Monaco, NFTs, And Formula 1: Reasons Polygon Is Bullish
2023年5月28日 - 8:00PM
NEWSBTC
Platinium Group, the premier ticket provider for Grand Prix events,
has joined forces with an NFT marketplace, Elemint; and a web3
company, Bary, to release a new NFT ticketing system on Polygon
that debuted this weekend at the Formula 1 event in Monaco. Tickets
for the Monaco Grand Prix, which is ongoing and started on Friday,
May 26, are being minted on Polygon, the Ethereum sidechain that
enables fast processing speeds and high throughput. Polygon Labs’
head of global business development, Urvit Goel, emphasized that
the platform’s use of Ethereum’s robust security and NFTs’
unfalsifiable uniqueness improves ticket authenticity, reduces the
likelihood of counterfeiting, and gives fans a digital memento they
can keep forever. The ticketing platform combines the robust
security of Ethereum with the forge-proof uniqueness of NFTs to
enhance ticket authenticity and prevent counterfeiting while
providing fans with lasting digital mementos. Polygon Rally In
response to this deal, MATIC prices rallied on May 26, soaring to
as high as $0.97. Even though prices have since retracted, the
upswing momentum remains and the token appears to be bottoming up.
Related Reading: Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet
Price Continues To Struggle In Red Whether this event will trigger
more gains in the sessions ahead is yet to be seen. However, the
spike that lifted MATIC above key resistance levels on May 26 may
be the foundation for another rally going forward. Currently, MATIC
is down 40% from February 2023 highs and remains under pressure,
trailing other assets, including BTC. Besides price action, the
release of the new ticketing platform on Polygon is when NFTs are
finding new uses after a concerning contraction in 2022. Bertrand
Labays, Platinum Group’s Chief Operating Officer, said the
integration of blockchain in their operations is “imperative” and
that NFTs would play a role in sports. NFT’s Rising Popularity Last
year, NFTs trading volumes contracted, following the sharp
retracement of asset prices. While MATIC recovered in Q1 2023,
gains have not been strong in Q2 2023. However, the platform is
positioning itself as a go-to portal for minting NFTs.
Specifically, users are finding Polygon’s low-fees and high
scalability an advantage. Besides, Polygon’s EVM compatibility
means issuers can move their assets to Ethereum. Still, whether the
recent announcement from Platinum will draw more interest remains
to be seen. Related Reading: Sui (SUI) Continues Downward Trend As
Bears Maintain Control 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 would easily
purchase tickets that exist as NFTs and stored permanently on the
Polygon and Ethereum competitor. Beyond that, the NFL Players
Association (NFLPA) joined hands 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
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