As of the Monaco Grand Prix, a technology based on non-fungible tokens (NFT) will be used to issue Formula 1 Grand Prix tickets. This innovation is enabled by a collaboration between the Elemint solution, the Bary agency and Platinium Group, the Formula 1 Grand Prix ticketing operator.
Formula 1 takes the turn of the Web3
This is one of the most anticipated use cases of non-fungible tokens (NFT), it will now be possible to see it applied in Formula 1. F1 Grand Prix spectators will now have the option of receiving a digitized and tokenized ticket in the form of an NFT.
This innovation is made possible by a partnership between Platinum Groupwhich handles ticketing for the Formula 1 Grand Prix, and the Elemint solution, under the impetus of Bary, an agency specializing in Web3. For information, Elemint is a company that designs and develops “direct-to-fan” engagement and loyalty solutions for the sports, media and entertainment sectors.
From a technical point of view, this is all based on the Polygon (MATIC) blockchain. Concretely, each visitors email will be attached to a digital wallet in the background which will contain the NFT. The latter will have entered, in its metadata, the essential information such as the number of days and places associated with the ticket. Then, a QR code will be generated every 15 minutes to validate entry.
The use of NFTs will in particular solve a major problem for events of such a scale: the issuance of counterfeit tickets or the resale of tickets at an exorbitant price on the secondary market.
👉 Are you starting out? Understand everything about this concept of non-fungible tokens, or NFTs
A new experience for Formula 1 fans
This NFT will take the form of a digital work specific to each Grand Prix. In addition, once the event is over, this ticket will turn into a souvenir NFT, stored forever in the blockchain.
The Monaco Formula 1 Grand Prix, from May 26 to 28, will be the first event to test the implementation of this new technology. Occasionally, the digital works will be personalized with the image of the Grand Prix milestones icon of the principality, namely the Fairmont hairpin, the Sainte Devote bend or the Casino straight line.
Note that in the future, these NFTs will be used to offer new unique experiences to their holders. The digital souvenir tickets, called memorabilla, will be able to unlock additional advantages, such as participation in the post-race hospitality service or even discounts at the next Grand Prix.
Jacques-Henri Eyraud, former president of Olympique de Marseille and CEO of Elemint, underlined the importance of Web3 technologies for improving the organization of sporting events like the Formula 1 Grand Prix:
“Web3 technologies make it possible to design ticketing solutions that are more secure and more adapted to the specificity of each event. The experience becomes more personalized and fun for fans of all types of sports competitions. Applications developed using Elemint’s Web3 technologies will completely transform the experience of fans and their relationship with sporting events in the years to come. »
For your information, the use of NFT technology for event tickets has already been tested in the past, especially during concerts or festivals. Nevertheless, it’s a big first for motorsport and a luxury showcase for Web3, when you know that the Monaco Grand Prix is watched by more than 1.5 million viewers in France.
👉 Find our interview with Etam as part of their collection of NFTs
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
448 items
