NFTs and cryptos are rapidly revolutionizing the entire world. The crypto community is renowned for focusing on decentralization and globalization. In that case, it is not a surprise that now several crypto companies are leading in sponsoring racing teams ahead of the highly anticipated Formula 1 (F1) racing season, intending to increase audiences across the world.
According to Nielsen Sport’s research, a global analytic company, Formula 1 racing for this year has the potential to attract more than one billion fans, with 16 to 35 age groups accounting for the lion’s share.
With demand for F1 now on the rise, crypto companies have jumped on board to prove their presence. Crypto firms are currently sponsoring 8 out of 10 Formula 1 teams for the 2022 season.
NFTs Eyes Formula 1 Sponsorships To Gain Traction
Just like many crypto companies have been attracted to offering F1 sponsorships from a marketing perspective, the rapidly rising crypto evolution non-fungible tokens (NFTs) space are presenting new opportunities for organizations involved with Formula 1.
Recently, Deloitte Global predicted that in 2022 alone, sport NFTs would generate more than $2 billion in transactions, doubling the volume recorded in 2021. Moreover, the study also projects that in 2022, roughly five million sports fans around the world would own an NFT collectible.
Fortunately, many crypto and blockchain companies sponsoring Formula 1 have started unleashing NFTs ahead of highly thrilling and expected racing sport. Earlier this week, crypto firm Fantom announced that it would sponsor the Brazilian-American Formula 1 racing drivers Pietro and Enzo Fittipaldi.
According to Fantom spokesperson Kong, the two drivers will showcase Fantom imagery on their race suits and helmet throughout the F1 2022 season. As part of the agreement, the two drivers will introduce their first-ever NFT series on the Fantom network:
“Both Pietro and Enzo have demonstrated a strong interest in emerging technologies. These NFTs will deliver unprecedented access to fans, allowing them to engage with the popular athletes through a new medium.”
While commenting about the sponsorship deal, Pietro Fittipaldi stated that he and his brother have decided to launch an NFT series with Fantom due to their past exposure in the crypto world:
“We wanted to be able to share some of our most exclusive items with our fans and the people who support us through the NFT community. We have always been very active on the digital side of things. My brother and I won the first F1 virtual world championship, so to be able to do something else digitally through NFTs made a lot of sense.”
Fittipaldi further explained that Rich, the Brazilian artist renowned for his graffiti artwork, will design these NFT collectibles:
“These art pieces will then be digitized into unique NFTs that offer access to exclusive F1 championships, along with access to my indy 500 Formula 1 helmet and virtual mini-world championship replica helmet.”
Before summarizing, Kong clarified that NFT agency Infinity NFT would support the Fittipaldi Brother sale, offering four NFT categories. Each offer will vary in the level of direct management.
Elsewhere, Terrenus has announced that its NFT arm Bybit will serve as the primary marketplace for the NFTs collectibles for the Oracle Red Bull Racing team. Although Terrenus launched the NFT marketplace earlier this year, it believes that the platform has already amassed enough support from the community.
According to Terrenus, Bybit will also issue fan tokens for the Oracle Red Bull Racing team. These fan tokens will amplify the community’s voice in the team’s decision-making processes.
5 comments