According to a recent report, Dubai-based Emirates Airline aims to introduce NFTs to the metaverse. In preparation for Expo 2020 in Dubai, the company is upgrading Emirates Pavillion into an innovation hub to attract new people from different parts of the globe.
The NFT initiatives will emphasize collectability and usefulness. While most digital assets are traded in a secondary market, Emirates Airline may also utilize NFTs for airline passes and as incentives to reward its customers.
On the other hand, Emirates is expected to enter the metaverse by purchasing space in popular digital worlds like The Sandbox or Decentraland.
Some sports teams and administrators have adopted using NFTs as tickets. Owning a ticket as an NFT might serve as a memento of a journey for customers.
Emirates Airline – Plan for NFTs
Using NFTs as incentives, the company’s miles program will be more appealing to promising passengers. Most airlines have a loyalty program in which a customer’s miles are converted into points that may be redeemed for benefits like future travel discounts or hotel discounts. When a client reaches a particular number of miles, Emirates Airline may reward them with an NFT, making them feel like they’re part of an elite club. For example, if Emirates offers collectibles, customer points might be earned by completing a specified collection.
Emirates Skywards, the airline’s frequent reward system, is already benefiting from blockchain technology. The initiative collaborates with blockchain startup Loyyal allows the establishment of a standard system for reporting and tracking the usage of passenger points by various parties.
As Emirates CEO HH Sheikh Ahmed bin Saeed Al Maktoum put it,
“We have always embraced innovative technology to better our business processes, increase our customer offerings, and enrich the lives of our staff.”
“We’re investing a lot of time, money, and resources into developing new digital products and services that will increase profits, improve the customer experience, and improve productivity in the future.”
The United Arab Emirates is making an effort to become a leader in the crypto and blockchain industries. The DMCC Crypto Center was opened as part of the Dubai Multi Commodities Centre. Regulations have been written by the Dubai Financial Services Authority to provide legal certainty for cryptocurrencies and stablecoins in the Dubai International Financial Centre (DIFC) to attract international entrepreneurs.
Covid-19-related efforts were the primary focus of applying blockchain in airline management over the last several years. Emirates Airline tested a GE blockchain-based travel app and IATA’s blockchain-based credentialing system as a part of this.
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