Platinium Group Steers F1 Ticketing into Blockchain with NFT Launch

Taking a pioneering step forward, Platinium Group, the pre-eminent ticket issuer for Formula 1, has announced the release of non-fungible token (NFT) race tickets. This groundbreaking development will commence with the Monaco Grand Prix, setting a precedent in sports ticketing. To make this possible, Platinium Group has joined forces with Elemint, a blockchain infrastructure firm, and Bary, a Web3 agency, who will assist in the creation, minting, and sale of the NFT tickets.

The NFT tickets will be minted on Ethereum sidechain Polygon, according to an official press release. These aren’t just ordinary entry passes; they offer a slew of ongoing benefits to holders. From hospitality perks to future race discounts, these NFTs will not lose their utility post the event, providing incentives for collectors to remain faithful to the brand.

More Than Just a Pass

Elie Zerbib, Co-Founder of Bary, highlighted the unique attributes that come with NFT tickets. These include transparency, traceability, customizability, engagement, and hassle-free digital ticketing. Recognizing the global fanbase of the sport, Zerbib emphasized the need for smooth onboarding, a feature they have taken into consideration. The purchaser doesn’t require any prior knowledge of Web3 to buy these NFT tickets, thus paving the way for a user-friendly Formula 1 experience.

The Future of Ticketing

Jacques-Henri Eyraud, CEO of Elemint, expressed his optimism about leveraging blockchain technology in event ticketing. He believes the impact will be felt far beyond the confines of Formula 1, permeating the larger universe of sports and entertainment. According to Eyraud, Web3 technologies enable the development of ticketing solutions that are more secure, adaptable, and fun, thereby enhancing the experience for fans of all sports genres.