First NFT flight ticket sells for $1M in live auction

The first NFT plane ticket – otherwise known as NFTicket – announced last month by blockchain-based distribution startup TravelX and Air Europa has sold for $1 million at an auction in direct.

The feat makes the Spanish airline the first to hit an airline ticket on the Algorand blockchain via TravelXmaking it the most valuable ticket sold in commercial aviation history, TravelX claims.

The series of NFTickets, in partnership with renowned artists, began to be released every 14 days through the auction platform travelxchange.com, with the very first being available during a live auction on April 11.

Owners who purchase NFTickets get special access to a Air Europe flight to Miami Beach in late November, plus benefits and events ahead of Art Basel, which takes place in Miami Beach in December.

TravelX says NFTickets work like traditional NFTs. When redeemed, the transactions are recorded on the blockchain, and when ready for use, the owner can show the NFT and a corresponding flight ticket will be issued.

“We are very satisfied with the results of this first NFTicket. We see this as a bet on the future, allowing us to apply a layer of service experience that transforms our customer offer”, said Valentín Lago, CEO of Air Europa.

Juan Pablo Lafosse, co-founder of TravelX adds: “We have seen that blockchain technology has reached a point of maturity where it can help travelers have a smoother experience, while increasing the profitability of travel providers.

“We are honored to work with amazing artists, like Carlos Betancourt, to make these first 10 NFTickets even more special and forever collectable. But we know that the excitement and value generated by this very first NFTicket is also the recognition and validating a real-world application for NFTs. We believe this could become the new normal for the travel industry.”

The first NFTicket was unveiled at an event at the Eiffel Tower organized by TravelX.