Formula 1 NFT Race Ticket Sales Begin

Platinum Group, one of the leading Formula 1 ticket providers, has announced that it will launch NFT race ticket sales starting this weekend’s Grand Prix. The company teamed up with blockchain infrastructure company Elemint and Web3 agency Bary to help create, mint and sell NFT tickets.

According to the press release, tickets will be minted on Polygon, Ethereum’s side chain. NFTs will not only provide access to the race, but will continue to provide post-event benefits to collectors. These include benefits such as future race discounts to encourage brand loyalty. Bary co-founder Elie Zerbib says in a conversation with CoinDesk that NFTs in the form of tickets will provide buyers with benefits such as transparency and personalization, as well as the convenience of digital ticketing. It is important to remember that easy participation is important for a sport that brings together fans from all over the world.

Zerbib states that they will provide a completely seamless experience on the website and users who want to buy NFT tickets will not need to have any Web3 knowledge, and adds:

“We are currently trying to explain the advantages of this new ticketing type to users. We will enable them to embark on a journey that will enhance their F1 experience.”

Jacques-Henri Eyraud, CEO of Elemint, said in his press release that using blockchain technology for ticketing will take F1 much further, and that F1 will expand to a wider world of sports and entertainment.

“Web3 technologies make it possible to design unique ticketing solutions for each event, more securely. This experience makes any sporting event more personalized and enjoyable for fans.”

Zerbib also talks about the possibility for holders of Monaco Grand Prix NFT tickets to gain access to special events. For the past two years, crypto companies have been flocking to Formula 1 sponsorship deals. For example, in June 2021 digital asset exchange Crypto.com formed a partnership for Formula 1 to showcase its brand on the track for the remainder of the season. In March, digital asset brokerage firm Kraken signed a sponsorship deal with the Williams Racing team.