World’s First NFT Plane Ticket Hits One Million in Live Auction

Non-Fungible Tokens (NFTs) have been entering the travel world for some time. In March, online travel company MakeMyTrip launched NFTs of popular destinations in India. The idea was for travelers to own digital collectibles from their favorite destinations, the company said.

Several entities in the hotel space have made an incursion into the world of NFTs. For example, Singapore-based LynKey is digitizing its luxury tourist properties using a token system that will be powered by blockchain. Then there are customer rewards programs where individuals receive an NFT that contains their customer records and creates a single entry with secure data storage. This can then be used in hotels and restaurants, or for loyalty points on transactions.

Now an airline ticket has been issued in the form of an NFT, and it is probably the most valuable ticket sold in the history of commercial aviation. The ticket (labeled ‘NFTicket’) sold at auction for the full $1 million.

The “NFTicket” is a collaboration between Spanish airline Air Europa and TravelX, a Spanish company that is building a blockchain-based distribution protocol for the travel industry.

So what is responsible for the astronomical price of this ticket? For one, this is a one-of-a-kind item. It is also a work of art – part of a series called “Art as Destination”. This one is designed by Carlos Betancourt, a Puerto Rican-American contemporary artist whose multimedia works explore memory and culture.

The ticket will, however, serve as another boarding pass that will give the owner access to a business class seat on a flight to Miami Beach, scheduled for Nov. 29.

The other NFT tickets in the works in this series will feature works by various well-known artists and will be auctioned between June 1 and September 2, via the TravelX platform.

TravelX said these NFTickets will work like traditional NFTs – when redeemed, the transactions will be recorded on the blockchain. TravelX said they believe it could become the new normal for the travel industry, helping travelers have a smoother experience, while increasing profitability for travel providers.

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