Formula 1: NFT tickets on Polygon

It’s official: the NFT ticketing program in partnership with Polygon, Elemint, Bary and Platinium Group will be launched for the first time at the Formula 1 Monaco Grand Prix.

Below are all the details.

NFT ticketing available for Formula 1 thanks to Polygon

As anticipated above, the Formula 1 Monaco Grand Prix is the launch event for an exclusive NFT ticketing program launched in partnership with Polygon, Web3 companies Elemint and Bary, and Platinium Group, the largest ticketing operator for F1 events worldwide.

The iconic F1 race, to be held 26-28 May, will see the issuance of customized, non-falsifiable NFT tickets to participants, which also serve as digital collectibles and unique souvenirs to commemorate the event.

Over time, NFT tickets will be used as a digital key to unlock additional benefits, such as post-race hospitality or ticket discounts for future Grand Prix events, and create loyalty benefits for returning audiences of Formula 1 events.

NFTs are the perfect alternative to paper tickets due to their traceability, programmability, and the fact that they cannot be duplicated, overcoming many of the problems faced by legacy ticketing systems.

NFT ticketing: all the details

As anticipated, Elemint and Bary have announced a partnership with Platinium Group to transform the Formula 1 ticketing experience through a new ticketing platform that will be powered by Polygon.

The iconic Formula 1 Monaco Grand Prix will serve as the launch event for this new service, which will be available throughout the competition: from practice, to qualifying, and then to the race itself.

Specifically, Elemint has created a secure platform that allows users to receive a unique and unforgeable digital ticket (in the form of an NFT) that will be issued on the Polygon blockchain.

One of the benefits of using NFTs and blockchain technology is that it helps prevent the issuance of counterfeit tickets and prevents the resale of tickets on the black market.

NFT tickets will come in the form of digital collectibles for each Formula 1 Grand Prix and turn each one into a unique digital souvenir after the event.

What’s more, the tickets and memorabilia are also personalized; in fact, each one has a key and will showcase various iconic stages of the Monaco Grand Prix circuit, such as the hairpin, the Sainte-Dévote or the Casino.

Bary, a specialized Web3 agency, Platinium Group, the largest ticket operator for all Formula 1 Grand Prix events, and Elemint join forces and now offer Formula 1 fans a more secure and interactive ticketing experience that will offer loyalty benefits.

Statements regarding the new NFT tickets in partnership with Polygon

Urvit Goel, Vice President, Head of Global Business Development at Polygon Labs, said the following about the news:

“Working alongside Elemint, Bary and Platinium Group will reinvent the Formula 1 ticketing experience.

The ticketing platform combines the robust security of Ethereum with the counterfeit-proof uniqueness of NFT to enhance ticket authenticity and prevent counterfeit while providing fans with lasting digital memories.

It is extremely encouraging to see major events recognizing the benefits that NFT tickets and blockchain technology can offer.”

Jacques-Henri Eyraud, CEO of Elemint, also expressed his enthusiasm for the project:

“Web3 technologies make it possible to design ticketing solutions that are safer and more suited to the specificity of each event. The experience becomes more personalized and enjoyable for fans of all types of sports competitions.

Applications Developed Using Elemint’s Web3 Technologies Will Completely Transform Fan Experience and Relationship with Sports Events for Years to Come.”

Elie Zerbib, co-founder of Bary, said the following:

“We are thrilled to present a revolutionary breakthrough in Web3 and sport with this solution developed for the 2023 Monaco Grand Prix.

By collaborating with the organizers of this legendary event and Elemint, we have been able to offer a secure, transparent ticketing solution and immersive that will pave the way for many others.”