NFT tickets are issued via the Ethereum Scaling Layer 2 blockchain Polygon (MATIC).
The sixth race of the 22-round season of the Formula 1 (F1) Grand Prix, held in Monaco over the weekend, has caught the attention of cryptocurrency enthusiasts. Moreover, as a country within the European market that recently passed the Crypto Asset Market Act (MiCA) legislative standard, it is sure to attract a very high crypto enthusiast during F1 events. As a result, Platinum Group, a global sports ticketing platform, has partnered with Elemint, a blockchain infrastructure focused on the NFT industry, and Bary, a Web3 marketing and development agency, to create NFT tickets. and assisted in distribution.
Certain NFT holders may be offered tickets to the most exclusive party of the 69th Grand Prix Championship, according to Bary co-founder Elie Zerbib. Additionally, F1 NFT holders will have the chance to win more rewards in future events than just using it as a ticket, which is meant to incentivize holders.
“By providing a completely seamless experience on the main website, users do not need any knowledge of Web3 to purchase NFT tickets.” Said Zerbib. “We want our users to understand the benefits that come with this new type of ticketing and join us on a journey that will change the F1 experience.”
In particular, NFT tickets are issued via the Ethereum Scaling Layer 2 blockchain Polygon (MATIC). This is intended to provide quality service to NFT ticket holders. According to Elemint CEO Jacques-Henri Eiraud, the use of NFTs in the sports industry is revolutionary in attracting fans.
“Web3 technology will allow us to design ticketing solutions that are more secure and tailored to the specifics of each event,” said Eiroh. “For fans of all kinds of sports competitions, the experience will be more personalized and enjoyable.”
A closer look at the NFT market and the sports industry
With the emergence of the Metaverse industry, NFT has grown into a billion-dollar industry. Moreover, minting high-quality NFTs in bulk on a blockchain like Ethereum costs hundreds of thousands, if not millions of dollars. Nonetheless, the underlying NFT community adds value to the project, especially through real-world utilities such as ticket admission to events.
According to aggregated market data provided by Binance-backed CoinMarketCap, the market cap of the NFT market was around $3,500,191,542 on Friday. Total revenue for the last 24 hours was around $32,631,070, with Ethereum occupying the entire top ten.
The GamiFi industry is an important part of the NFT market in the transition from Web2 games to Web3. However, the lack of crypto education among most investors is recognized as a significant obstacle, and the NFT market has a long way to go before mainstream adoption.
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