New Formula 1 Vegas deal replaces NFTs with NFCs
While the NFT hype cycle may have been well and truly spun, real-word use cases for authenticating ownership of digital and physical products continues – it’s just that nobody appears to be calling them ‘NFTs’ anymore.
Take Formula 1 trackside retailer V12 Trackside and Belgian-US verification platform AuthentifyIT, which has announced a partnership with helmet manufacturer Bell Racing to provide ‘digital passports’ for a limited-edition range of mini helmets to be sold at today’s F1 Las Vegas Grand Prix.
The partnership with F1 ensures each mini-helmet sold at the trackside is equipped with a Near-Field Communication (NFC) chip, which are typically used to enable two digital devices – like a phone and a payments terminal – to talk to each other.
According to Authentify, the NFC chip serves as an archive for the digital product passport, through which consumers can certify authenticity and ownership, by scanning it to associate their identity
The passport gives fans to access the product’s information, as well as exclusive content offered by the brand.
The line of limited-edition mini helmets was first offered during the Italian Grand Prix at Monza in September 2023 which, Authentify claims, sold out the first day.
According to V12 Trackside CEO Claude Améziane the extra features offered by AuthentifyIT’s technology “significantly enhance our offering to customers, adding a layer of authenticity and value that we’re confident will resonate strongly with F1 fans.”
While sports brands may not be using the NFT acronym anymore, which have become too closely associated with the ailing crypto market, the market for digital memorabilia remains solid, with one study estimating that it may be worth around $227bn by 2032.
AuthentifyIT Co-Founder Olivier Viaud claimed that his company’s technology is helping deliver exclusive content for fans at the Nevada event.
“We’re especially pleased to be teaming up with Formula 1’s official retail partners to deliver a major innovation in the realm of branding and merchandise,” Viaud said.
“AuthentifyIT’s platform enables producers and retailers to increase the value of all their products by capturing first-party data, which enables brands to create new services and products through seamless experiences. In this case, we have an exclusive partnership with the photographers to generate exclusive content for fans,” he added.
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