The low-cost Argentine airline Flybondi started offering inventory on TravelX, a platform for tokenized travel commodities, on Wednesday.
Built on the Algorand blockchain, TravelX has made its infrastructure available so that other businesses, such as exchanges or marketplaces, can utilize it to build their markets.
Developing the biggest use case for Web3!
"We just created the first layer of infrastructure, and we are opening it for the actual travel industry and new players to connect and/or build new solutions on top of it" https://t.co/I5E58zpdMz
— TravelX (@travelx__) September 23, 2022
The website currently sells 2.5 million tickets, which are tokenized when purchased and converted into NFTs called NFTickets, said TravelX Chief Blockchain Officer Facundo Martin Diaz.
Over the next six to twelve months, the website hopes to feature the inventory of more than 60 airlines, with a focus on Latin American and European airlines in particular. According to Diaz, the company will focus more on the Middle East and the United States in 2023.
The network now permits transactions using the USDC stablecoin and has no plans to include additional stablecoins. However, Diaz noted that it may someday incorporate coins created by airlines.
TravelX does not charge a fee when a user buys a ticket on the website, but it does collect 2% of any transaction done on the peer-to-peer secondary market, with the airlines keeping the remaining 2%, according to Diaz.