Platinium Group introduces NFT race tickets for Formula 1 events
As per recent news, Platinium Group plans to introduce Non-Fungible Token (NFT) tickets for Formula 1 events.
NFT tickets to be distributed for the Monaco Grand Prix
According to a report by Yahoo Finance, Platinium Group, the leading ticket provider for Formula 1, will begin selling non-fungible token (NFT) race tickets on May 27 with the Monaco Grand Prix.
The reports stated that Platinium Group has partnered with blockchain infrastructure provider Elemint and Web3 agency Bary to assist in developing, minting, and selling the NFT tickets.
The tickets will be printed on the Ethereum sidechain Polygon. Along with giving access to the race, NFTs will be valuable to owners long after the occasion. It will reward owners with brand loyalty with discounts on upcoming races and other benefits.
According to Elie Zerbib, co-founder of Bary, NFTs in the form of tickets provide customers with transparency, traceability, easy digital ticketing, personalization, and interaction. However, quick onboarding is a crucial element for a sport that has supporters from all over the world.
Zerbib added that the consumer could avoid any understanding of Web3 to buy an NFT ticket because the primary website offers a seamless experience. In a news statement, Jacques-Henri Eyraud, CEO of Elemint, stated that using blockchain technology for event ticketing will go well beyond Formula One and into the larger world of sports and entertainment.
Crypto.com partners with Formula 1 for on-track promotion
According to Eyraud, Web3 technologies enable the design of ticketing solutions that are more secure and better adapted to the specifics of each event. Fans of all sports competitions will find the experience more enjoyable and individualized.
Due to Formula 1’s capacity to give visibility to the developing industry, various crypto companies have rushed to the worldwide brand for sponsorship deals over the last two years. By June 2021, with the help of a relationship with Formula 1, Crypto.com will promote itself on the racetrack for the remainder of the year. The Williams Racing team and digital asset brokerage Kraken announced a sponsorship agreement in March.