Formula One will start accepting NFT tickets

"Formula One will start accepting NFT tickets
"Formula One will begin accepting NFT tickets
Digital tokens can be used to attend races starting with the Monaco Grand Prix on May 28

Formula One race ticket provider Platinum Group has introduced tickets in the form of NFTs, CoinDesk writes. The first event to which they will be available is the Monaco Grand Prix, taking place on May 28.

The tokens will be issued on the Polygon blockchain. In addition to admission to the event, NFT tickets will give holders various bonuses, such as discounts for future races or participation in parties.

For sports fans, ease of entry is the most important principle, said Eli Zerbib, co-founder of Bary, the Web3 company involved in creating the tokens. NFT tokens provide just that simplicity, he said; they offer transparency, traceability, easy purchase, personalization, and great audience engagement, which the company itself already needs.

The use of blockchain technology in sports already goes beyond selling event tickets or issuing fan tokens and NFT collections.

For example, at the end of May, sports competitions in Russia were summarized electronically using blockchain technology for the first time. At the triathlon competitions in Almetyevsk, sports judges tested the possibility to save the final protocol of the competitions on a blockchain platform and distribute the results to the participants.

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