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Formula 1’s NFTs: A New Era In Ticketing And Digital Technology

 |  September 11, 2023

By:   (DLA Piper)

Platinum Group, the leading ticket operator in the Formula 1 world, made a groundbreaking move within the auto-racing industry when they introduced NFT ticketing for their upcoming events. This innovative approach commenced with the Monaco Grand Prix earlier this summer, aligning with the recent trend in various industries and companies exploring opportunities within the realm of digital technology.

But what exactly are NFT tickets?

NFTs, or Non-Fungible Tokens, are distinct digital assets securely stored on the blockchain. When a customer purchases a ticket online, it triggers a smart contract that digitally delivers the NFT ticket to the customer. In cases where the smart contract allows for resale, these NFT tickets can also be listed on an NFT marketplace.

Embracing these new possibilities and addressing potential concerns, companies engaging with NFT providers have highlighted several advantages associated with digital tokens. NFT tickets are positioned as a more secure alternative to traditional online tickets due to their easily verifiable authenticity. The entire ownership history of NFT tickets is recorded on the blockchain. If resale is restricted, the ticket can be designed as non-transferable, greatly reducing the risk of duplication or counterfeiting. Consequently, the legitimacy of NFT tickets can be effortlessly verified through their online transaction history.