- In a significant advance towards the integration of blockchain technology into the domain of global sporting events, Platinium Group, the primary supplier of Formula 1 tickets, is set to usher in a new era of ticketing. The Monaco Grand Prix, which takes place from May 26 to 28, will serve as a launch pad for the issuance of NFT race tickets.
- To achieve this, Platinium Group has partnered with Element, a renowned blockchain infrastructure company, and Barry, a leading Web3 firm. Tickets will be minted at the Polygon.
The Monaco Grand Prix is considered one of the most prestigious and important car races in the world. It is one of the signature events of the Formula 1 calendar and has been held every year since 1929. Now tradition is intertwined with innovation.
This pioneering move not only allows admission to the acclaimed race, but also offers lasting benefits to NFT ticket holders. Post-event benefits, such as hospitality privileges and future race discounts, are part of a package that inspires brand loyalty among collectors.
Element CEO Jacques-Henri Ayrault said in a press release that the application of blockchain in event ticketing extends beyond Formula 1, pointing to a wider impact on the world of sports and entertainment.
According to Eyro in a press release, “Web3 technologies allow us to design ticketing solutions that are more secure, responsive and tailored to the unique requirements of each event. This transformation paves the way for a more personalized, exciting experience for fans across all sporting events.”
The inaugural launch of this technology at the Monaco Grand Prix is expected to give select NFT holders access to the most exclusive entertainment at the event. This blend of technology and utility could set a new trend in ticket sales for high-profile sporting events around the world.
While this is Formula 1’s first foray into NFT ticketing, it’s not their first partnership in the crypto world. In 2021, Formula 1 and Cripto.com signed a $100 million deal that gave the crypto exchange premium branding space at the British Grand Prix and prime ad space on trackside billboards.
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Editor’s note: This article was written by a current nft staff member in collaboration with OpenAI GPT-4.