Platinium Group, the leading ticket provider for Grand Prix events, has joined forces with an NFT marketplace, Elemint; and a web3 company, Bary, to release a new NFT ticketing system on Polygon that debuted this weekend at the Formula 1 event in Monaco.
Tickets for the Monaco Grand Prix, which is underway and started on Friday, May 26, will be minted on Polygon, the Ethereum sidechain that enables fast processing speeds and high throughput.
Polygon Labs’ head of global business development, Urvit Goel, emphasized that the platform’s use of Ethereum’s robust security and the unfalsifiable uniqueness of NFTs improves the authenticity of tickets, reduces the likelihood of counterfeiting, and gives fans a digital memento they can keep forever.
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.
Polygon Rally
In response to this deal, MATIC prices rose to $0.97 on May 26. Although prices have since moved in, the momentum of the upswing continues and the token appears to be bottoming out.
Whether this event will generate more profit in the coming sessions remains to be seen. However, the spike that lifted MATIC above key resistance levels on May 26 may set the stage for another rally in the future.
Currently, MATIC is down 40% from its February 2023 highs and remains under pressure, trailing other assets including BTC.
Beyond price action, the release of the new ticketing platform on Polygon marks the moment when NFTs find new uses after a worrying 2022 contraction.
Bertrand Labays, Chief Operating Officer of the Platinum Group, said that the integration of blockchain into their operations is “absolutely necessary” and that NFTs would play a role in the sport.
NFT’s rising popularity
Last year, NFT trading volumes contracted due to the sharp fall in asset prices. While MATIC rebounded in Q1 2023, earnings were not strong in Q2 2023. However, the platform is positioning itself as a go-to portal for minting NFTs.
In particular, users find Polygon’s low rates and high scalability an advantage. In addition, Polygon’s EVM compatibility means that issuers can move their assets to Ethereum.
However, it remains to be seen whether Platinum’s recent announcement will attract more interest.
Recently, Formula 1 also teamed up with Tezos, a self-modifying layer-1 blockchain, to launch a new NFT ticketing system. In this setup, Formula 1 fans would easily buy tickets that exist as NFTs and are permanently stored on the Polygon and Ethereum competitor.
Additionally, the NFL Players Association (NFLPA) teamed up with Chiliz to create a new NFT ticketing platform on Socios.com for NFL fans to purchase tickets.
-Featured image from Canva, chart from TradingView