Air Europa Launches First NFT Flight Tickets On Algorand

April 18, 2022 11:35 am Comments

Air Europa, one of the biggest Spanish airlines, just partnered with TravelX to launch the first NFT airline tickets which marks a major milestone in the NFT industry.

Users who own these NFT airline tickets will essentially be able to use them in the same fashion as regular airline tickets and the transaction will be recorded publicly on the blockchain.

These NFTs are minted on the Algorand blockchain which was chosen primarily because of it is a carbon neutral blockchain that is environmentally friendly and has demonstrated fast transaction speeds in real-world use cases.

Customers will be able to purchase these NFTs on the TravelX platform where the collectibles can also be exchanged for matching tickets for one or multiple times.

Air Europa expects this move to be one of many things in terms of how blockchain and NFTs will disrupt the airline industry.

CryptoPotato reports:

Air Europa and its partner said the move will grant buyers “an opportunity to hold a piece of travel industry history and participate in the first-ever blockchain-backed flight.” It will take off from Madrid on November 29, 2022, and land in Miami.

Carlos Betancourt – the artist who designed the artwork – said this initiative is an experiment with the boundaries of art and technology.

“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,” he added.

The non-fungible tokens are minted on Algorand’s blockchain. Facundo Diaz – Co-Founder of TravelX – praised the ecosystem for its environmentally friendly focus as it is fully 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,” the executive concluded.

With this recent move from Air Europa, other companies are also expected to join in on the trend.

Emirates has already announced that they soon will also be joining in on utilizing NFTs and joining the metaverse in some shape or fashion.

As far as what this means for the Algorand blockchain, the fact that it is the blockchain that was chosen to power the world’s first NFT flight tickets means that this will speed up the adoption of the Algorand blockchain.

Additional use cases added to the Algorand ecosystem means that other airlines looking to jump onboard might also select Algorand given its track record of successful partnerships.

With this news, it will likely serve as a catalyst for a future bullish rally with ALGO expected to establish a stable support at around 50 cents.

FXStreet reports:

In mid-2021, Algorand price suffered a consistent drop below the red monthly support, and formed a bottom before closing above it.

Analysts believe in a bearish scenario, Algorand price could close above its support at $0.50.

Analysts have evaluated the Algorand price trend and predicted a rally in the altcoin. @kingthies, a leading cryptocurrency analyst observed the chart and revealed that Algorand vs Bitcoin reminds him of the cyclical BTC price trend.

According to the analyst, Bitcoin price increases at a minimum two times a year, cyclically.

The analyst believes it missed February 2022, and the high is now due, therefore predicting a move up in Algorand.

Air Europa may be the first airline to do this, but it certainly won’t be the last.

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