NFT
A new NFT ticketing system will make its debut around this weekend’s Formula 1 event, as fans of the racing league continue to get a glimpse of crypto and its underlying technology.
Participants in the Monaco Formula 1 Grand Prix, which runs from May 26 to 28, can receive an NFT ticket issued on the Polygon blockchain.
“The ticketing platform combines the robust security of Ethereum with the counterfeit-resistant uniqueness of NFTs to enhance ticket authenticity and prevent counterfeiting while providing fans with lasting digital memories,” said Urvit Goel, head of global business development at Polygon Labs, in a statement. . .
The new NFT ticketing platform comes as NFT use cases continue to emerge, despite search interest in the industry plummeting since a year ago.
It is the result of a three-way partnership between NFT marketplace Elemint, Web3 company Bary and Platinium Group, the largest ticket operator for Formula 1 Grand Prix events.
Platinium Group Chief Operating Officer Bertrand Labays told Blockworks in an email that the company has “deep belief” in the important role NFTs will play in the world of sports, calling Platinium’s decision to embrace blockchain technology “absolute.” .
“We are excited to introduce our VIP customers to this NFT ticketing solution, which not only gives access to unparalleled experiences, but also transforms them into truly unique memorabilia [that unlocks] perks — forever encapsulating the essence of this extraordinary moment,” Labays added.
The NFT tickets will provide other benefits in the future, such as post-race experiences or ticket discounts for future Grand Prix events.
The use of NFTs in the ticketing space continues to gain momentum.
Web3 company YellowHeart launched an NFT ticketing platform in October 2022, and most recently tech startup TravelX started helping Argentine airline Flybondi offer NFT tickets to travelers.
Viewers of Formula 1 races have become accustomed to crypto in recent years as major industry players are drawn to the sport.
Crypto.com became Formula 1’s first crypto sponsor in 2021 as part of a reported $100 million deal. The company subsequently became title partner of Formula 1’s Miami Grand Prix race in February 2022 after signing a nine-year contract with the racing league.
Crypto.com Chief Marketing Officer Steven Kalifowitz previously told Blockworks that reaching a “Super Bowl-sized” audience through live sports like Formula 1 was critical in a fractured media landscape where people watch content at different times. .
Crypto exchange OKX revealed in May 2022 that it was partnering with McLaren Racing in a multi-year deal worth “hundreds of millions,” a spokesperson told Blockworks at the time.
Later in the year, Formula 1 filed crypto-related trademarks for the abbreviation F1, signaling potential Web3 plans.