Crypto continues to revolutionize F1 and supports the community with NFTs and multi-year partnerships.
During F1 Monaco Grand Prix 2022, the racing team dubbed Oracle Red Bull Racing (ORBR) shook hands with crypto exchange platform Bybit. The partnership dictates that ORBR’s 2022 non-fungible tokens collection will be minted on the Tezos blockchain and that the NFTs will be available through an auction that will provide participants a way to collect digital collectibles that demonstrate Red Bull’s past, present, and future.
Bybit is a crypto trading platform founded in 2018 that provides crypto traders with an ultra-fast matching engine, high-quality customer service, and multilingual community support. In addition, the business offers cutting-edge online spot and derivatives trading services, as well as mining and staking solutions.
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Ben Zhou, CEO, and co-founder of Bybit, stated that F1 and crypto have a close relationship as both industries can benefit from the collaboration since it attracts new investors into the F1 fan base. He added:
“Formula 1 is the challenger of the norm, and that really goes well with crypto. It’s a really huge synergy we see.”
During the Monaco GP 2022, notable partnerships also include Ferrari with blockchain startup Velas, Mercedes and Bahamian cryptocurrency exchange FTX, and Alfa Romeo and a meme-themed coin inspired by Shiba Inu dubbed Floki Inu (FLOKI).
Moreover, the Aston Martin F1 team has struck a multi-year cooperation agreement with Singapore-based cryptocurrency wallet and exchange Crypto.com to investigate fan interaction and investment opportunities. Aston Martin non-fungible token airdrops and limited-edition collectibles remain accessible through the NFT marketplace on Crypto.com.
On top of that, the world's leading crypto exchange platform in terms of daily trading volume of cryptocurrencies Binance also signed a partnership with the Alpine Formula 1 team to distribute collectibles and NFT airdrops.
Back in February, Bybit joined forces with Oracle Red Bull for a $150 multi-year deal in order to increase the brand’s awareness, and increase engagement with fans via NFTs and tokens.
In other news related to sports, back in February, Tezos blockchain announced that it would partner up with Manchester United FC and signed a multi-year deal, providing the football club with 20 million pounds per year.
