Platinum Group, F1 Ticket Provider, Introduces NFT Tickets for Worldwide Racing Event

Exclusive NFT Tickets by Platinum Group Offer Access to Monaco Grand Prix and Future Perks.

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Platinum Group, the top ticket provider for Formula 1, is introducing special digital race tickets called non-fungible tokens (NFTs). These unique NFT race tickets will be launched during the upcoming Monaco Grand Prix this weekend.

Platinum Group has partnered with Elemint, a blockchain infrastructure company, and Bary, a Web3 agency, to collaborate in the creation, production, and sale of the NFT tickets. Together, they will work on developing, minting, and offering these special digital tickets to fans.

As stated in a press release, the tickets will be created using Ethereum sidechain Polygon. These NFTs will not only grant access to the race, but will also offer ongoing benefits to the holders even after the event. These benefits may include special hospitality privileges and discounts for future races. The intention behind these perks is to incentivize collectors to remain loyal to the brand and continue engaging with their offerings.

Also Read This Related: Binance Introduces NFT Loan Option

Elie Zerbib, Co-Founder of Bary, explained to CryptosHeadlines that NFT tickets provide buyers with clear information, tracking abilities, convenient digital ticketing, personalized experiences, and interactive engagement. However, considering the widespread global fanbase of the sport, it is crucial to ensure that the onboarding process for NFT tickets is user-friendly and accessible to everyone.

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Zerbib mentioned that they aim to offer a smooth and effortless experience on the main website, where users can purchase NFT tickets without needing any prior knowledge of Web3. The goal is to help users comprehend the advantages of this innovative ticketing method and guide them through a transformative journey that will enhance their F1 experience.

According to a press release, Jacques-Henri Eyraud, CEO of Elemint, expressed that using blockchain technology for event ticketing will have a broader impact beyond Formula 1 and extend into the larger realm of sports and entertainment. In simpler terms, Eyraud believes that adopting blockchain for ticketing will revolutionize not only F1 but also the way tickets are managed and utilized in various sports and entertainment events.

Eyraud mentioned that with the help of Web3 technologies, it is now possible to create ticketing solutions that are highly secure and tailored to the unique aspects of each event. This enhances the overall experience, making it more personalized and enjoyable for fans attending various sports competitions. In simpler terms, Eyraud believes that utilizing Web3 technologies in ticketing improves security, customization, and fun for fans across different sports events.

Zerbib mentioned that for the Monaco Grand Prix, some NFT holders might have the opportunity to receive invitations to the most exclusive party of the event. In simpler terms, certain NFT owners could be offered special access to the most exclusive party held during the Monaco Grand Prix.

Over the past two years, many cryptocurrency companies have entered into sponsorship agreements with Formula 1, attracted by the opportunity to gain visibility in the growing industry. In June 2021,, a digital asset exchange, partnered with Formula 1 to showcase its branding on the track for the remainder of the season. Similarly, in March, Kraken, a digital asset brokerage, signed a sponsorship agreement with the Williams Racing team. In simpler terms, numerous crypto companies have recently partnered with Formula 1 to promote their brands, with displaying its logo on the track and Kraken sponsoring the Williams Racing team.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.


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