Platinium Group, the leading ticketing provider for Formula 1, is releasing a set of non-fungible token tickets, starting with the Monaco Grand Prix this weekend. To do so, it is partnering with Elemint, a blockchain infrastructure company, and Web3 agency Bary. The tickets will be released on Polygon, a L2 scaling solution for the Ethereum blockchain and the Web3 home for many mainstream companies.
According to a press release, the NFT tickets will provide access to the race, offer hospitality benefits after the event, and create the opportunity for discounts to future races. As of now, there is no word on the price of an individual NFT ticket, whether the tickets are transferrable to secondary marketplaces, and if holders can resell them.
Elie Zerbib, co-founder of Bary, said there were many reasons the companies decided to issue tickets in the form of NFTs, including traceability, buyer transparency, and a seamless digital ticketing experience. But, as F1 is a global sport, on-boarding interested individuals became a priority. As such, potential holders don’t need any Web3 experience to own the NFT.
Jacques-Henri Eyraud, CEO of Elemint, said in a statement that “Web3 technologies make it possible to design ticketing solutions that are more secure and more adapted to the specificity of each event. The experience becomes more personalized and fun for fans of all types of sports competitions.”
There is a bonus for certain holders of these NFTs as well: They may gain entry to the most exclusive party of the Monaco Grand Prix. Rarity Sniper has reached out to Platinium Group but it has not responded as of yet.
Formula 1 Dives Deep into Web3
Sports and Web3 have gone hand-in-hand ever since Dapper Labs’ NBA Top Shot exploded in popularity in February of 2021. Since then, players, teams, and even whole leagues have entered Web3. Formula 1 is no exception. Here are three stories involving the racing league this past year.
First, two months ago, cryptocurrency exchange Kraken signed a multi-year deal with F1 team Williams Racing, one of the most successful groups in the history of the league. As part of the deal, Kraken’s logo will appear on the cars and team uniforms.
Next, about a year ago, the Mercedes-AMG Petronas Formula 1 team partnered with FTX US to launch a non-fungible token ticket stub series. Holders could collect the ticket stubs as a way to commemorate their time at the event or eventually sell them on the market.
Lastly, also about a year ago, Crypto.com launched a Formula 1 NFT collection ahead of the Miami Grand Prix. These NFTs represented pieces of the official Miami International Autodrome’s track and were available for 36 hours.
Formula 1 has bet big on Web3, like many sports leagues. If this latest venture is successful, perhaps we’ll see more NFT initiatives out of F1, which would be interesting for racing fans. Rarity Sniper will be here to report back if it does.