The low-cost Argentine airline Flybondi became the first supplier for TravelX, a platform for tokenized travel products. In addition to selling 2.5 million tickets each month, TravelX’s Chief Blockchain Officer Facundo Martin Diaz estimates it tokenizes when a ticket is purchased and converts it into NFTs called NFTickets when it is purchased. After purchasing an NFTicket, consumers can auction, sell, transfer, give, or swap it using TravelX’s peer-to-peer system.
Other businesses can use TravelX’s Algorand infrastructure to launch their own marketplaces or exchanges, thanks to its built-in Algorand blockchain infrastructure. In order to purchase tickets on the site, users can either finance the TravelX wallet, which maintains NFTickets or use BinancePay. As Diaz explained, the company is in talks about incorporating additional exchanges.
What Lies Ahead?
In the next six to twelve months, the platform will include the inventory of more than 60 airlines, with a particular focus on Latin American and European airlines. According to Diaz, the corporation will focus more on the Middle East and the United States in 2023.
The solution used by #Flybondi, which was developed by #Travelx, a #blockchain tech development company, will allow customers to trade, transfer, and sell the #NFT tickets in secondary markets. https://t.co/fsuB8AfqcV (via Twitter https://t.co/SqztxSOZk7)
— BITCOIN KOREA | NFT | DEFI (@Bitcoin_Korea) September 22, 2022
In November, Diaz announced that the company secured a seed investment worth $11 million from Borderless Capital. In addition, he said that the business is looking to raise a Series A round in the first quarter of 2023. The company employs a total of 85 people.
Diaz and Juan Pablo Lafosse founded TravelX to become the next generation of travel platforms. In addition, a $75 million deal was signed in 2019 to sell Almundo.com to CVC Corporation.
Currently, the network only allows transactions using the USDC stablecoin and has no plans to add additional stablecoins. Diaz said that airline-created coins might be added in the future, however.
When users buy tickets on TravelX’s website, there is no fee, but the company collects 2% of all secondary peer-to-peer transactions, while the airlines keep the rest.