCoin’s innovative approach to frequent flyer programs aims to deliver a customer-centric program that is designed to provide maximum benefits and flexibility for its users.
Kinectair, an aviation startup, has also rolled out its loyalty program in the form of NFTs. In a new take on a traditional airline loyalty program, Kinectair is introducing its “OpenAccess” passes. This NFT ticket gives the highest status of loyalty program for the customer, giving them various benefits and excellent experiences.
Qantas the Australian carrier has announced its entry into the digital asset market with the upcoming release of a new set of NFT digital art collectibles. At this point, Qantas has yet to decide whether the NFTs will be available through an auction or a storefront. Nonetheless, Qantas’ entry into the NFT market is an exciting development.
What are the benefits of NFT ticketing?
The NFT ticketing system offers a unique and tamper-proof solution that reduces the risk of counterfeit tickets. The minting process ensures that each ticket is verified, making it virtually impossible for fraudsters to duplicate it.
Compared to traditional ticketing systems, NFTs are cheaper to run, saving both time and money for both the issuing organization and customers. The entire process is digital, eliminating the need for printing and distribution costs. The system allows for quick production and instant distribution of tickets, making the process more efficient.
But the real game-changer here? It’s the secondary sales of NFT tickets. Ticket holders can now sell their tickets and earn royalties, benefiting both parties. This opens up a new world of opportunities for customers, collectors, and traders.
And eventually, NFT tickets also allowed companies to sell limited edition tickets with exclusive perks like membership programs and merchandise. This ensures that the NFT you are buying has utility behind it, giving you various benefits that can give you satisfaction and an excellent experience.
Contrary to initial concerns, pricing models remained unaffected, as stable and valuable cryptocurrencies were used for payment. On top of that, unique and valuable NFTs have opened up a new stream of revenue, complete with many customer perks. As a result, companies in the aviation industry have seen vast improvements in their processes.
Discover the real perks and utility in NFTs
Alsomine is soon launching its digital platform for utility NFTs, to help both consumers and brands maximize the benefits and potential of NFTs for real business cases, like ticketing and loyalty programs.
The waitlist for the beta launch is now open, and if you’ve read up to here, you are most welcome to join here and get a first look at the e-commerce and analytics platform our team has been busy developing over the last few months.
Stay ahead of the curve and never miss an NFT utility hiding in your wallet by signing up here: https://www.alsomine.com/waitlist.