F1 Monaco has been known to introduce new products and services into the sporting world and this time around NFTs have come introduced by Red Bull. Blockchain technologies continue revolutionizing different sectors, industries, and events, across the entire world. From non-fungible token (NFTs) to multi-year sponsorship partnerships, the crypto community continues leveraging the new technology to support the historic Formula One (F1) automobile racing landscape.
On May 30, 2022, Oracle Red Bull Racing, the fastest racing crew in the Monaco Grand Prix 2022, announced a successful partnership with crypto exchange “Bybit” to launch new non-fungible tokens (NFTs) collections on the Tezos blockchain.
The newly launched limited-edition NFTs collections are available via live auction, with successful bidders now expected to collect tokenized assets representing various aspects of Red Bull’s past, present, and future.
Launched in the 1950s, Formula One (F1) is the highest class of international racing tournament for open-wheel sanctioned by the Fédération Internationale de l’Automobile (FIA). The annual racing tournament brings together high-profile automobile drivers from across the globe.
While commenting about the new partnership in an exclusive short interview, Ben Zhou, the co-founder and CEO of crypto exchange ‘Bybit,’ described the new partnership with Red Bull as a symbiotic relationship, asserting that the new integration will attract more 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.”
Red Bull Racing Team Joins Others In NFT Market
According to crypto exchange Bybit, the new NFTs depict a short film showcasing Red Bull drivers Max Verstappen and Sergio “Checo” Pérez circled the launch of the RB18 automobile racing car.
Aston Martin, the iconic luxury British sports car manufacturer in F1, signed a multi-year partnership with crypto exchange Crypto.com to explore fan engagement and investment initiatives. Crypto.com is now the go-to marketplace for Aston Martin NFTs airdrops and limited-edition collectibles.
Earlier this year, crypto giant Binance partnered with Alpine F1Team to successfully unleash new NFTs. On May 20, Binance conducted an airdrop event to take fan engagement to the next level, allowing fans to experience the life of an Alpine F1 mechanic.
Other prominent crypto-F1 partnerships during the Monaco Grand Prix 2022 include Ferrari with blockchain firm Velas, Mercedes with crypto exchange FTX, and Alfa Romeo with Shiba Inu (SHIB) and inspired meme coin Floki Inu (FLOKI).
Fintech giant Deloitte recently conducted a research that revealed the potential of blockchain and cryptocurrencies and how they can open up new market and revenue opportunities for the sport:
“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.”
Deloitte’s recent research also highlighted the potential possibility of new market opportunities, including “fractional ownership of season tickets and suites and a reinvention of the ticket resale process.”
With more brands and people coming into the NFT space, the industry is expected to thrive in the long term.
