Crypto already visible at Formula 1 events. Now Cue NFT Tickets.
A new NFT ticketing system is set to debut around this weekend’s Formula 1 event, as fans of the racing league continue to get a glimpse of crypto and its underlying technology.
Participants in the Monaco Formula 1 Grand Prix, which runs from May 26 to 28, can receive an NFT ticket issued on the Polygon blockchain.
“The ticket platform combines the robust security of Ethereum with the counterfeit uniqueness of NFTs to improve ticket authenticity and prevent counterfeiting while providing fans with lasting digital memories,” Urvit Goel, head of global business development at Polygon Labs, said in a statement .
The new NFT ticketing platform comes as NFT use cases have continued to emerge despite search interest in the sector plummeting from a year ago.
It is the result of a three-way partnership between NFT marketplace Elemint, Web3 firm Bary and Platinium Group, the largest ticket operator for Formula 1 Grand Prix events.
Platinium Group Chief Operating Officer Bertrand Labays told Blockworks in an email that the company has “a deep belief” in the significant role NFTs will play in the world of sports, calling Platinium’s decision to embrace blockchain technology “imperative.”
“We are delighted to introduce to our VIP customers this NFT ticketing solution, which not only provides access to one-of-a-kind experiences, but also transforms into truly unique memories [that unlocks] benefits – forever capturing the essence of this extraordinary moment,” Labays added.
NFT tickets are set to offer other benefits in the future, such as post-race experiences or ticket discounts for future Grand Prix events.
Using NFTs in the ticket space continues to gain momentum.
Web3 company YellowHeart launched an NFT ticketing platform in October 2022, and tech startup TravelX recently began helping Argentine airline Flybondi offer NFT tickets to travelers.
Viewers of Formula 1 races have become accustomed to crypto in recent years as major industry players have been attracted to the sport.
Crypto.com became the first crypto sponsor of Formula 1 in 2021 as part of a reported $100 million deal. The company then became the title partner for Formula 1’s Miami Grand Prix race in February 2022 after signing a nine-year deal with the racing league.
Crypto.com Chief Marketing Officer Steven Kalifowitz previously told Blockworks that reaching “Super Bowl-sized” audiences via live sports like Formula 1 was critical amid a fragmented media landscape that has people watching content at different times.
Crypto exchange OKX revealed in May 2022 that it was partnering with McLaren Racing in a multi-year deal worth “hundreds of millions,” a spokesperson told Blockworks at the time.
Later in the year, Formula 1 filed crypto-related trademarks for its F1 acronym, signaling potential Web3 plans.
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