The NFT will be minted via the Ethereum 2 blockchain Polygon (MATIC) scaling layer.
The sixth race of the 22-round season of the Formula 1 race held in Monaco over the weekend has attracted the attention of cryptocurrency enthusiasts. Moreover, as a country within the European market, which has recently passed legislative standards for the markets in the Crypto Assets Act (MiCA), it is bound to attract crypto enthusiasts much higher 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 create and distribute NFT tickets.
According to Elie Zerbib, co-founder of Bary, some NFT holders may be offered tickets to the most exclusive party of the 69th edition of the Grand Prix tournament. In addition, F1 NFT holders will stand the chance of getting more rewards in future events as well as using them as tickets, which is meant to encourage holders.
“By providing a completely seamless experience on the main website, the user does not need any knowledge of Web3 to purchase an NFT ticket.” He said currant. “We are making users understand the benefits that come with this new type of ticket and preparing them for a journey that will change their F1 experience.”
Notably, the NFT tickets will be minted via the Ethereum 2 blockchain Polygon (MATIC) sizing layer. This aims to provide quality services to NFT ticket holders. According to Jacques-Henri Aero, CEO of Elemint, the use of NFT in the sports industry is revolutionary in fan engagement.
“Web3 technologies make it possible to design ticketing solutions that are more secure and more adapted to the privacy of each event,” said Eyraud. “The experience becomes more personalized and fun for fans of all kinds of sports competitions.”
A closer look at the NFT market and the sports industry
With the advent of the metaverse industry, NFTs have grown into a billion dollar industry. Moreover, minting high quality NFT coins into blocks on top of blockchains like Ethereum takes hundreds of thousands of dollars if not millions. However, the core NFT community gives value to the project through a real-world utility such as entry ticket to events and others.
According to aggregate market data provided by Binance-powered CoinMarketCap, the total market cap of the NFT market was around $3,500,191,542 on Friday. The total sales in the last 24 hours were around $32,631,070 with Ethereum occupying the top 10 spots.
The GamiFi industry occupies a large portion of the NFT market amid the transition from Web2 to Web 3 gaming. However, the NFT market still has a long way to go in the direction of mainstream adoption as the lack of crypto education among most investors has been identified as a major stumbling block.
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