As per an official statement, the tickets are set to be minted on the Ethereum sidechain Polygon, and will not just grant entry to the race but will also offer long-term benefits to the holders, including hospitality perks and discounts on future races, with the aim of fostering brand loyalty among collectors.
According to Elie Zerbib, one of the Co-Founders of Bary, NFT tickets offer purchasers transparency, traceability, personalized engagement, and streamlined digital ticketing, which are all highly desirable features. Nevertheless, given the global appeal of the sport, straightforward onboarding is an indispensable principle.
Zerbib stated that through delivering a wholly effortless experience on the primary website, purchasers are not required to possess any knowledge of Web3 to acquire the NFT ticket. He further added that they aim to enlighten users on the advantages of this novel ticketing method and guide them on a journey that will transform their Formula 1 experience.
Element CEO, Jacques-Henri Eyraud, stated in a press release that blockchain technology in event ticketing will have broader applications in the sports and entertainment industry.
Eyraud remarked that Web3 technologies facilitate the creation of ticketing solutions that are better suited to the unique requirements of each event, thereby enhancing security and personalization, and making the experience more enjoyable for fans across a range of sporting events.
As per Zerbib, specific NFT holders may receive invitations to the most elite party during the Monaco Grand Prix. Over the last two years, various cryptocurrency companies have sought sponsorship agreements with Formula 1, owing to the sport’s potential to offer exposure to the burgeoning industry. Notably, in June 2021, Crypto.com entered into a partnership with Formula 1 to showcase its branding on the track for the remainder of the season, while in March, Kraken, the digital asset brokerage, inked a sponsorship deal with the Williams Racing team.
