Formula 1’s big news: NFT tickets for the first time at the Monaco Grand Prix

Last weekend, Platinum Group (a leading F1 ticketing company) put on sale NFT tickets that gave the opportunity to experience not only the grand prix, but also many exclusive events with customisable packages. All this is possible thanks to blockchain technology.

A great innovation, which can be a forerunner for many areas, and which starts with Formula 1: on the occasion of the Gp d Monaco – Monte Carlo held last weekend, Platinum Group (leader in the management of Formula 1 admission tickets) launched for the first time the possibility of purchasing tickets for the event via NFT (non-fungible token), a system based on blockchain technology (in this case, managed in collaboration with partner Elemint).

The great innovation lies in the management of these tickets, and in the fact that the excitement from the world of F1 is not limited exclusively to the race: in fact, buyers are entitled to discounts for the next world championship races, have access to the hospitality and a whole series of collateral initiatives conceived and designed around the concepts of exclusivity and personalisation. Without forgetting the guarantee of safe purchasing, offering transparency and traceability, aspects that underpin blockchain technology.

But this is only the first step: according to Jacques-Henri Eyraud, CEO of Elemint, the use of blockchain technology for event ticket sales will soon extend beyond F1.




CEO of ChainOn, addressed the topic of blockchain-managed ticketing back in 2020, giving interviews at a time of full pandemic emergency and when the sports and entertainment worlds were questioning how to manage season tickets and tickets already purchased (and then cancelled) due to Covid.
Palazzi emphasises how blockchain technology (which underpins the ChainOn system for everything related to the management of SmartContracts signed between sponsors and sellers), provides advantages for both users and organisers, guaranteeing that everyone does not lose an already purchased ticket: on the one hand, the buyer has the possibility of being able to reuse the acquired credit by converting it for another event, or for the purchase of merchandising items, or for exclusive services offered by the club. All this, without effective devaluation because the ‘tokens are a liquid, spendable asset that could always be used, without any risk of depreciation, like the classic voucher,’ Palazzi emphasises. For event organisers, on the other hand, the advantage lies in the opportunity to launch a spendable medium not subject to issuing constraints with a huge growth potential: aspects that would then guarantee the possibility, among other things, to undertake marketing and engagement campaigns, designing exclusive experiences and thus increasing interest in clubs.

Blockchain technology is now increasingly becoming part of every person’s daily life. This targeted intervention on the part of Formula 1, is a true forerunner (it has to be said) for a new and ever wider use of the technology.

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