The Non-Fungibleย Tokenย (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 cryptoย token (NFT) race tickets โ beginningย with the Monaco Grand Prix this weekend.
Platinium Group has teamed up with blockchainย tech infrastructure company Elemint and Webย 3.0 agency Bary toย assist create, mint and sell the Non-Fungibleย Tokenย (NFT) tickets.
Reportsย by a newsย release, the tickets will be minted on Ethereumย (ETH) sidechain Polygon. Not only will the Non-Fungibleย Tokenย (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 promoteย ย collectors to stay loyal to the brand.
Elie Zerbib, Co- Founder of Bary informed CoinDesk that Non-Fungibleย Tokenย (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.
โBy supplying a completely seamless experience on the main website, the user doesnโt must have any Webย 3.0 knowledge to buy the Non-Fungibleย Tokenย (NFT) ticket,โ stated Zerbib. โWe make users understand the advantages that come with this newย form of ticketing and onboard them on a journey that will change their F1 experience.โ
Jacques-Henri Eyraud, CEO of Elemint stated in a newsย release that leveraging blockchainย tech for event ticketing will extend far beyond F1 and into the greater world of sports and entertainment.
โ Webย 3.0 technologies make it possible to design ticketing solutions that are moreย safe and more adapted to the specificity of each event,โ stated Eyraud. โThe experience becomes more personalized and fun for fans of all types of sports competitions.โ
For the Monaco Grand Prix, certain Non-Fungibleย Tokenย (NFT) holders couldย be offered tickets to the most exclusive party of the event, reportsย by Zerbib.
In the past two years, plentyย of cryptocurrency corporations have flocked to Formula 1 for sponsorship deals, driven by the worldwide brandโs 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.
