NFT ticketing yields millions of results on the various search engines across the globe but the latest adoption of this innovative product by an airline in Argentina for its ticket sales shows the extent to which mainstream companies are going to embrace new technology into their Web3 activities.
NFT ticket adoption is soaring again as Flybondi, a low-cost carrier in Argentina announced that it will be offering all travelling tickets as non-fungible tokens (NFTs) through a partnership with TravelX, an NFT ticketing company which was launched in September 2022.
The partnership will enable features of TravelX to be integrated with Flybondi’s website and this integration was dubbed Ticket 3.0.
According to Flybondi’s official press release, Ticket 3.0 will grant autonomy and greater freedom to travellers as they manage their tickets. With the latest technology in place, travellers in Argentina will be able to do three things with tickets and they are giving them away, transferring them to others, and renaming them.
Another perk of this is that passengers can buy their NFT tickets in advance without disclosing their travel plans or revealing their identities which have been made possible by the features of blockchain technology.
Flybondi further outlined the steps involved in getting Ticket 3.0 and which comprises visiting the Flybondi website and buying the ticket. Before that, interested passengers will have to create an account, and from that account, a decision must be made on how the tickets will be managed.
“With Ticket 3.0 our passengers will have greater flexibility and control over their trips because they will be able to transfer, rename or give away their tickets simply and autonomously,” Mauricio Sana, Chief Executive Officer (CEO) of Flybondi said in a press statement.
Flybondi’s low-cost service has already attracted millions of passengers in Argentina with seven (7) million residents having already used its flights.
NFT ticket issued through the Algorand blockchain
NFT tickets reside in blockchain and the team behind Ticket 3.0 chose Algorand, a project that touts itself as the future of finance (FutureFi) that supports a wide range of applications.
As one of the few projects that have found answers to the blockchain trilemma of decentralization, security, and scalability, e-tickets will be processed in a matter of seconds as Algorand processes many transactions per second (TPS) and has one of the lowest transaction fees across the industry.
NFT ticket: Are they being embraced by mainstream industries?
The latest NFT ticketing move shows the massive growth this innovation has seen over the past few years.
In July 2022, popular crypto firm Binance announced an NFT ticketing service for Italian football club S.S. Lazio for its upcoming Serie A season of 2022/2023.
Representatives of Binance said at the time that season tickets delivered in NFTs will open new frontiers of brand experiences that fans of the sports club can enjoy.
With this service, S.S. Lazio has been better positioned to have total control of secondary ticket sales. Aside from this, instances of ticket forgery which affects revenue, and the reputation of the club’s management have been reduced to the barest minimum.
More importantly, the slow production, validation processes, ticket losses, and damages are non-existent thanks to this innovation that has made it easy for fans to move into and out of their stadiums.
While many analysts have called NFT ticketing the future of Live Events, millions of people worldwide are still warming up to the idea of digital arts representing something of value in the real world.
With that said, NFT ticketing companies such as YellowHeart (solely focused on the music industry), WICKET (was in charge of Milan’s wine festival), NFT TiX, GUTS, Seatlab, Relic Tickets, TicketMint, SquadUp & Sidechain, DeFy Tickets, and Jeike Ticketing have become the pacesetters for events managers interested in tapping into this new way of issuing tickets.
Global NFT market sales fell below $1 billion in March 2023
Despite the progress being made with the protrusion of NFTs across several industries, global market sales remained down during the third month of the year.
The total monthly sale for March fell below $800 million and cumulative sales for the first quarter of 2023 was approximately $2.8 billion.
While this figure looked high due to the lack of faith in digital arts and the entire crypto-economy in the past six (6) months, it was more than $10 billion below cumulative sales from Q1 2022.