Formula 1 To Launch NFT Ticketing For The First Time
Milestone Date: May 26, 2023
NFT ticketing — which uses NFTs to guarantee the authenticity of live event tickets – is being put to use by Formula 1 for the first time at the F1 Monaco Grand Prix on May 28 of this year. The NFT ticketing program is being rolled out on the Polygon Layer 2 public distributed ledger with the help of Elemint, Bary, and Platinum Group.
Attendees of the spectacular Formula 1 Monaco Grand Prix will be issued a customized NFT ticket that will serve as both an entry pass to the event as well as a digital collectible souvenir. What’s more, the NFT ticket will act as a digital key for users to unlock additional benefits like post-race hospitality and ticket discounts for future F1 events, as well as to earn loyalty rewards for users who return to events.
NFT tickets are traceable, programmable, and cannot be duplicated or falsified, as their transactions are recorded on the blockchain. Elemint and Bary are Web3 companies that have teamed up with Platinum Group, a global provider of e-commerce and event ticketing services. For the Formula 1 organization, the Monaco Grand Prix will be the first time that NFTs are used for ticketing. But it will not be the first time the organization has been involved with NFTs.
In 2019, Formula 1 licensed its brand to blockchain game producer Animoca, which went on to launch F1 Delta Time, an online multiplayer racing game that involved the use of NFTs, many of which Animoca sold through auctions, earning the company millions of dollars. The F1-branded NFTs were some of the hottest collectibles in the blockchain world until the game was abruptly discontinued in March 2022, when Animoca was unable to renew its license. The game’s shut-down caused the value of the NFTs to plummet, leaving the holders, some of whom paid over US$200,000, with nearly worthless tokens and no way to recoup their losses.
Now, with this NFT ticketing initiative, F1 is returning to the NFT world on its own terms. This is a great example of how blockchain technology can be used to issue tickets while also securing their authenticity, as well as using them for future rewards, loyalty, and customer engagement.
By Elizabeth Morrison
Published:May 25, 2023