Investing in a different kind of NFT platform - TravelX.
There has been a lot of talk about NFTs and if art as NFT is the future of this technology, whether it’s the best use case etc. While we certainly believe that digital art (in any form, from music to PFPS) can and certainly will benefit from this technology, there are a few other use cases that probably can benefit even more.
The ticketing industry is one of them for sure, we’ve seen NFT tickets for events, etc before. The ticketing part of the travel industry though can capture the most value.
Imagine being able to buy airline tickets years in advance, without the need of filling up long forms of personal details. On top of that and since plans change and life happens, having the benefit of selling the ticket back to an open market without the need to call the airline and weird cancelation policies. Sounds like an excellent value prop already, right?
Enter the world of travelX (https://travex.io) - a platform that utilizes NFT technology to issue travel tickets that can be bought and sold without permission from the airlines, years in advance, and also without the need to hold crypto. Yes, you can buy tickets with credit cards or crypto if you want to. This makes the process transparent to the average user who does not need to set up wallets etc.
TravelX sold its first NFT airline ticket for a flight from Barcelona to Miami Beach with Air Europa in a live auction back in May of ’22. And now the platform is finally live and everyone can go and play with it https://nfticket.travelx.io/
Business-wise, the company makes no money from direct ticket sales (ie, when someone buys a ticket directly from the platform). Instead, it charges a 4% fee on the sale of a ticket on the secondary market, which is split equally between the platform and the airline. The more the secondary volume, the more revenue. Like any other exchange.
The team behind travelX comes from the travel industry, with the CEO being a veteran CCO of the largest airline in Argentina among other things.
We are super excited to be among the first investors of this amazing team and we look forward to seeing how they execute their vision to utilize blockchain to transform the way we travel.
Onwards and Upwards team.