Platinium Group, the leading ticket provider for Grand Prix events, has joined forces with an NFT market, Elemint; and a web3 company, Bary, which will release Polygon’s new NFT ticketing system that debuted this week at the Formula 1 event in Monaco.
Tickets for the Monaco Grand Prix, which continues and starts on Friday, May 26, are produced by Polygon, the Ethereum sidechain that enables fast processing speeds and high throughput.
Polygon Labs’ head of global business development, Urvit Goel, highlighted that using Ethereum’s strong security platform and the unfathomable uniqueness of NFTs will improve ticket authenticity, reduce the likelihood of counterfeiting, and give fans a digital memento they can keep forever.
The ticketing platform combines the strong security of Ethereum with the forge-proof uniqueness of NFTs to enhance ticket authenticity and prevent counterfeiting while providing fans with lasting digital memories.
Polygon Rally
In response to this deal, MATIC prices rallied on May 26, rising to $0.97. Even though prices are coming off a pullback, the upward momentum remains and the sign appears to be bearish.
Whether this event will trigger more gains in future sessions is yet to be seen. However, the spike that lifted MATIC to the upper resistance level on May 26 could be the foundation for another rally ahead.
Currently, MATIC is down 40% from its February 2023 high and remains under pressure, trailing other assets, including BTC.
Apart from the price action, the release of Polygon’s new ticketing platform when NFTs find new uses after a portion of the decline in 2022.
Bertrand Labays, the Chief Operating Officer of Platinum Group, said that the integration of blockchain in their operations is “necessary” and that NFTs have a role in sports.
Increasing Popularity of NFT
Last year, NFTs trading volumes contracted, following a sharp retreat in asset prices. While MATIC recovered in Q1 2023, the gains were not strong in Q2 2023. However, the platform positioned itself as a go-to portal for the creation of NFTs.
Specifically, users find Polygon’s low fees and high scalability an advantage. In addition, Polygon’s EVM compatibility means that issuers can transfer their holdings to Ethereum.
However, whether the recent announcement from Platinum will attract more interest remains to be seen.
Recently, Formula 1 also partnered with Tezos, a self-amending layer-1 blockchain, to launch a new NFT ticketing system. In this arrangement, Formula 1 fans can easily buy tickets that exist as NFTs and are permanently stored by the competitor Polygon and Ethereum.
On top of that, the NFL Players Association (NFLPA) has partnered with Chiliz to create a new NFT ticketing platform on Socios.com for NFL fans to purchase tickets.
-Featured Image From Canva, Chart from TradingView
