F1 Race Tickets Being Issued As NFTs for Monaco Grand Prix
Platinum Group, the top ticket provider for Formula 1, is issuing race tickets as NFTs for this weekend's Monaco Formula One Grand Prix, per CoinDesk.
The Deets
- From May 26 to 28, attendees at the Monaco Formula One Grand Prix can receive a ticket in NFT form.
- The ticket will be minted and issued on the Polygon blockchain.
- The endeavor is the product of a three-way partnership between blockchain infrastructure company Elemint, Web3 agency Bary, and Platinum Group, the largest ticket operator for F1 Grand Prix events.
- In the future, the NFT tickets could provide additional perks, like hospitality benefits and discounts on tickets for future events, or even entry to the Paddock Club and meet-and-greets with the drivers after the race.
- As an example of a potential activation, some NFT holders at the Monaco Grand Prix might even be offered tickets to an exclusive party at the event.
❗ Why It Matters
Most of the uses for NFTs in motor sports have been at the racing team level, so this is a meaningful development. The involvement of Platinum Group adds a different dimension to the possible applications because, as the biggest ticket operator for F1 events, it means the consumer benefits and data that can be associated with the NFT have continuity at more than just one race venue.
🎤 Founder Feedback
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. 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.Elie Zerbib, co-founder of Bary
🔙 Back It Up
This isn't the first time F1 has experimented with NFTs.
At the Formula 1 Australian Grand Prix in Melbourne in April 2022, sports marketing company Power’d Digital partnered with the CENNZnet blockchain, New Zealand's largest public blockchain platform, to use NFTs for fan engagement as part of the AusGP Access program.
Customers onsite could buy token packs that gave them a chance to win experiences and benefits, including merchandise discounts and pit lane walks. Fans could also use tokens in online auctions to bid for the opportunity to drive a lap around the Melbourne Grand Prix Circuit. Thus, this meaningfully democratized fan access to a type of exclusive experience that's typically reserved for corporate sponsors and the highest tier of ticket holders.
Additionally, the blockchain provided the Australian GP with insights about the target consumer market. Since thousands of tokens were purchased and regifted, the Australian GP was able to examine their fans’ demographics in greater detail. The program must've been a success as it was brought back and retooled for the Australian GP's Access23 program this year, with the program being shifted away from the Token Packs and Tiers that were used in 2022.
🖼️ The Big Picture
Across sports and entertainment, the usage of NFTs as tickets continues to become more prevalent, with Ticketmaster's Avenged Sevenfold collaboration and Sports Illustrated's "Box Office" NFT ticketing solution as recent examples.
NFTs as tickets can be a medium for further fan engagement and provide buyers with additional transparency. For the issuing party, NFT technology can provide insights about consumers and create a funnel of loyal customers to market to in the future.
