3 - 5 minute read
Platinium Group, the leading ticket issuer for Formula 1, has announced that it will release non-fungible token (NFT) race tickets, starting with the Monaco Grand Prix this weekend. The tickets will be minted on Ethereum sidechain Polygon and will provide access to the race, as well as hospitality benefits and future race discounts to encourage collectors to stay loyal to the brand. The NFTs will be created, minted, and sold in partnership with blockchain infrastructure company Elemint and Web3 agency Bary.
NFTs in the form of tickets offer buyers transparency, traceability, seamless digital ticketing, personalization, and engagement, according to Elie Zerbib, Co-Founder of Bary. However, for a sport that has amassed fans from all over the world, easy onboarding is an essential tenet. Zerbib stated that by providing a completely seamless experience on the main website, the user doesn’t need to have any Web3 knowledge to purchase the NFT ticket. “We make users understand the benefits that come with this new type of ticketing and onboard them on a journey that will change their F1 experience,” said Zerbib.
Jacques-Henri Eyraud, CEO of Elemint, believes that leveraging blockchain technology for event ticketing will extend far beyond F1 and into the greater world of sports and entertainment. “Web3 technologies make it possible to design ticketing solutions that are more secure and more adapted to the specificity of each event,” said Eyraud. “The experience becomes more personalized and fun for fans of all types of sports competitions.”
For the Monaco Grand Prix, certain NFT holders may be offered tickets to the most exclusive party of the event, according to Zerbib. This move towards NFTs follows several crypto companies flocking to Formula 1 for sponsorship deals in the past two years, driven by the global brand’s ability to grant exposure to the emerging industry. In June 2021, digital asset exchange Crypto.com penned a partnership with Formula 1 to display its branding on the track throughout the rest of the season. In March, digital asset brokerage Kraken signed a sponsorship deal with the Williams Racing team.
The move towards NFTs in the world of sports and entertainment represents a significant step towards a more personalized, secure, and fun experience for fans. With the use of blockchain technology, ticketing solutions can become more adapted to the specificity of each event, while NFTs offer buyers transparency, traceability, and personalization. For traders, this development represents a new opportunity to invest in the NFT market, with Formula 1 leading the way in the adoption of this technology.
The Bottom Line
The release of NFT race tickets by Platinium Group represents a significant step towards a more personalized and secure experience for fans. This move towards NFTs in the world of sports and entertainment offers traders a new opportunity to invest in the NFT market, with Formula 1 leading the way in the adoption of this technology.
