NFT Tickets Make Their Way to Formula 1 with Platinum Group

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In the lead up to the recent Monaco Grand Prix at the weekend, Platinum Group, the ticket provider of Formula 1, confirmed their launch of NFT tickets for the event, and all 16 events remaining this season.

Quick Takes:

  • Platinum Group is issuing NFT tickets for the next 16 F1 races (the remainder of the 2023 campaign).
  • The tickets will be available on the Polygon blockchain.
  • NFT tickets offer a number of benefits, such as enhanced security and loyalty rewards.

Platinum Group’s Formula 1 NFTs

On Friday, Platinum Group announced their NFT tickets moving forward for the next 16 events, running them for the first time at the weekend’s iconic Monaco Grand Prix (May 26-28) – won by Red Bull’s Max Verstappen.

They are producing and distributing the tickets for the world’s premier motorsports competition in partnership with blockchain company, Element, and web3 agency, Bary. According to the announcement, these tickets will be available on the Ethereum sidechain, Polygon – praised for its fast transaction speeds and lower transaction fees.

Platinum Group are also planning to reward loyalty to F1, by offering several benefits for purchasers. These include elements of post-event hospitality, and discounts at races moving forward.

Urvit Goel, Polygon Labs’ head of global business development said: “The ticketing platform combines the robust security of Ethereum with the forge-proof uniqueness of NFTs to enhance ticket authenticity and prevent counterfeiting while providing fans with lasting digital mementos.”

This move towards NFT tickets for F1 shows off their innovation, which has been proved in abundance since their worldwide hit Netflix show, ‘Drive to Survive’, which took the sport into another gear. The NFT ticket concept in general has been debated, but it would clearly resolve issues such as counterfeit ones, and undoubtedly make the ticket marketplace process easier.

About F1’s Cryptocurrency Journey

Formula 1 has been one of the most proactive sports leagues in the world when it comes to adopting blockchain and cryptocurrency technology. In recent years, the sport has partnered with a number of leading crypto companies, including Crypto.com, Tezos, and Fantom. These partnerships have allowed F1 to explore a variety of innovative use cases for blockchain technology.

Beyond this, several of the teams involved in the competition have dived head first into NFTs, and the broader crypto and blockchain field. For example, Oracle Red Bull Racing, one of the top organisations in the sport, have launched an array of NFT collections through their own website, some on the Tezos blockchain, a former sponsor of theirs.

The company have also secured themselves future moves in the NFTs. In October of last year, they applied for eight trademarks for the abbreviation ‘F1’ related to cryptocurrency, crypto marketplaces, retail stores for virtual goods, cryptocurrency trading and mining, non-fungible tokens (NFTs), and blockchain financial transactions.

Formula 1’s entry into the cryptocurrency and blockchain space is a sign of the growing mainstream acceptance of these technologies. As the crypto industry continues to grow, it is likely that we will see more and more sports leagues and other organizations adopt these technologies.

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