The NFT tickets will be minted through the Ethereum scaling layer two blockchain Polygon (Matic).
The sixth race of the 22-round season of the Formula One (F1) Grand Prix held in Monaco over the weekend has caught the attention of crypto enthusiasts. Furthermore, as a country within the European market that recently passed the Market in Crypto-Assets Act (MiCA) legislative standards, it is bound to attract significantly more crypto enthusiasts during the F1 event. As a result, Platinum Group, a global sports ticketing platform, has partnered with Element, a blockchain infrastructure-focused platform. nft Industry, and Web3 marketing and development agency, Barrie, to help with the creation and distribution of the NFT stamps.
According to Barry’s co-founder Eli Zerbib, some NFT holders may be offered tickets to the most exclusive party of the 69th edition Grand Prix Championship. Additionally, F1 NFT holders will have the opportunity to receive more prizes at future events in addition to using them as tickets, which is to incentivize holders.
“By providing a completely seamless experience to the main website, the user does not need any Web3 knowledge to purchase NFT tickets,” Said Zarbib. “We explain to users the benefits that come with this new type of ticketing and take them on a journey that will transform their F1 experience.”
Specifically, the NFT ticket will be molded via Ethereum scaling layer two blockchain polygons (diplomatic, This is to provide quality services to NFT ticket holders. According to Jacques-Henri Airaud, CEO of Elementint, the use of NFTs in the sports industry is revolutionary in connecting fans.
“Web3 technologies make it possible to design ticketing solutions that are more secure and more customized to the uniqueness of each event,” said Eyroud. “The experience becomes more personal and fun for fans of sporting events of all kinds.”
A Closer Look at the NFT Market and the Sporting Industry
With the emergence of the metaverse industry, NFTs have grown into a multi-billion dollar industry. Also, mining quality NFTs at scale on top of the blockchain Ethereum It takes hundreds of thousands of dollars, if not millions. Nevertheless, the underlying NFT community gives the project value through real-world utility such as ticket admission to events, among others.
As per market aggregate data provided by binance-Backed by Coinmarketcap, the total market capitalization of the NFT market on Friday was approximately $3,500,191,542. Total sales in the last 24 hours were around $32,631,070, with Ethereum taking up the entire top ten.
The GamiFi industry occupies a significant portion of the NFT market amid the transition from web2 gaming to web3. However, the NFT market has a long way to go for mainstream adoption as the lack of crypto education among most investors has been identified as a significant barrier.
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