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Published in PhocusWire

The first NFT flight ticket – otherwise known as NFTicket – announced last month from blockchain-based distribution startup TravelX and Air Europa has sold for $1 million in a live auction.

The achievement makes the Spanish airline the first to mint a plane ticket on the Algorand blockchain via TravelX, making it the most valuable ticket sold in commercial aviation history, TravelX claims.

The series of NFTickets, in partnership with acclaimed artists, began being released every 14 days via auction platform, with the first-ever available during a live auction on April 11.

Owners who purchase NFTickets get special access to an Air Europa flight to Miami Beach at the end of November, as well as perks and events ahead of Art Basel, which takes place in Miami Beach in December.

TravelX says NFTickets function as traditional NFTs. When traded, transactions are recorded on the blockchain, and when ready to use, the owner can show the NFT and a matching flight ticket will be issued.

“We are very happy 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 offering,” says Valentín Lago, CEO of Air Europa.

Adds Juan Pablo Lafosse, TravelX co-founder: “We found that blockchain technology had reached a maturity point where it could help travelers to have a more frictionless experience, while increasing profitability for travel suppliers.

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

The first NFTicket was revealed at an event at the Eiffel Tower hosted by TravelX.