The sixth race of the 22-round season for the Formula One (F1) Grand Prix held in Monaco over the weekend has attracted the attention of crypto enthusiasts. Furthermore, as a country within the European market, which recently passed the Markets in Crypto-Assets Act (MiCA) legislative standards, it is bound to attract significantly higher crypto enthusiasts during the F1 event. As a result, Platinium Group, a global sports ticketing platform, has partnered with Elemint, a blockchain infrastructure focused on the NFT industry, and Web3 marketing and development agency, Bary, to help in the creation and distribution of the NFT tickets.
According to Elie Zerbib, Co-Founder of Bary, certain NFT holders may be offered tickets to the most exclusive party of the 69th edition Grand Prix championship. Additionally, the F1 NFT holders will stand a chance to get more rewards in future events in addition to using them as tickets, which is meant to encourage holders.
“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,” said Zerbib. “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.”
Notably, the NFT tickets will be minted via the Ethereum scaling layer two blockchain Polygon (MATIC). This is meant to provide quality services to the NFT ticket holders. According to Jacques-Henri Eyraud, CEO of Elemint, the use of NFT in the sports industry is revolutionary in engaging fans.
“Web3 technologies make it possible to design ticketing solutions that are more secure and more adapted to the specificity of each event,” said Eyraud. “The experience becomes more personalized and fun for fans of all types of sports competitions.”
Closer Look at the NFT Market and Sporting Industry
With the emergence of the metaverse industry, NFTs have grown into a billion-dollar industry. Moreover, minting quality NFTs in masses on top of blockchains like Ethereum takes hundreds of thousands of dollars if not millions. Nevertheless, the underlying NFT community gives the project value through a real-world utility like ticket entrance to events among others.
According to market aggregate data provided by Binance-backed CoinMarketCap, the NFT market had a total market capitalization of approximately $3,500,191,542 on Friday. Total sales in the past 24 hours were about $32,631,070 with Ethereum occupying the entire top ten.
The GamiFi industry occupies a significant portion of the NFT market amid the transition from Web2 gaming to web3. The NFT market has, however, a long way to go to mainstream adoption as the lack of crypto education among most investors has been identified as a significant stumbling block.