The Zandvoort Grand Prix Offers Unique Digital Collectibles to Attendees

The Zandvoort Grand Prix Offers Digital Collectibles Instead of NFTs to Attendees

The organizers of the 2023 Zandvoort Grand Prix in the Netherlands are providing non-fungible tokens (NFTs), known as “digital collectibles,” to all attendees of the Formula One racing event. However, they have purposely avoided using the term “NFT” due to its negative perception in the wider market.

Key Points:

The collectibles will feature unique coordinates representing sections of the Zandvoort racetrack.
A visual design showcasing the track will also be included.
Special 1/1 edition collectibles will be given to 75 attendees to commemorate the 75th anniversary of the Zandvoort circuit.
GET Protocol is partnering with the Dutch GP on the NFTs.
Ticket holders can access the collectibles through the Dutch Grand Prix app, with the process automated via blockchain technology.

The Shift Away from Using the Term “NFT”

The Zandvoort Grand Prix has deliberately avoided using the term “NFT” and instead opted for “digital collectible,” following a trend seen among other prominent names. This shift is due to the poor perception of NFTs among the general public, as revealed in a Variety magazine survey. The survey also showed a decline in perception since the onset of the crypto winter.

The Struggling NFT Market and Innovative Use Cases

While the NFT market as a whole is facing challenges, brands are still utilizing the technology to enhance the fan experience. However, NFT floor prices have dropped significantly, with the majority of the top ten NFT collections down over a 90-day period. For example, the famous Bored Ape Yacht Club collection is down by approximately 49%.

As the speculative value of many NFTs decreases, the industry is exploring more innovative use cases. One such example is an Argentinian airline, Flybondi, issuing every ticket as an NFT to increase flexibility and resellability.

BeInCrypto attempted to reach out to the GET Protocol and the Zandvoort Grand Prix for comment but did not receive a response at the time of press.

Hot Take:

The Zandvoort Grand Prix’s decision to offer digital collectibles instead of NFTs reflects the current sentiment towards NFTs in the wider market. While NFTs continue to face challenges and declining prices, the industry is exploring new and practical applications for the technology. It remains to be seen how the perception and utility of NFTs will evolve in the future.