Web3 technologies could be a game changer for the travel industry
Many companies and industries are incorporating Web3 technologies into their business structures, and the travel industry is no exception.
On Wednesday, Flybondi, an Argentinian airline, announced a strategic alliance with TravelX, a blockchain technology company responsible for tokenizing flight tickets. The partnership intends to enable travelers to purchase airline tickets as nonfungible tokens through Binance Pay, using USD Coin (USDC) as payment for transactions.
Speaking with Cointelegraph, the co-founder of TravelX, Facundo Diaz, shared that he was fully convinced that Web3 technologies could allow the travel industry to expand, not only in market size but also in terms of use cases and benefits for travelers:
He explained that another increase took place in 2008. When it became mandatory for International Air Transport Association members to use e-ticketing services, the number of travelers grew to 4.5 billion yearly and the industry had a market size of $870 billion.
Diaz believes that NFTickets could be beneficial to travelers, because it would allow flyers to auction, sell, trade and transfer tickets from wallet to wallet, giving them full control over managing and disposing of their travel assets freely and seamlessly:
Additionally, NFTickets could potentially allow airlines to increase their revenue through resales from the secondary market. Diaz told Cointelegraph, “Every time an NFTicket is resold in the secondary market, the airline collects a percentage of the upside based on the revenue sharing model defined in the smart contract.”
Speaking on his vision for a bright and exciting future for the space, Diaz stated:
He added, “But probably the most interesting new use cases are the ones that we couldn’t
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