Etihad Airways has announced that it is launching The first NFT collection, Dubbed EY-ZERO1.
This is an exciting innovation, the first in the aviation industry. These NFTs are a triple threat: they are a valuable collectible, they offer real-world utilities and are designed to be sustainable.
NFTs will be available for minting July 21, 2022 For the public, or July 18, 2022 For Etihad guest members.
What are NFTs?
A Non-fungible token A type of digital asset stored in a blockchain.
What sets an NFT apart from a currency is that each NFT is unique and identifiable. Money is fungus – it doesn’t matter if I have this bitcoin or that bitcoin, it’s worth the same – but a Non-Achieves its value from the uniqueness of the fungible token.
Tokens, whether coins or individually collectibles, have been around since the dawn of civilization, but counterfeiting has been a scourge ever since. Enter blockchain: A cryptographically protected digital laser. By being able to verify the origin, ownership and transaction history of an NFT, blockchain technology is an innovation that supports asset value.
2021 marks the beginning of the NFT era, where most of the hype centers on the digital industry. This sensitive experience can still be faked for Presentation; However, they cannot be forged Sale, Because the blockchain guarantees the correct owner of the true version. Ownership has a lot to do with ownership To know You own that item for which you have a taste.
But NFTs can be much more than just the digital version of going to the hobby store. For example, they may offer material benefits to the owner, or they may be a digital representation of real estate ownership.
Combined with the authenticity of the blockchain, owners can easily prove their ownership, thus ensuring that they reap the benefits appropriately.
Etihad Airways has launched NFT
By forming the EY-ZERO1 NFT collection, up to 2,003 tokens will be created to commemorate the founding year of Etihad.
The NFT models represent Etihad’s signature 787 Dreamliner fleet, with 10 different Lever designs displayed as limited edition collectibles. The models are 3D and interactive.
With these NFTs, Etihad is bringing their unique real-world designs to the digital world, including exclusive ownership of Metaverse. For any pilot, including the Dhaka desk with miniature model aircraft, it represents the next step in the collectible future.
The EY-ZERO1 collection is part of Etihad’s environmentally sustainable efforts, linked to their commitment to be carbon-neutral by 2050.
NFTs are built on the Polygon (MATIC) protocol, a solution built on top of the Ethereum blockchain to help it work in a more energy-efficient way. Also, all profits from the NFT collection will be used to buy sustainable aircraft fuel, and the production of NFTs has been a carbon-neutral project.
It’s very refreshing to look at, on two fronts. Aviation is naturally an environmentally taxing industry, and requires purposeful efforts to make it sustainable.
Similarly, the cryptographic algorithms that guarantee the non-fungibility of these tokens are also quite power-intensive, and it is most important to follow the improvements if these technologies can ever advance in our world. I am so excited to see the two spaces collide in a lined, forward-thinking manner.
What do you get for owning an NFT with Etihad Airways?
Will be EY-ZERO1 The first utility-powered NFT collection in the airline industry. This means that the owner of the NFT only gets some material advantage beyond holding a valuable collectible.
First and foremost, NFT owners are granted Etihad Guest Silver Status. While the elite amenities of entry-level will not take off your socks, you will have access to the Al Reem Lounge at Abu Dhabi International Airport and other airport lounges operated by Etihad, priority check-in, overweight baggage allowance, complimentary seat selection. , And 25% discount on in-flight Wi-Fi
These facilities will be most useful for travelers who often have economy class connections through the Middle East, as many similar facilities are offered on business class tickets.
NFT holders who are part of the initial round minting will be entered into one Draw for free Etihad tickets. The 10 winners will be rewarded for free travel to Abu Dhabi from anywhere in the world where Etihad flew. There will be a draw July 27, 2022.
Also, more rewards are expected in the future for NFT holders, as well as things like early access to future NFT collections and other Web3 projects.
On the roadmap, more practical benefits are yet to come. NFT holders will unlock access to special Etihad events in the 3rd quarter of 2022. Years later, keep an eye on a club, only for NFT holders, with special benefits – I’m imagining something parallel to elite status, but a twist
Tokenization of loyalty
Etihad’s first NFT collection is another step towards the massive tokenization of loyalty programs.
Although many have ridiculed NFT Gold Rush as a fad, I’ve always been more interested in NFT’s real-world applications, and I believe that loyalty programs are a great use.
At its core, blockchain technology is about trust – or more precisely, distrust. You don’t need to trust the other side of your transaction if instead uninterrupted cryptographic algorithms are a verifiable source of your truth.
In a way, loyalty is also about trust, in the sense that it is really about mutual engagement. Loyalty programs that see the strongest engagement are designed to be mutually beneficial. (On the other hand, poorly designed programs suffer from poor engagement and low levels of trust.)
It breaks down more easily than gaining faith. Think of each time you filed a missing point request on the Aeroplan eStore, or every time you claimed the Marriott Forest Fear Elite Qualifying Right was missing, or each time your flyer number failed to attach to your ticket for Star Alliance Gold Lounge access. . These moments discourage customer participation, which ultimately hurts both parties.
However, tokenization in blockchain helps reduce friction. This is a verifiable system to make sure you get your benefits and show that you are entitled to them.
We’ve already seen this in other industries, such as music, with some sophisticated artists offering benefits like backstage passes and royalty shares for their NFT-bearing fans. And an artist or creator phantom is not completely different from being a member of a brand loyalty program.
I am very interested to see what Etihad does in their roadmap, providing more utility to NFT holders. What’s more, Etihad has labeled EY-ZERO1 as its “first” NFT collection. Looks like they’re opening the door to future NFT collections, probably each with their own unique bundle facility – of course verifiable on the blockchain.
How to get an Etihad Airways NFT
The EY-ZERO1 collection is sold to the public July 21, 2022 at 2pm UTC. Each NFT will cost US $ 349 Plus local sales tax.
Etihad guest members have an access Exclusive Presale on July 18, 2022 at 7pm UTC. Here, you can make an NFT mint for this 49,900 Etihad Guest Miles.
If you transfer the American Express Membership Reward to an Etihad guest to pay for your NFT purchases, you’ll need 66,534 MR points 49,900 MR points from Amex Canada, or Amex US.
This redemption value works for less than one cent per point, although it will give you initial access to a limited-edition product, which can be an invaluable advantage in your eyes.
Also, I have to say it Super cold That we can use frequent flyer miles to buy tokenized digital assets. Bring more integration!
Finally, you can register your interest at etihad.com/zero1 to participate in the draw for 20 free NFTs.
Etihad Airways is launching the EY-ZERO1, the first utility-powered NFT collection in the airline industry. If you are an Etihad guest member, get your unique token on July 21 or July 18
You can learn more about the models, proprietary benefits, and sustainable efforts at the Etihad website and at Arcube, the company that has partnered with Etihad to develop this project.