Crypto technology has been staking its claims in various sectors, including the sports industry. Recently, the largest ticket operator for Grand Prix events has partnered with an NFT marketplace and a web3 firm to launch a new platform that allows attendees of the Monaco Formula One Grand Prix, which runs from May 26 to 28, to receive an NFT ticket issued on the Polygon blockchain.
According to Urvit Goel, head of global business development at Polygon Labs, the ticketing platform combines the robust security of Ethereum with the forge-proof uniqueness of NFTs to enhance ticket authenticity and prevent counterfeiting while providing fans with lasting digital mementos. The new NFT ticketing platform is a three-way partnership between NFT marketplace Elemint, Web3 firm Bary, and Platinium Group, the largest ticket operator for Formula One Grand Prix events.
Bertrand Labays, COO of Platinium Group, revealed in an email to Blockworks that the firm has a profound belief in the significant role NFTs will play in sports and that the decision to embrace blockchain technology is imperative.
Moreover, NFT tickets are set to offer other benefits in the future, such as post-race experiences or ticket discounts for future Grand Prix events. And, using NFTs in the ticketing space continues to gain steam.
The use of NFTs is not new in the sports industry. Crypto.com became the first crypto sponsor of Formula One in 2021 following a reported $100 million deal with the racing league. OKX also partnered with McLaren Racing in a multi-year deal worth hundreds of millions. Later in the year, Formula One filed crypto-related trademarks for its F1 abbreviation, signaling potential Web3 plans.
With the continued growth of NFTs use cases in various industries, experts predict that there could be a significant impact on blockchain technology’s mainstream adoption. And in the sports industry, NFTs could open up new revenue streams, enhance fan engagement, and promote authenticity in ticketing.
Indeed, the emergence of NFTs is changing the traditional ticketing market by providing fans with a unique and lasting digital memento, which unlocks perks and encapsulates the essence of an extraordinary moment. It is an exciting time for the sports industry as it continues to embrace new technologies to enhance fans’ experiences and grow its global reach.
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According to https://blockworks.co/news/formula-one-nft-tickets
The material in this article is written on the basis of another article.