Special: Access to the Grand Prix of Monaco with NFT tickets

Non-fungible tokens (NFTs) are digital ownership certificates that live on the blockchain. NFTs come in all shapes and sizes and today are often associated with digital collectibles. However, NFTs offer a range of other applications of which ticket issuance is regarded by many NFT enthusiasts as a major use case is seen. Platinium Group, the leading ticket issuer for Formula 1, now also seems to see the value of this and is launching NFT race tickets.

Access to Monaco Grand Prix with NFTs

Platinium Group has partnered with blockchain infrastructure company Elemint and Web3 agency Bary to create, mint and sell the NFT tickets. All visitors to this weekend’s Monaco Grand Prix will receive an NFT ticket which will also offer some benefits.

For example, the NFTs will lead to discounts for future races to encourage collectors to remain loyal to the brand. For the Monaco Grand Prix, certain NFT holders will also be offered tickets for the most exclusive party of the event.

The tickets will be minted on Polygon’s blockchain, the popular one layer-2 scaling solution on Ethereum (ETH).

Web3 benefits

Elie Zerbib, co-founder of Bary, said NFTs in the form of tickets will provide a high degree of transparency, traceability, seamless digital ticketing and engagement to race fans around the world.

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To make the adoption as smooth as possible, the user does not need any knowledge of Web3 to purchase the NFT ticket.

Jacques-Henri Eyraud, CEO of Elemint, said in a press release that the use of blockchain technology for ticketing will extend far beyond Formula 1:

Web3 technologies make it possible to design ticketing solutions that are more secure and better adapted to the specificity of each event. The experience becomes more personal and fun for fans of all types of sports competitions.”

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