Fly-to-earn is not a new concept. For decades, travelers have been enjoying the concept of collecting air miles. The process is simple; you join the airline loyalty program and get miles in return for booking tickets. But, this level of incentivizing consumers has taken another leap with the advent of digital currency.
Nowadays, people can fly to earn crypto or even get NFT flight tickets! It might seem like a far-fetched idea, but businesses have already implemented it.
Whether it’s the gaming industry with their play-to-earn models or brands with their custom NFTs, crypto has become a part of everything today. It was only a matter of time before the same concept showed up in the aviation industry.
While the fly-to-earn platforms may be in their prime, it’s slowly gaining momentum. It is the right time to become a part of it.
Suffescom Solutions can help you navigate this new trend, build your fly-to-earn platform, or integrate this model into your business. Want to know how?
Call us and we can help you make a start. Let us know your idea and we will plan out everything for you. Our experts will customize everything for your business.
As of 2023, Fly-to-Earn has acquired different meanings allowing people to earn in multiple ways. While the most common interpretation involves airlines and travel, there are other ways you can include the fly-to-earn concept into your business model.
There are already many NFT ticketing marketplaces that have sprung up over the years. You may have heard about NFT event tickets and movie tickets already. But now you can get NFT flight tickets too.
Buenos Aires-based airline named Flybondi partnered with TravelX to allow its passengers to activate the NFTs of their tickets. These tickets will present a more secure ticketing system than just another set of collectibles.
It will feature every detail of the owner, such as the flight details, the schedule and the owner's name. However, the best part here is that blockchain technology eliminates any loopholes in the verification process.
The NFT flight tickets also make it easy for the owner to sell it and transfer ownership in a seamless and easily verifiable way.
With blockchain in the picture, transactions in crypto have become more common than we think. The travel and tourism industry already has several blockchain travel booking platforms where digital assets are used as a mode of payment.
With a fly-to-earn platform, users can convert travel rewards into crypto points. This concept can be easily integrated into a loyalty program which can further benefit airlines in retaining passengers and incentivizing new customers.
There’s already a real-life application of this concept. Flycoin is the first of its kind crypto-based rewards program that gives out FLY miles to guests every time for flying with their partners.
These FLY miles are given in the form of Flycoins, a real, tradeable currency. These can be redeemed or traded for another digital asset or fiat money.
Flycoins, more specifically, operates on the concept of travel-to-earn. Users can earn Flycoins not only via their partner airlines but also by booking hotels and transactions with their partner's debit or credit cards.
The introduction of digital assets brings certain irresistible features for the users, such as -
Flycoins started offering FLY miles since June 2021 and has since redeemed about $250,000 worth of rewards.
Flying has also been gamified to make the entire fly-to-earn model even more interesting. The entire point here is to join the app and board flights, land and earn. Satoshi Airlines is the one venture utilizing this model.
Satoshi Airlines is described as a web3 travel and lifestyles app. It is a FLY2EARN platform that combines elements of SocialFi and GameFi and makes flying a token-rewarding activity.
All passengers will receive tokens for boarding and after landing at a destination. These tokens can then be used to get flight rewards or unlock more exciting rewards and features. Users also receive Airplane NFT cards which can be upgraded for more rarity and mining potential using the tokens. More or less, the concept is similar to an NFT game platform. But it’s a fresh idea that people can enjoy while experiencing the thrill of traveling.
This may be slightly different from earning when flying with airlines. The difference is that you fly drones to earn crypto instead of booking or boarding a flight.
Spexigon is an app where people with drones can register to earn tokens potentially. The app is in the process of adopting a token model where users can fly their drones, capture earth imageries and earn tokens with possible market value.
Now, the question is, how do you build a fly-to-earn platform for your business? The answer is simple: contact a reliable, experienced fly-to-earn development company like Suffescom Solutions.
A fly to earn platform is backed by emerging technologies and has to be meticulously developed to ensure high standards of security and performance. A reliable company will look after every aspect by following a thorough process-
You can even integrate a blockchain-based loyalty program into your business platform to kick-start the fly-to-earn process.
Introduce tokens, NFT or other digital assets into the travel industry. Have a free consultation with our experts and discuss your idea today.
You can choose the blockchain network you wish to build your fly to earn platform on. Accordingly, you can develop tokens that will be used as rewards for your users. You can get token development solutions and customize results as per your requirements.
To facilitate transactions, your platform must be integrated with a crypto wallet. It will store the assets and the cryptocurrency used to buy tickets.
Crypto wallets can be multi-currency to support as many currencies as possible. The company you choose to build your fly to earn platform can help with this step of the process. Have a consultation for the crypto wallet development cost to have an idea about the total budget before beginning the process.
The fly to earn business model is still evolving. While it presently consists of NFT tickets and digital tokens as rewards, the possibilities are endless. Considering the vast scope, you can introduce micro-Payments to your platform to facilitate small and quick transactions within the platform.
With carefully designed user and admin dashboards, everyone can keep track of the total earnings and total redeemed rewards.
Fly-to-earn platforms will host a number of features that will make it beneficial for the users and the business. Depending on the blockchain development company you choose to work with, you can customize the attributes of your platform.
Generally, the following can be expected from a Fly-to-Earn Platform:
Whether it’s NFT tickets or digital tokens, all are based on one or the other blockchain network. It creates a seamless verification process powered by blockchain.
Since all information is stored in a publicly distributed and immutable ledger that runs on a consensus mechanism, verifying ownership and avoiding errors is easy.
If we consider NFT flight tickets, we know that it’s one of a kind. It removes any possibility of duplicity and hence removes any scope for fraud. Additionally, the ownership of NFTs is secured in a smart contract. It’s easy for airlines to trace the transaction and verify the ownership.
Besides the conventional monetization methods, businesses can tap into the crypto market and explore it as a business model.
NFTs hold a high value if implemented correctly. The first NFT flight ticket, called the NFTicket, was sold at an auction for $1 million!
Additionally, NFTs help build a community which ultimately translates to better brand awareness and customer loyalty.
With the introduction of digital assets like NFTs, airlines create a new way of engaging with their customers. By giving away NFT or tokens as rewards, airlines give their passengers a reason to be a repeat customer.
Since digital assets are tradeable and have real value, the excitement and anticipation of earning rewards keep the users engaged and create customer loyalty.
For the users, digital assets sound like a good investment opportunity. Businesses will incentivize their services by integrating them into airline loyalty programs of booking platforms. Because the users will see traveling as not just a place where they spend for experience but where they spend to invest.
The cost of Fly-to-Earn platform development can go upwards of $75000. The cost will ultimately depend on certain factors, such as the complexity of the project, the customized features, the number of integrations, the manpower involved, etc.
Here’s a general breakdown of the costs involved in fly to earn platform development:
|Back-End Development||$20,000 - $40,000|
|Front-End Development||$10,000 - $25,000|
|Testing & Deployment||$2000 - $8000|
|Maintenance and Support||$5000 - $6000|
|Project Management||$3000 - $5000|
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Are you ready to be some of the first businesses to revolutionize travel? Then give us a call and begin your fly to earn platform development process today!
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