From NFTs and fan tokens to multi-year partnerships, the crypto community continues to support the F1 landscape in numerous ways.
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Crypto has taken over the world, and Formula 1 was no exception to the disruption. From nonfungible tokens (NFTs) and fan tokens to multi-year partnerships, the crypto community continues to support the F1 landscape in numerous ways.
Monaco Grand Prix 2022 saw F1’s fastest pit crew, Oracle Red Bull Racing (ORBR), partner with crypto exchange Bybit to launch ORBR’s 2022 NFT collection — minted on the Tezos blockchain. The limited-edition NFT collection is made available via an auction, wherein bidders get to collect digital collectibles representing various aspects of Red Bull’s past, present and future.
Speaking to Cointelegraph editor-in-chief Kristina Cornèr, Bybit co-founder and CEO Ben Zhou said that F1 has a symbiotic relationship with crypto as the partnerships between the two industry pulls in young investors into the F1 fan base:
“Formula 1 is the challenger of the norm, and that really goes well with crypto. It’s a really huge synergy we see.”
Parallelly, Bybit premiered The Search for the Next Level, a film starring Red Bull drivers Max Verstappen and Sergio “Checo” Pérez — (spoiler alert) circled around the launch of the new RB18 car.
— BYBIT (@Bybit_Official) May 24, 2022
Aston Martin F1, too, signed a multi-year partnership deal with crypto exchange Crypto.com to explore fan engagement and investment initiatives. Crypto.com NFT marketplace continues to be the go-to place for Aston Martin NFT airdrops and limited-edition collectibles.
— Aston Martin Aramco Cognizant F1 Team (@AstonMartinF1) May 27, 2022
This year, crypto giant Binance partnered with Alpine F1 Team to issue NFT airdrops and collectibles. Taking fan engagement to the next level, Binance conducted an event on May 20, allowing one fan to experience the life of an Alpine F1 mechanic.
Looking forward to spotting #Binance at the #MiamiGP this weekend on the @AlpineF1Team cars. pic.twitter.com/BBEp1HBAYk
— CZ Binance (@cz_binance) May 7, 2022
Previously, Cointelegraph reported on the overall crypto-F1 partnerships as of March 2022.
A few prominent collaborations active during the Monaco Grand Prix 2022 are Ferrari and blockchain firm Velas, Mercedes and crypto exchange FTX, and Alfa Romeo and Shiba Inu- (SHIB)-inspired memecoin Floki Inu (FLOKI).
Related: Blockchain, crypto set to take sports industry beyond NFT collectibles
A recent study conducted by fintech giant Deloitte uncovered the potential of blockchain and cryptocurrencies, and how it can open up new markets and revenue opportunities for the sports industry:
“A nexus will form around sports collectibles, ticketing, betting, and gaming. We are just beginning to see its [cryptocurrency’s] potential, as well as the new markets it could lead to.”
The study also highlighted the possibility of new markets that allow “fractional ownership of season tickets and suites and a reinvention of the ticket resale process.”