Flying private jet just got a little easier thanks to the creative minds behind the JetToken concept. JetToken is a private plane membership service that allows users to access discounted flights and exclusive bookings. Now the company seeks to secure $1,070,00.00 per SEC crowdfunding regulation.
The business jet industry has boomed in the last decade with NBAA reports placing the market at around $150 billion in yearly revenue. That equals out to roughly 2,740 charter landings per day. The same report showed that the average cost of chartering a private flight equals approximately $5000 per hour.
Aviation Market Expansion
The high price of these flights hasn't deterred market expansion. In fact, private flights increased significantly over the last five years. To add to this, out of 13,750 private jets in the US, only 4,000 handle charter flights. In most cases, jet owners decided against the additional FAA certification and insurance requirements needed to permit third parties to fly their aircraft.
This added traffic has led to millions of flyers having to compete for flights during peak travel time. This has led to increased prices and stressed resources in the market.
Recognizing the need for a better system, Jet Token proposes to create a private booking and membership program for business class fliers seeking a more exclusive and affordable option. If successful, users will be able to book a private flight directly from the Jet Token Dapp.
Jet Token helps to address the black out date problem by giving it a price instead of just blacking dates out. They will lease and operate a fleet of new HondaJets to accommodate their riders. HondaJets are considered the most cost-efficient private jets in the market currently. Also, these jets have enough room for both cargo storage and passenger relaxation.
Gama Aviation USA
Jet Token recruited Gama Aviation USA to operate and maintain these state of the art aircraft. Gama Aviation USA currently operates the largest OPEN for charter fleets of planes in the US. Also, the firm will be responsible for maintenance and repair on the aircraft.
Investors receive stock traded on StartEngine’s crowdfunding platform. A pending token issuance is separate and distinct and relates to tokens redeemable for flight time.
According to StartEngine stats, the company has 162 investors and raised around $61,000 so far. This is much less than the company's goal of $1.07 million.
The Future of Blockchain Aviation
It’s no surprise that personalized flight is on the rise. People are tired of the run around major airlines deliver. Now, enterprise-level passengers have a better alternative. If successful, Jet Token has the potential to revolutionize the business flight sector in major ways.