The organizers of the 2023 Zandvoort Grand Prix in the Netherlands are offering non-fungible tokens (NFTs), or “digital collectibles,” to all attendees of the August 25-27 Formula One racing event.
However, with the wider NFT market struggling, and perceptions of them low, the organizers have conspicuously chosen to avoid the actual term “NFT.”
The Organizers Ditch the Term “NFT”
Each collectible will contain unique coordinates representing a section of the Zandvoort racetrack along with a visual design showcasing the track.
Additionally, 75 attendees will receive a special 1/1 edition collectible commemorating the 75th anniversary of the Zandvoort circuit. The Dutch GP has partnered with GET Protocol on the NFTs.
The Dutch Grand Prix was first held in 1950. Source: Formula 1.
The Organizers Choose New Nomenclature
All ticket holders can access a collectible by logging into the Dutch Grand Prix app, with the process automated behind-the-scenes via blockchain technology. Ticket holders do not need any prior blockchain knowledge or need to set up a separate wallet.
According to the organizers, the collectibles will be updated throughout the race weekend to highlight different aspects of the track and show.
It’s also worth noting that the Zandvoort Grand Prix has avoided using the technical term NFT and instead opted for “digital collectible.” A choice that Reddit and other big names have also made.
This is an increasingly common shift in the industry. Especially since marketers have realized how poor the perception of NFTs is among the general public.
In a Variety magazine survey last year, perceptions of NFTs were lowest among those who didn’t own them, which includes most people. The survey also found perceptions had plummeted since the “crypto winter” took hold.
The growing interchangeability between digital collectibles and NFTs is a problem for many in the industry who say it is reductive and the two are distinct concepts. Digital collectibles are just one use case of NFTs, whereas the technology itself is far more broad.
Still wondering what an NFT is? Look no further: NFTs Explained: What Are Non-fungible Tokens and How Do They Work?
Most Big NFT Collections See Their Floor Price Drop
While the NFT market more generally is struggling, brands are still leveraging the technology to improve the fan experience. But that hasn’t stopped NFT floor prices from crashing as the crypto winter fails to thaw, at least for NFTs.
According to nftfloorprice.com, all but two of the top ten NFT collections by market cap are down over 90 days.
Bored Ape Yacht Club, the most famous NFT collection, is down approximately 49%. Pudgy Penguins is down 20% and DeGods is down approximately 59% over the same 90-day period.
As the speculative value of many NFTs has dwindled, the industry is pivoting to more innovative use cases. Earlier this year, an Argentinian airline Flybondi began issuing every ticket as an NFT. In these cases, issuing non-fungible tokens is less about speculative trading, and more about making tickets more flexible and resellable.
BeInCrypto reached out to the GET Protocol and the Zandvoort Grand Prix for comment, but did not receive a reply by press time.
