Digital Trackside: F1 Ticket Provider Platinum Group Launches NFT Tickets For Fans The NFT tickets were announced ahead of Monaco Grand Prix scheduled from May 26 to 28 and will now be available for all the upcoming 16 races.
By Paromita Gupta •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
On Friday, Platinum Group, a leading Formula 1 ticket issuer, announced it was partnering with the blockchain company, Elemint and Web3 agency Bary to release non-fungible token race tickets for the global racing motorsport.
The NFT tickets were announced ahead of Monaco Grand Prix scheduled from May 26 to 28 and will now be available for all the upcoming 16 races. According to the official press release, the NFT race tickets will be minted on the Ethereum sidechain Polygon and will also carry several benefits, including post-event hospitality and future race discounts.
"The ticketing platform combines the robust security of Ethereum with the forge-proof uniqueness of NFTs to enhance ticket authenticity and prevent counterfeiting while providing fans with lasting digital mementos," said Urvit Goel, head of global business development, Polygon Labs, in the official statement.
Jacques-Henri Eyraud, CEO, Elemint said in a press release that adopting blockchain technology for events and ticketing will extend beyond Formula 1 and into other sports and entertainment spaces.
With various sports entering the web3 space, particularly with NFTs, F1 is not privy to it.
Previously, digital asset exchange Crypto .com partnered with F1 for track branding in 2021, while in March, digital asset brokerage Kraken signed a sponsorship deal with the Williams racing team.
Scuderia Alphatauri's F1 driver Pierre Gasly launched his NFT collection in October 2021, followed by a second collection in 2022 on the Fantom platform. In October, the race-car league filed for eight trademark applications pertaining to the abbreviation 'F1', covering cryptocurrency, crypto marketplaces, retail stores for virtual goods, cryptocurrency trading and mining, non-fungible tokens (NFTs), and blockchain financial transactions.
In May 2022, crypto exchange OKX revealed it has partnered with McLaren for a multi-year deal worth "hundreds of millions," had reported Blockworks.
