Platinium Group, the leading ticket issuer for Formula 1, is releasing non-fungible token (NFT) race tickets starting with the Monaco Grand Prix this weekend.
Platinium Group has teamed up with blockchain infrastructure company Elemint and Web3 agency Bary to help create, mint and sell the NFT tickets.
According to a press release, the tickets will be minted on Ethereum sidechain Polygon. Not only will the NFTs provide access to the race, but they will continue to provide utility to holders after the event, such as hospitality benefits and future race discounts to encourage collectors to stay loyal to the brand.
Elie Zerbib, Co-Founder of Bary told CoinDesk that NFTs in the form of tickets offer buyers transparency, traceability, seamless digital ticketing, personalization and engagement. However, for a sport that has amassed fans from all over the world, easy onboarding is an essential tenet.
“By providing a completely seamless experience on the main website, the user doesn’t need to have any Web3 knowledge to purchase the NFT ticket,” said Zerbib. “We make users understand the benefits that come with this new type of ticketing and onboard them on a journey that will change their F1 experience.” Jacques-Henri Eyraud, CEO of Elemint said in a press release that leveraging blockchain technology for event ticketing will extend far beyond F1 and into the greater world of sports and entertainment.
“Web3 technologies make it possible to design ticketing solutions that are more secure and more adapted to the specificity of each event,” said Eyraud. “The experience becomes more personalized and fun for fans of all types of sports competitions.” For the Monaco Grand Prix, certain NFT holders may be offered tickets to the most exclusive party of the event, according to Zerbib.
In the past two years, several crypto companies have flocked to Formula 1 for sponsorship deals, driven by the global brand’s ability to grant exposure to the emerging industry. In June 2021, digital asset 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 asset brokerage Kraken signed a sponsorship deal with the Williams Racing team.