The Non-Fungible Token (NFTs), debuting this weekend at the Monaco Grand Prix, offer collectors access to the race likewise as future loyalty advantages.
Platinium Group, the leading ticket issuer for Formula 1, is releasing non-fungible crypto token (NFT) race tickets – beginning with the Monaco Grand Prix this weekend.
Platinium Group has teamed up with blockchain tech infrastructure company Elemint and Web 3.0 agency Bary to assist create, mint and sell the Non-Fungible Token (NFT) tickets.
Reports by a news release, the tickets will be minted on Ethereum (ETH) sidechain Polygon. Not only will the Non-Fungible Token (NFTs) provide access to the race, but they will continue to provide utility to holders after the event, such as hospitality advantages and future race discounts to promote collectors to stay loyal to the brand.
Elie Zerbib, Co- Founder of Bary informed CoinDesk that Non-Fungible Token (NFTs) in the form of tickets offer buyers transparency, traceability, seamless digital ticketing, personalization and engagement. Nonetheless, for a sport that has amassed fans from all over the world, easy onboarding is an essential tenet.
“By supplying a completely seamless experience on the main website, the user doesn’t must have any Web 3.0 knowledge to buy the Non-Fungible Token (NFT) ticket,” stated Zerbib. “We make users understand the advantages that come with this new form of ticketing and onboard them on a journey that will change their F1 experience.”
Jacques-Henri Eyraud, CEO of Elemint stated in a news release that leveraging blockchain tech for event ticketing will extend far beyond F1 and into the greater world of sports and entertainment.
“ Web 3.0 technologies make it possible to design ticketing solutions that are more safe and more adapted to the specificity of each event,” stated Eyraud. “The experience becomes more personalized and fun for fans of all types of sports competitions.”
For the Monaco Grand Prix, certain Non-Fungible Token (NFT) holders could be offered tickets to the most exclusive party of the event, reports by Zerbib.
In the past two years, plenty of cryptocurrency corporations have flocked to Formula 1 for sponsorship deals, driven by the worldwide brand’s capacity to provides exposure to the emerging industry. In June 2021, digital investment exchange Crypto.com penned a partnership with Formula 1 to display its branding on the track throughout the rest of the season. In March, digital investment brokerage Kraken signed a sponsorship deal with the Williams Racing team.
Toby Leah Bochan.