F1 Monaco Grand Prix features NFT ticketing system

Ticket provider for Formula 1 events Platinium Group is integrating blockchain technology in a collaboration with renowned blockchain infrastructure corporation Elemint and leading Web3 firm Bary.

The partnership plans to introduce a new NFT ticketing system in this week’s highly-anticipated Monaco Grand Prix from May 26 to May 28. The debut of this innovative system aims to usher in a new era of ticketing, revolutionizing the sports events landscape.

According to a press release, the tickets for the Monaco Grand Prix will be minted on the Ethereum sidechain Polygon. These NFTs will grant access to the race and deliver ongoing benefits to holders even after the event. These benefits include hospitality perks and discounts for future races.

Benefits of NFT ticketing

The Monaco Grand Prix has been held annually since 1929 in late May or early June. The racing event on the Circuit de Monaco is widely acclaimed as one of the most prestigious automobile races worldwide. With the new NFT ticketing system, Monaco Grand Prix has embarked on a path combining tradition and innovative elements.

News site CoinDesk received insights from the co-founder of Bary Elie Zerbib about the advantages of NFT tickets aside from the post-event privileges. Zerbib mentioned transparency, traceability, seamless digital ticketing, personalization and enhanced buyer engagement as one of the system’s benefits.

In a sport that has garnered fans from around the globe, ensuring easy onboarding becomes a vital principle. Zerbib emphasized the importance of a streamlined experience on the ticketing website.

“By providing a completely seamless experience on the main website, the user doesn’t need to have any Web3 knowledge to purchase the NFT ticket,” Zerbib said. “We make users understand the benefits that come with this new type of ticketing and onboard them on a journey that will change their F1 experience.”

Zerbib also highlighted several NFT holders might receive invitations to the event’s most exclusive party in the Monaco Grand Prix.

Elemint CEO Jacques-Henri Eyraud said that utilizing blockchain technology in event ticketing would have a far-reaching impact beyond just Formula 1. Eyraud believes Web3 technology could lead to a more personalized and enjoyable experience for many.

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

The utilization of the NFT ticketing system for the upcoming Monaco Grand Prix is a concept that various companies have previously implemented. For example, the Web3 ticketing platform and music marketplace YellowHeart has utilized NFT-based tickets to provide a unique experience for event organizers and fans alike since 2018. Another example is TravelX in the tourism industry, which is actively involved in the development of NFT-based tickets for airlines.

Previous cryptocurrency sponsorships

Over the past two years, several cryptocurrency companies have pursued sponsorship deals with Formula 1. In 2021, the digital asset exchange Crypto.com became the first crypto sponsor of the racing league.

Formula 1 and Crypto.com signed a $100 million deal, granting the company premium branding spots at the British Grand Prix and prime advertising space on trackside billboards.

Similarly, in March, U.S. crypto exchange Kraken had a sponsorship agreement with the Williams Racing team. The team signed the sponsorship contract with Kraken after parting ways with Nicholas Latifi, who used to bring many sponsorship fees before his departure. Kraken’s logo will be prominently featured on the team’s race cars as part of the agreement.