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.

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