NFT Tickets Zoom into F1 Scene

Ever wished your F1 ticket came with extra perks or maybe, just maybe, never expired? Well, Platinium Group, the pit crew chief of F1 ticketing, is about to turbocharge your race day experience. They’re flagging off a revolutionary concept – NFT race tickets, and they’re debuting on the biggest stage of them all, the Monaco Grand Prix. So, strap in and hold on to your helmets because we’re about to go from 0 to 100 real quick! 🏎️💨

Strap in folks, because Platinium Group is about to do a victory lap in the world of F1 ticketing. They’re bringing non-fungible token (NFT) tickets to the starting line, and their first pit stop? The iconic Monaco Grand Prix. To make this happen, they’re in cahoots with blockchain gurus Elemint and the Web3 wizards at Bary. Minted on the Ethereum sidechain Polygon, these NFT tickets are going to be your VIP pass to not just the race, but a load of other perks down the line, like hospitality benefits and future race discounts. Talk about a pit stop that keeps giving!

Elie Zerbib, the co-founder of Bary, is confident that this new ticketing experience will get your engines revving. Why? Because it’s transparent, traceable, personalized, and comes with a side of engagement. For F1 fans scattered across the globe, this is a game-changer. Zerbib says, “By providing a completely seamless experience on the main website, the user doesn’t need to have any Web3 knowledge to purchase the NFT ticket.” The aim? To put you in the driver’s seat of your F1 experience.

Crypto Joins the F1 Sponsorships Fast Lane

As the adage goes, “where there’s smoke, there’s fire.” In the world of F1, when one brand dips its toes into the waters of sponsorship, others tend to follow in a lemming-like manner. This pattern has played out time and again, with industries such as tech startups, liquor brands, and financial institutions all jumping on the F1 sponsorship bandwagon. When Bitburger, a beer label, sponsored Benetton, it wasn’t long before its market competitors Veltins and Warsteiner were plastered on the sides of Williams and McLarens. The same happened with HSBC, RBS, Credit Suisse, and Santander, and again with Dell, HP, and Lenovo.

Read also: NFT Game F1 Delta Force Shuts Down Following License Renewal Fiasco

Fast-forward to today, and the latest entrant to the F1 sponsorship game is the world of blockchain, cryptocurrencies, and non-fungible tokens (NFTs). A number of teams now sport the logos of at least one such platform. The last of the major teams to embrace this trend last year was Ferrari, which has replaced PMI’s ‘space’ with the logos of blockchain platform Velas.

But it’s not just Ferrari that’s been bitten by the crypto bug. Red Bull, not to be outdone, has inked a deal with Bybit reportedly worth $150 million over the next three seasons, complementing their existing NFT sponsor Tezos, who also sponsored McLaren in 2022. Mercedes partnered with the FTX before the crash, while Aston Martin enjoyed the backing of Crypto.com – a corporate sponsor of F1 and the naming rights holder to F1’s Sprint races, in a deal that echoes Marlboro’s dual F1 and team partnerships.

When the crypto market started to skid in late 2022, several Formula 1 teams were quick to pump the brakes on their crypto sponsorship deals. In a pitstop-like maneuver in mid-November, the Mercedes F1 team hit the pause button on an estimated $27 million partnership deal with the beleaguered FTX exchange.

Additionally, Ferrari, in a sudden pit-lane exit, put an abrupt halt to its long-term arrangement with Swiss blockchain firm Velas in January. Alfa Romeo, too, waved the checkered flag at its sponsor, Vauld, in the wake of the crypto lender’s kerfuffles last year.

Read also: NFTs are the next big thing in sports, says PwC

The crypto sponsorship roadshow faced further speed bumps as Singapore, in September, red-flagged crypto advertising around the track, although it allowed the logos to continue to adorn the cars. Other countries, including France, also waved the yellow flag at trackside crypto commercials last year, forcing some teams to peel off the logos.

Nevertheless, not all sponsorship deals have been thrown off track. The Aston Martin team has kept its crypto sponsors, Crypto.com and Socios, in the race. Binance continues to ride shotgun with the Alpine team, and OKX and Tezos still share the cockpit with McLaren Racing, according to pit lane chatter earlier this month.

In the meantime, the Red Bull racing team has kept its crypto sponsor Bybit on the grid, and OpenSea continues to navigate the circuit with Haas. Despite the bumps and bends, it seems some in the F1 world are still willing to ride the crypto wave.

The Future of F1: Crypto At the Wheel?

As we speed down the crypto circuit, one has to wonder: could crypto become the supercharged engine powering the future of F1?

Imagine this: a world where the roar of the engines is matched by the digital hum of blockchain. Where pit crew strategies are decided by decentralized voting and where fans trade NFT collectibles of their favorite heart-stopping moments from each Grand Prix. Instead of popping champagne, winners could be rewarded with freshly minted tokens on the podium!

Crypto could turn the sponsorship game into a veritable Grand Prix of its own. Racing teams could tokenize their assets, allowing fans to buy a piece of the action and earn a slice of the prize money. Imagine having a stake in your favorite racer’s victory – that’s a victory lap you’d want to be part of!

Moreover, imagine the merch! From VR experiences to digital memorabilia, the fan experience could be transformed by blockchain tech. Picture a virtual garage tour or an NFT of a legendary overtake – all owned by you.

But let’s not forget the bumpers – or, in this case, the potential speed bumps. Regulation, market volatility, and public perception could all throw a wrench in the gears. Like a daring overtake on the last lap, crypto’s F1 journey could be a thrilling, unpredictable ride.

So, as we rev our engines on the starting grid, remember: in the world of F1, the only constant is speed – whether we’re talking MPH or blockchain transactions. In the rearview mirror, the past. On the horizon, a crypto-fueled future. Strap in, folks – it might be one hell of a ride! 

Cover image was taken from Unsplash