Formula 1 Races into the Realm of NFT Ticketing

On May 29, 2023

Over in the gas-guzzling world of high-stakes motorsports, one of the biggest events in the racing calendar has embraced a new era in NFT ticketing. Last weekend, Formula 1 ticket merchant, Platinum Group, debuted the game-changing technology at the thrill-a-second Monaco Grand Prix.

Through the latest high-profile NFT initiative, Platinum Group combined its expertise with blockchain infrastructure specialist, Elemint and Web3 pioneer, Bary Agency. Together, assembling a package that will enable NFT gated access to F1 races, and further reward loyalty through additional rewards and experiences.

The new ticketing scheme kicked off at the prestigious Monaco Grand Prix, and will continue through the latest racing season. Minted on the Polygon blockchain, the state-of-the-art access solution will provide buyers with the ultimate traceability, customization and transparency, while also incorporating a simple yet effective user experience.

Formula 1 NFT Ticketing Can Track and Reward Loyalty

To add a little more flair to the Formula 1 NFT tickets, Platinum Group plans to foster loyalty in the brand by offering future benefits for holders, such as race discounts, and exclusive access to parties and events. As a result, creating a far more engaging racing experience that will open up additional opportunities to the avid race-goer.

F1’s recent expansion into NFT ticketing marks a growing trend in the wider sporting industry, where NFT adoption is growing at a startling rate. As such, the tech has been touted as a solution to last year’s Champions League ticketing debacle, as well as being earmarked for the next Rugby World Cup and the Olympics.

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Image credit via F1

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