The value of the crypto sector does not escape anyone. After a successful first 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 marks one more step in NFTs
The crypto markets continue to surprise traders. After going through a dark period, cryptos rose again before falling again. Even if currently the indicators are green, not everything is going well. However, the highest class in 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 has registered two trademarks related to cryptocurrencies and NFTs. According to a tweet from Mike Kondoudis, Formula 1 intends to offer virtual goods.
Among others, sports equipment, virtual clothes, souvenirs, jewelry, headphones, digital art and many others. This contest 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 driving through the center of the resort, drivers will be able to reach a maximum speed of more than 340 km/h. However, it is not the features of this race that push the car racing giant to enter the crypto sector.
When the crypto sector undeniably attracts…
The two registered trademarks of Formula 1 are the result of a test that worked quite well. Indeed, the car racing giant is not new to the sector. In 2021, the highest class in motor racing collaborated with the exchange platform Crypto.Com . The latter has acted as a global partner.
Meanwhile, other exchanges such as FTX and Bybit have teamed up with some successful brands. After becoming the first sponsor of the new Formula 1 Sprint series for 2021, the two sides signed an agreement again at the beginning of 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, both trading platforms have also joined forces with Formula 1. The first with the Mercedes team to display its logo on its race cars. And the second did the same with the Red Bull team.
Formula 1 intends to deepen its relationship with the NFT market and the crypto sector. In addition to the two registered trademarks, it also offers other services. Among others, a carbon offset, 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 digest of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss anything essential Cointribune!
The world is changing and adaptation is the best weapon to survive in this undulating universe. Crypto community manager at the core, I am interested in everything related directly or indirectly to the blockchain and its derivatives. In order to share my experience and make known a field that I am passionate about, there is nothing better than writing informative and casual articles at the same time.