Formula One ticket provider Platinum Group unveils NFT tickets for Monaco Grand Prix. NFT tickets will be created on the Polygon (MATIC) blockchain, which is a scaling layer two solution for Ethereum. This choice ensures high-quality services for NFT ticket holders.
Formula One Ticket Provider Platinum Group Unveils NFT Tickets for Monaco Grand Prix
The Formula One (F1) Grand Prix held in Monaco over the weekend, which marked the sixth race of the 22-round season, has captured the interest of cryptocurrency enthusiasts. Moreover, Monaco, being a country within the European market that recently enacted the Markets in Crypto-Assets Act (MiCA), is expected to attract a larger number of crypto enthusiasts during the F1 event.
Consequently, Platinium Group, a global sports ticketing platform, has joined forces with Elemint, a blockchain infrastructure company focusing on the NFT industry, and Bary, a Web3 marketing and development agency, to assist in creating and distributing NFT tickets.
Elie Zerbib, Co-Founder of Bary, revealed that certain NFT holders may have the opportunity to attend the exclusive party held as part of the 69th edition of the Grand Prix championship. Additionally, F1 NFT holders will have the chance to receive more rewards in future events, aside from utilizing their NFTs as tickets, as an incentive for holding them.
We have designed the main website to offer users a seamless experience, eliminating the need for Web3 knowledge to purchase NFT tickets. Our aim is to help users understand the advantages of this new ticketing approach and guide them on a transformative journey that will enhance their F1 experience.
Elie Zerbib, Co-Founder of Bary
Notably, the NFT tickets will be created on the Polygon (MATIC) blockchain, which is a scaling layer two solution for Ethereum. This choice ensures high-quality services for NFT ticket holders. Jacques-Henri Eyraud, CEO of Elemint, emphasized the revolutionary nature of employing NFTs in the sports industry as a means of engaging fans.
Web3 technologies enable the development of ticketing solutions that are more secure and tailored to the specificities of each event. This enhances the personalized and enjoyable experience for fans of various sports competitions.
Eyraud
The NFT industry has become a billion-dollar sector with the rise of the metaverse. Creating high-quality NFTs in large quantities on blockchains like Ethereum requires substantial financial investments, often reaching hundreds of thousands or even millions of dollars. However, the true value of NFT projects lies in their real-world utility within the NFT community, such as providing access to events through ticketing.
Based on market aggregate data from CoinMarketCap, a platform backed by Binance, the total market capitalization of the NFT market was approximately $3,500,191,542 as of Friday. Over the past 24 hours, the total sales reached about $32,631,070, and Ethereum dominated the top ten NFT sales.
The GamiFi industry, which represents the transition from Web2 gaming to web3, holds a significant share of the NFT market. However, widespread adoption of the NFT market still has a long way to go, mainly due to the lack of crypto education among many investors, which is seen as a major obstacle.
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