Formula 1’s ticket provider uses Polygon Blockchain to issue NFT tickets with added benefits

Platinium Group, the primary ticket supplier for Formula 1, is to introduce a new phase of ticketing by integrating blockchain technology into worldwide sporting events. The upcoming Monaco Grand Prix, scheduled from May 26 to May 28, will act as a launching pad for the issuance of NFT race tickets. Platinium Group has established partnerships with Elemint, a prominent blockchain infrastructure company, and Bary, a prominent Web3 organization, to achieve this goal. Issuance of tickets will take place on the Polygon network.

The Monaco Grand Prix is ​​usually considered one of the most distinguished and notable motor races in the world. Since 1929, this event has been the subject of annual contention and is considered one of the most prominent occasions on the Formula 1 schedule. Currently, it is a mixture of tradition and innovation. This groundbreaking initiative not only provides entry to the prestigious competition, but also gives NFT ticket holders a lasting advantage. To promote brand loyalty among collectors, post-event benefits such as hospitality privileges and discounts on future races are offered.

According to a press release, Jacques-Henri Eyraud, CEO of Elemint, has expressed that the potential of blockchain technology in the event ticketing industry goes beyond Formula 1. This suggests that the sports and entertainment sectors could be significantly affected by this innovation. According to the press release, Eyraud has stated that the implementation of Web3 technologies makes it possible to create ticketing solutions that are highly secure, flexible and adapted to the unique requirements of each event. This transition sets the stage for a customized and exciting experience for all sports fans.

The launch of this technology during the Monaco Grand Prix is ​​expected to give a privileged group of NFT holders access to the event’s most exclusive collection. The amalgamation of technology and practicality has the potential to usher in a new era of registration for prominent sporting events around the world. While this marks Formula 1’s first foray into NFT tickets, it’s not their first foray into the cryptocurrency realm. A $100 million deal was signed between Formula 1 and Crypto.com in 2021, giving the cryptocurrency exchange premium branding and advertising opportunities at the British Grand Prix, as well as on track billboards.