Platinium Group, the leading ticket provider for Formula 1, is collaborating with blockchain infrastructure firm Elemint and Web3 agency Bary to introduce non-fungible token (NFT) race tickets. Starting with the Monaco Grand Prix this weekend, collectors can access the race and also receive future loyalty benefits such as hospitality and race discounts, extending beyond the event. The tickets will be minted on Ethereum sidechain Polygon, providing transparency and traceability, as well as a seamless digital ticketing experience with personalization and engagement. The NFT tickets also make it easy to onboard both new and existing Formula 1 fans. According to Elie Zerbib, Co-Founder of Bary, F1 NFT tickets offer transparency, traceability, seamless digital ticketing, personalization, and engagement to buyers.
To buy an NFT ticket, users only need to have access to the F1 website. Non-Web3 knowledge is not necessary. The Web3 technology deployed for event ticketing will extend far beyond F1, covering the larger world of sports and entertainment. Jacques-Henri Eyraud, CEO of Elemint, said that Web3 technologies make it possible to design ticketing solutions that are more secure and adapted to the specificity of each event. He believes that personalized and fun experiences await fans of all types of sports competitions.
In the past two years, several crypto companies have entered into sponsorship deals with the global F1 brand. These are driven by the opportunity to expose the emerging crypto industry to a global audience. Crypto.com signed a partnership with F1 in June 2021 and displayed its branding throughout the racing season. In March 2023, Kraken signed a sponsorship agreement with the Williams Racing team.
NFTs and their emerging possibilities with events and sporting entertainment seem to provide a more secure and efficient way to utilize tickets. With the introduction of NFT tickets, the future of ticketing looks more personalized, sophisticated, and tailored to the needs of the ever-evolving market. For collectors interested in the exclusive party of the Monaco Grand Prix, a certain number of NFT holders may be offered tickets to the event.
Platinum Group’s move into NFT tickets may change the game for event ticketing. With its debut at the Monaco Grand Prix, collectors and fans will experience unparalleled access and benefits tailored to their interests. This could lead to an increase in the number of collectors, applying loyalty to the brand, and giving rise to a different kind of sporting experience.
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The material in this article is written on the basis of another article.