Web3 technologies could be a game-changer for the travel industry

NFTickets could potentially allow airlines and events to increase revenue through secondary market resale.

Many businesses and industries are integrating 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 airline tickets. The partnership aims to allow travelers to purchase flight tickets as non-fungible tokens through Binance Pay, using USD (USDC) coins as payment for transactions.

Speaking to Cointelegraph, TravelX co-founder Facundo Diaz said he was fully convinced that Web3 technologies could enable the travel industry to grow, not just in terms of the size of market, but also in terms of use cases and benefits for travelers. :

“In 1990, there were 1.2 billion air passengers, and the market size of the industry was valued at $250 billion. industry has grown to 2.5 billion passengers and a $510 billion market."

He explained that another increase took place in 2008. When it became mandatory for members of the International Air Transport Association to use electronic ticketing services, the number of travelers increased to 4.5 billion per year and the industry had a market size of $870 billion.

Diaz thinks NFTickets could be beneficial for travelers, as it would allow travelers to auction, sell, trade, and transfer tickets between wallets, giving them full control over managing and disposing of their travel assets freely and transparently:

"Imagine being able to sell your NFTicket if you can't travel, or text it as a gift to your mother whenever you want."

Additionally, NFTickets could potentially allow airlines to increase revenue through resale in the secondary market. Diaz told C...