in

NFT REVIEW NEWS Formula 1 Embraces Blockchain Technology with NFT Tickets on Polygon


The Alpha:

  • In a significant push toward the integration of blockchain technology into the realm of global sports events, Platinium Group, a primary ticket provider for Formula 1, is set to usher in a novel age of ticketing. The Monaco Grand Prix, held May 26-May 28, will serve as the launchpad for issuing NFT race tickets.
  • To achieve this, Platinium Group has partnered with Elemint, a renowned blockchain infrastructure corporation, and Bary, a leading Web3 firm. The tickets will be minted on Polygon.

Dive Deeper

The Monaco Grand Prix is widely considered one of the most prestigious and important automobile races in the world. It is one of the signature events of the Formula 1 calendar and has been held annually since 1929. Now, tradition is intertwining with innovation.

This pioneering move not only grants admission to the acclaimed race but offers an enduring utility to NFT ticket holders. Post-event benefits, such as hospitality privileges and future race discounts, are part of the package to inspire brand loyalty among collectors.

Elemint’s CEO, Jacques-Henri Eyraud, stated in a press release that blockchain’s application in event ticketing extends beyond Formula 1, pointing toward a wider impact on the sports and entertainment world.

According to Eyraud in the press release, “Web3 technologies enable us to devise ticketing solutions that are more secure, more adaptable, and tailored to each event’s unique demands. This transformation paves the way for a more personalized, exciting experience for fans across all sports competitions.”

The inaugural run of this technology at the Monaco Grand Prix is expected to provide select NFT holders with access to the event’s most exclusive party. This blend of technology and utility could set a new trend in ticketing for high-profile sporting events across the globe.

While this is Formula 1’s first foray into NFT ticketing, it is not their first partnership in the crypto world. In 2021, Formula 1 and Crypto.com signed a $100 million deal that gave the crypto exchange premium branding spots at the British Grand Prix and prime advertising space on trackside billboards.

In case you missed it:

Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-4.



Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote

Written by NFT REVIEW MARKET

I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.

NFT REVIEW NEWS BBC Brings Doctor Who & Top Gear to The Sandbox

NFT REVIEW NEWS Binance Launches NFT Loan Feature