The value of the crypto sector escapes no one. After a first successful experience last year, Formula 1 intends to repeat the experience and dive deeper into the cryptosphere with two brands related to NFTs and cryptocurrencies.
Formula 1 takes another step in NFTs
Crypto markets continue to surprise traders. After going through a dark period, cryptos rose before falling again. Even if the indicators are currently green, not everything is going well. However, the highest class of motor racing does not see things from the same angle.
Indeed, Formula 1 has decided to strengthen its presence in the sector. For the Las Vegas Grand Prix scheduled for November 2023, it filed two trademarks related to cryptocurrencies and NFTs. According to a tweet of Mike Kondoudis, Formula 1 intends to offer virtual goods.
Among other things, sports equipment, virtual clothing, souvenirs, jewelry, headphones, digital art and many more. This competition will undoubtedly be memorable since it has a particularity. Indeed, it will be one of the few events to take place at night.
In addition to crossing the center of the seaside resort, drivers will be able to reach a maximum speed of more than 340 km/h. However, it is not the characteristics of this race that push the motor racing giant to enter the crypto sector.
When the crypto sector undeniably attracts…
The two trademarks of Formula 1 are the result of a trial that worked rather well. Indeed, the auto racing giant is not new to the sector. In 2021, the highest class of car racing collaborated with the Crypto.Com exchange platform. The latter acted as a global partner.
Meanwhile, other exchanges such as FTX and Bybit have partnered with some successful brands. After becoming the first sponsor of Formula 1’s new Sprint series for 2021, the two parties re-signed an agreement earlier this year.
Thus, the crypto exchange platform becomes the official partner of the Miami Grand Prix. However, FTX and Bybit are not left out. Indeed, the two trading platforms have also partnered with Formula 1. The first with the Mercedes team to display its logo on its racing cars. And the second did the same with the Red Bull team.
Formula 1 has every intention of deepening its relationship with the NFT market and the crypto sector. In addition to the two registered trademarks, it also offers other services. Among other things, carbon offsetting, crypto exchange services as well as a currency trading offer. The initiative is expected to go live before the Las Vegas Grand Prix next year.
Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Tremplin.io!