Platinium Group, the leading ticket issuer for Formula 1 events, is revolutionizing the ticketing experience by introducing non-fungible tokens (NFTs) for race tickets, starting with the prestigious Monaco Grand Prix.
In collaboration with blockchain company Elemint and Web3 agency Bary, Platinium Group has minted these NFT tickets on the Ethereum sidechain Polygon.
These NFT tickets serve as traditional tickets, granting holders access to the race. However, their functionality extends beyond that, offering additional benefits such as hospitality perks and discounts for future races.
By leveraging blockchain technology, these tickets bring about transparency, traceability, seamless digital ticketing, personalization, and enhanced fan engagement.
Formula 1 has been embracing blockchain technology for some time now. In October 2022, the organization filed several trademark applications related to NFTs, metaverse, and cryptocurrencies. These mentioned plans to develop software that supports cryptocurrency, meta tokens, digital collectibles, crypto collectibles, non-fungible tokens, financial transactions via blockchain, and more.
In 2022, the Mercedes-AMG Petronas F1 Team and FTX collaborated to release unique NFTs called “Ticket Stubs.” These artistic interpretations of Mercedes-AMG Petronas race tickets were created by renowned artists.
The ticketing industry has been greatly influenced by blockchain technology, offering traceability, authenticity, and transparency. It has become a valuable ally for ticketing, ensuring a seamless and secure experience for fans.
Blockchain has transformed various industries by providing innovative solutions and enhancing customer experiences. Earlier this month, Sports Illustrated Tickets (SI Tickets) partnered with ConsenSys to launch a new NFT ticketing platform called “Box Office.”
Similarly, in March, Flybondi partnered with TravelX to offer flight tickets as NFTs, enabling flexibility, transparency, and enhanced security. Additionally, Ticketmaster started allowing event organizers and vendors to offer sales exclusively to owners of specific NFTs.
