Utility NFTs take off as NFT plane ticket sells for over $1 million

TravelX auctioned off the first in a series of ten NFTickets for an Air Europa flight to Miami. The final bid was 1,002,000 USDC.

Minted on the Algorand blockchain, the NFTicket was issued by Air Europa, the third-largest Spanish airline. The winner will fly business class from Madrid to Miami on November 29.

The auction had 26 bids and started at a floor price of 250,000 USDC. The final bid was announced at an invite-only event at the Eiffel Tower in Paris, attended by Algorand founder Silvio Micali and Air Europa CEO Valentín Lago.

The auctioned ticket is the first in a series of ten that TravelX plans to mint for the same flight. The remaining auctions will take place from May 4 to August 24. According to TravelX co-founder Juan Pablo Lafosse, the project could initiate a reform of the travel industry, offering a “frictionless experience” for the travelers and “profitability for travel suppliers.”

Apart from the utility value, each ticket is also a collectible, carrying a unique artwork. In the case of the first NFT, it’s an animated composition by the multi-disciplinary artist Carlos Betancourt, a mix of “traditional collage techniques with current algorithms.”

The remaining artists are yet to be announced. The collection is curated by Ximena Caminos, who specializes in transdisciplinary art that blends science and tech with politics and philosophy.

The NFTickets also include entry to a series of events during the Miami Art Week, where NFTicket holders will meet with the artists.