Platinium Group, a leader in ticket provision for Grand Prix events, has teamed up with NFT marketplace Elemint, and web3 company Bary, to launch a new NFT ticketing system using Polygon, an Ethereum sidechain that enables fast processing speeds and high throughput. The new system was made available at the Formula 1 race in Monaco, which commenced on May 26th. The benefit of using Ethereum’s NFT technology and Polygon’s security is that it enhances ticket authenticity, minimizes the risk of counterfeit tickets and gives fans a permanent digital memento. Polygon Labs’ Head of Global Business Development, Urvit Goel, emphasized that this combination provides robust security and forge-proof uniqueness to improve ticket authenticity and prevent counterfeiting.
As a response to this collaboration, the price of MATIC rallied to an all-time high of $0.97 on May 26th and has since retraced. However, the token shows positive upward momentum, and the spike that lifted MATIC above key resistance levels on May 26th may be the foundation for another rally. Nevertheless, MATIC is down 40% from its high in February 2023 and remains under pressure compared to other assets, including BTC.
The new ticketing platform on Polygon has given NFTs a new use case, especially after a notable contraction in 2022. Bertrand Labays, Platinum Group’s Chief Operating Officer, has expressed that blockchain’s integration into their operations is essential and has envisioned NFTs playing a significant role in sports.
Polygon is positioning itself as the leading platform for minting NFTs due to its low fees, high scalability, and EVM compatibility, which allows issuers to migrate their assets to Ethereum easily. Given the recent announcement from Platinum, interest in Polygon’s platform is likely to increase.
In recent times, Formula 1 also partnered with Tezos, a self-amending layer-1 blockchain, to launch an NFT ticketing system. Formula 1 fans can easily purchase tickets that exist as NFTs and are stored permanently on Tezos’ Polygon and Ethereum competitor. Additionally, the NFL Players Association (NFLPA) joined hands with Chiliz to create a new NFT ticketing platform, Socios.com, for NFL fans to purchase tickets.
In summary, the collaboration between Platinium Group, Elemint, and Bary to launch a new NFT ticketing system using Polygon has brought authenticity, security, and lasting digital mementos to the ticketing industry. Polygon’s enhanced features and low fees make it an attractive Minting platform for NFTs while preserving the integrity of the ticketing system. As NFTs continue to rise in popularity and find new use cases, Polygon’s future as a leading NFT platform seems bright.