Jet token is a startup that strives to make private jet flying more accessible to regular people and implement blockchain technology simultaneously. Using the Ethereum-based blockchain network, they plan to introduce a token that can be used on their platform and third-party vendors. It’s a high-risk but attractive investment.
We perceive private jets as an unattainable luxury. The price for an hour of flying ranges between $1,300 and $3,000 for a 4 seat plane.
For a larger plane, you’d have to pay up to $13,000. Keeping in mind the low-cost and regular airlines, this is a high price for the regular person.
Jet Token promises to bring private jets closer to the average person. In more than one instance, they claimed that they wanted to introduce ‘Uber for jets.’
Here’s how they plan to achieve this goal and our take on investing in Jet Token.
What is Jet Token
Jet Token is an Israeli startup that was part of a startup accelerator and managed to get the attention of George Murnane. Together with founder Michael Winston, he transferred the company to the western US.
In simple terms, Jet Token is an app that offers you the service to book a private plane, buy a commercial ticket, or compare prices. They take pride in transparency and affordability.
Moreover, they accept payments in cryptocurrency and work on developing their own token. Later on, they joined HondaJet to provide even more reasonable private charters.
Their strategic relationship with this plane manufacturer skyrocketed their profits. But how? During the increased demand for private jets in the last quarter of 2021, Jet Token had the answer.
In the words of one of the company owners, they are eager to skip the middle man. Decades ago, before smartphones and apps, you had to call a broker to buy a plane ticket.
You let them know your destination, preferred date, and time. Sometimes you had to wait a few days for a callback with an offer.
Today this is the method with private jets, just a little faster. You call a broker who locates a private jet nearby and lets you know the pricing. There’s no transparency or comparison, and rarely is cryptocurrency accepted.
How Jet Token plans to revolutionize private jets
Jet Token is a private jet booking and membership platform that offers you to exchange and transfer your unsued hours.
When you book a private jet through a broker, you get a final price. You don’t get an insight into competitors’ pricing and have no way of knowing if you’re getting the best offer.
Jet Token changes this. Booking a private jet with them is like looking through google flights. You can compare prices and jets even with the commercial lines.
Jet Token sells free legs and seats at better prices. Once a client books a one-way jet to a certain destination, the jet is supposed to come back empty. But not with Jet Token. They sell the returning leg at an affordable price to lower their carbon footprint.
Entrepreneurs and businessmen who can’t afford their own private jet can partially own one of Jet Token’s planes.
This is part of their membership program. You can purchase 25 to 200 block hours, and you’re guaranteed an available HondaJet at any time. You’re not liable for any maintenance costs.
Private jets don’t take off until the payment has gone through. Since these are usually large sums, the bank transfer might take several hours to go through. Jet Token accepts cryptocurrencies which makes the payment fast and effortless.
Trading unused flight time
Members who purchased more hours than they can use can trade them independently on the app without penalty.
In the future, Jet Token plans to make this available for commercial flights purchased through their platform.
The use of blockchain technology increases the security of payments and the client’s privacy. Private jets are mainly used by people who want to protect their privacy and feel secure, which Jet Token provides.
Blockchain technology and aviation
How do these two combine? Airlines are already using blockchain technology to handle takeoffs and landing slots, track the status and location of valuable cargo. It can also track and log the status and condition of each part of the plane, cutting the time needed for maintenance.
But that’s not how Jet Token is using blockchain technology. They’re using the technology to build a utility token that will help members of their program to manage flight hours and payments.
Is Jet Token a legitimate company
Jet Token is a legitimate company owned by Mike Winston and George Murnane, a former airline executive and CEO of ImperialJet.
Their headquarters are in Nevada and currently operate in the southwest US. Their planes are operated by Circuit aviation and maintained by Gama Aviation. There are three pilots currently working in Jet Token.
The company began as a participant in a startup accelerator in Tel Aviv in 2018. In 2019 they started a crowdfunding campaign with a $10 million goal.
By December 2020, they reached the goal.
How to invest in Jet Token
Not only flights but investing is also affordable with Jet Token. As of February 2022, their shares are 0.75 with a $99 starting limit, which equals 132 shares.
You can invest through Start Engine, where you can see their 7 tiers of investment. The first tier is $349. You get a HondaJet pen and keychain, while the 7th tier is a $50,000 investment, and you’re granted a tour of the HondaJet plant, lunch with the Jet Token CEO, a group flight, and a desktop plane.
Is Jet Token a good investment?
The company is truly promising with noble causes to restore some balance in the private jet industry, lower the impact on the ecosystem and use blockchain for hassle-free trading. The transparency is a big plus and looks like something clients would love.
However, Jet Token have their hands full. They’re working on several aspects of the service, which seems overwhelming. Implementing the blockchain technology to their advantage and creating a token, bringing commercial flights to their app, all while relying on investors for funding.
Moreover, they own only 4 small jets and have limited competent personnel.
The company is young; it’s been operating for a really short time to prove itself in that competitive market. While it looks promising, we can’t claim it’s a good or bad investment.
One thing is for sure; it’s a long-term investment. It could be fun to invest $100 to see how this company will play out. This fast development can lead to 2 scenarios: major success or major failure. For now, we like to believe it would be the first scenario.
The Jet Token stock
Jet Token is not a publicly-traded company; therefore, they don’t have stocks. They have shares available through an equity crowdfunding platform. Think of it like Kickstarter for large companies. Anyone can invest through the platform, from angel investors to accredited investors.
What can be confusing is that at the end of 2021, Jet Token reserved the PJ ticker on NASDAQ. They published a disclaimer stating that even though NASDAQ approved their request, they’re still not going public anytime soon.
They plan to prepare for a public listing, but this might never happen.
What is the Jet Token – flying high or falling investment?
It’s too early to predict how Jet Token will develop as a company. While their intentions are visionary and noble, the future can bring both success and failure. They are, for sure, innovators.
How much is Jet Token stock?
Jet Token is not publicly traded, so it doesn’t have stocks. But it does have shares that cost $0.75 through crowdfunding equity, and the minimum investment is $99.
How is Jet Token “democratizing” the private jet industry?
Jet Token opened the door to the easy booking of private jets and buying block hours that members can easily sell afterward without paying any penalties. They also provide transparency by comparing flight prices.
Why does Jet Token use blockchain technology and cryptocurrencies?
The company uses blockchain to develop its own token, protect and receive payments fast, and accept cryptocurrency.
Blockchain technology is an inevitable part of our future and, in many instances, is used to simplify and protect processes. The brains behind Jet Token accepted a controversial approach.
They did with the private jet industry the same that happened to commercial flights decades ago.
They opened the door to anyone to see how much is a private jet to a certain destination and compare the price to a first class or business class seat.
I love to travel, and as long as the destination is worth it, I don’t mind low-cost airlines. However, private jets are in full bloom, and investing in a company that makes them more accessible can be smart in the long term.
Would you consider investing in Jet Token? What are your thoughts on private jets?