NFT notes will be minted through the Ethereum scaling layer two Polygon (MATIC) blockchain.
The sixth race of the 22-round Formula 1 (F1) Grand Prix season held in Monaco over the weekend has caught the attention of crypto enthusiasts. Moreover, as a European market country, which recently passed the legislative standards of the Markets in Crypto-Assets Act (MiCA), it is bound to attract much more crypto enthusiasts to the F1 event. As a result, Platinium Group, a global sports ticketing platform, has partnered with Elemint, an NFT industry-focused blockchain infrastructure, and Web3 marketing and development agency Bary to help the creation and distribution of NFT tickets.
According to Elie Zerbib, co-founder of Bary, some NFT holders could be offered tickets for the most exclusive evening of the 69th edition Grand Prix championship. In addition, F1 NFT holders will have a chance to get more rewards in future events besides using them as tickets, which aims to encourage holders.
“By providing a completely seamless experience on the main website, the user does not need to have Web3 knowledge to purchase the NFT ticket”, said Zerbib. “We’re making users understand the benefits of this new type of ticketing and taking them on a journey that will change their F1 experience.”
Notably, NFT notes will be minted through the Ethereum scaling layer two Polygon (MATIC) blockchain. This is intended to provide quality services to NFT ticket holders. According to Jacques-Henri Eyraud, CEO of Elemint, the use of NFT in the sports industry is revolutionary for engaging fans.
“Web3 technologies make it possible to design ticketing solutions that are more secure and more suited to the specificity of each event,” says Eyraud. “The experience becomes more personalized and fun for fans of all types of sports competitions.”
Let’s take a closer look at the NFT market and the sports industry
With the emergence of the metaverse industry, NFTs have become a billion dollar industry. Additionally, minting quality NFTs en masse on blockchains like Ethereum costs hundreds of thousands of dollars, if not millions. Nonetheless, the underlying NFT community gives value to the project through actual utility like ticket entry to events, among others.
According to aggregate market data provided by Binance-backed CoinMarketCap, the NFT market had a total market capitalization of around $3,500,191,542 on Friday. Total sales over the past 24 hours were around $32,631,070, with Ethereum taking the entire top ten.
The GamiFi industry occupies a significant share of the NFT market as part of the transition from Web2 to Web3 gaming. The NFT market, however, still has a long way to go for mainstream adoption, as the lack of crypto education among most investors has been identified as a significant stumbling block.
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