Interest in Metaverse and Non-fungible tokens (NFTs)
The airline industry has recently taken an increased interest in metaverse and Non-fungible tokens (NFTs) , joining the growing list of industries seeing opportunities. Qatar Airways and Emirates have recently announced their plans to launch NFTs and enter the Metaverse. Singapore Airlines, Lufthansa, Qatar Airways, and Qantas are all aiming to gain a foothold in the metaverse. The US-based behemoth Boeing has announced its intention to build a plane in the metaverse. According to JP Morgan, the metaverse will have a significant impact on every business, and there is a huge market opportunity estimated to be worth USD 1 trillion. The frequent flyer program, a profitable segment for the aviation industry, isn’t expected to flourish like in the pre-pandemic period, as people are flying less after the COVID pandemic. Therefore, airlines have turned to the metaverse, to provide their consumers with the same flying experience, digitally. Qatar Airways has allowed passengers to view the interior of the aircraft from the comfort of their own homes, through Metaverse. The airline has also launched the first Meta-human cabin crew. Meanwhile, NFTs are being used to supplement existing loyalty flying programs, as they can be used for ticketing and journey tracking in the airline industry. NFTs can also store information such as flight time, distance travelled, etc.