Formula 1 Races Into The NFT World: Platinium Group Launches NFT Race Passes

Premier Formula 1 ticket distributor, Platinium Group, is venturing into the realm of non-fungible tokens (NFTs) by launching NFT race passes, starting with the much-anticipated Monaco Grand Prix.

This innovative project is the result of a collaboration with Elemint, a blockchain infrastructure firm, and Bary, a Web3 agency, tasked with designing, minting, and retailing the NFT passes, Coindesk reported.

These novel tickets will be created on the Ethereum ETH/USD sidechain Polygon MATIC/USD and will offer holders more than just entry to the race.

They are designed to continue delivering value post-event through perks like hospitality advantages and future race discounts, a strategy aimed at fostering brand loyalty among collectors.

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Elie Zerbib, co-founder of Bary, emphasized the numerous advantages that come with NFT-based tickets, such as traceability, transparency, easy digital ticketing, customization, and engagement. He noted the importance of making this innovative ticketing process user-friendly to cater to Formula 1's diverse, global fan base.

"We aim to offer a completely straightforward experience on our main website, allowing users to purchase NFT tickets without any prior knowledge of Web3," he explained.

Elemint's CEO, Jacques-Henri Eyraud, believes that the benefits of integrating blockchain technology into event ticketing extend far beyond Formula 1, potentially impacting the broader sports and entertainment world.

He suggested that Web3 technologies allow for ticketing solutions that are safer, more tailored to each event, and offer a more personalized and enjoyable experience for fans across various sports competitions.

As a testament to the exclusivity NFTs can offer, some NFT holders for the Monaco Grand Prix may get the opportunity to attend the event's most exclusive soirée, added Zerbib.

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