The competition, with the highest class of international racing for open wheelers, recently registered its crypto and non-fungible tokens (NFT) trademarks and prepares to unveil them and crypto blockchain-related products in November 2023 before a 50-lap Grand Prix in Las Vegas.
Formula One To Release Its NFTs And Crypto Products in Las Vegas
While the event is still fifteen months away, the board responsible for organizing the game has now concluded to sign two brands; the one will be about cryptocurrency while the other will concern non-fungible tokens. According to formula 1, they hope to show off their virtual goods to the world throughout the November event.
The filing revealed that for the NFT-based products, formula 1 plans to distribute items such as headphones, souvenirs, lanyards, key rings, sports equipment, clothing, digital arts, sculptures, jewelry, and many more in the form of virtual products. However, as for cryptocurrency, it expects to render exchange services for cryptocurrency and currency pairs. Also, provide CO2 compensation. A lot of deals are being closed to get the wheels off this thing running.
Right in the middle of the city of Las Vegas will be the venue for the event. People from all over the world will grace the competition with their presence. The street race will be in conjunction with the neon-soaked strip covered by sophisticated hotels and restaurants, including a collection of attractions.
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It is worth knowing that in May, formula 1 purchased thirty-nine acres of land in the middle of Sin City to build the racing pit, including the paddock complex.
Formula One Team Obtain Sponsorship From Crypto Blockchain Projects
Reports are going around that most formula one team members are getting sponsorship from either blockchain developers or cryptocurrency exchanges. This move is another strategy to expand the scope of cryptocurrency, NFTs, and blockchain projects for further adoption.
Toward the end of last year, a blockchain firm, Velas Network AG, declared sponsorship of Ferrari in F1. Also, FTX Exchange says it will sponsor Mercedes during Formula 1 event. Additionally, Fandom Exchange announced its partnership with Brazilian-American racing drivers Enzo and Pietro in March.
Parties under sponsorship will be required to display images, logos, and other trademarks on their tracksuits, cars, helmets, e.t.c., to advertise their sponsors during the event.
Many have questioned why NFTs keep taking the spotlight despite their market falling apart. Fittipaldi responded by stating his belief that the utility behind the tokens would soon show itself. He went further to say that when people see it, they’ll have no choice but to accept it. Also, he mentioned that access to the F1 championship would soon require NFTs.
As NFTs and cryptocurrency continue gaining traction, it will benefit the marketplaces for these assets in general. More adoption means more growth for the project and its ability to survive the long haul.
In other news, McLaren, a British racing team, entered a partnership with Tezoz blockchain in June.