Platinum Group, the number one ticket provider for Grand Prix events, has joined forces with NFT marketplace Elemint; And Web 3 company Bary is rolling out a new NFT ticketing system on Polygon that debuted this weekend at a Formula 1 event in Monaco.
Tickets for the Monaco Grand Prix, which started on Friday, May 26, are being issued on Polygon, the Ethereum sidechain that enables fast processing speeds and high throughput.
Polygon Labs Head of Global Business Development Urvit Goel, confirmed The platform’s use of Ethereum’s strong security and non-verifiable uniqueness of NFTs validates tickets, reduces the possibility of counterfeiting, and gives fans a digital souvenir they can keep forever.
The ticketing platform combines the robust security of Ethereum with the anti-counterfeiting uniqueness of NFTs to enhance the authenticity of tickets and prevent counterfeiting while providing fans with enduring digital souvenirs.
Polygon Rally
In response to this transaction, the price of MATIC increased on May 26, to $0.97. Although the price has eased since then, the bullish momentum is still there and the token appears to have bottomed out.
It is not yet clear whether this event will lead to more gains in the upcoming sessions. However, the sudden rally that lifted MATIC above key resistance levels on May 26th could be the basis for another rally in the future.
Currently, MATIC is down 40% from its February 2023 high and remains under pressure, lagging behind other assets, including BTC.
Along with price action, a new ticketing platform is launched on Polygon when NFTs find new uses after the worrying downturn in 2022.
Bertrand Lapiz, Chief Operating Officer of Platinum Group, said that integrating blockchain into their operations is “inevitable” and that NFTs will play a role in sports.
Rising popularity of NFT
In the past year, NFTs trading volumes have shrunk, following a sharp rebound in asset prices. While MATIC recovered in Q1 2023, the gains were not as strong in Q2 2023. However, the platform is positioning itself as the go-to gateway for minting NFTs.
Specifically, users find Polygon’s low fee and high scalability advantage. In addition, Polygon’s compatibility with the EVM means that issuers can move their assets into Ethereum.
However, it remains to be seen if Platinum’s latest announcement will attract more attention.
Recently, Formula 1 has also partnered with Tezos, a self-modifying Layer 1 blockchain, to launch a new ticketing NFT system. In this arrangement, Formula 1 fans will easily buy tickets found as NFTs and permanently store them on competitor Polygon and Ethereum.
Furthermore, the NFL Players Association (NFLPA) has teamed up with Chiliz to create a new NFT ticketing platform on Socios.com for NFL fans to purchase tickets.
Featured image from Canva, chart from TradingView