Platinium Group, the leading ticket provider for Grand Prix events, has partnered with an NFT marketplace, Elemint, and a Web3 company, Bary, to release a new NFT ticketing platform on Polygon. The platform was announced at this weekend's Formula 1 event in Monaco.
Tickets for the Monaco Grand Prix, which started on Friday, May 26, are being minted on Polygon's Ethereum Sidechain, which allows for fast processing speeds and high throughput. Urvit Goel, Head of Global Business Development at Polygon Labs, emphasized that using the Ethereum platform improves the authenticity of tickets, reduces the likelihood of counterfeits, and gives fans a digital memento that they can keep forever.
The ticketing platform combines the robust security of Ethereum with the tamper-proof uniqueness of NFTs to enhance the authenticity of tickets, prevent counterfeiting, and provide fans with lasting digital souvenirs.
In response to this deal, MATIC prices rose to as high as $0.97 on May 26. While prices have since fallen, the upward momentum remains, and the token appears to have hit the bottom.
Whether this event will lead to further gains in the coming sessions remains to be seen. However, the rise that lifted MATIC above key resistance levels on May 26 may lay the foundation for another rally in the future.
Aside from the price action, the release of the new ticketing platform on Polygon is significant for providing new applications for NFTs.
Bertrand Labays, Chief Operating Officer of Platinum Group, said that integrating blockchain into their operations was "essential" and that NFTs would play a role in sports.
In the past year, NFT trading volumes decreased after asset prices fell sharply. While MATIC recovered in the first quarter of 2023, the gains in the second quarter were not strong. However, the platform positions itself as a destination for minting NFTs.
In particular, users see the low fees and high scalability of Polygon as an advantage. Additionally, Polygon's EVM compatibility means that issuers can transfer their assets there from Ethereum.
However, it remains to be seen whether Platinum's recent announcement will generate more interest.
Recently, Formula 1 also partnered with Tezos, a self-amending Layer-1 blockchain, to bring a new NFT ticketing system to the market. With this agreement, Formula 1 fans could easily buy tickets that exist as NFTs and are permanently stored on Polygon's competitor, Ethereum.
Additionally, the NFL Players Association (NFLPA) and Chiliz have created a new NFT ticketing platform on Socios.com, where NFL fans can buy tickets.
-Selected image from Canva, chart from TradingView
