Monday, September 25, 2023
HomeNFTNFT rides shotgun as Red Bull Racing closes out F1 season

NFT rides shotgun as Red Bull Racing closes out F1 season

Cryptocurrency and blockchain technology companies continue to make headlines in the world of Formula 1. Non-Fungible Token (NFT) To round out the 2022 calendar, mark the cars of Red Bull Racing.

Red Bull Racing dominated the F1 season and topped the Constructors’ standings, while Max Verstappen rounded out the Drivers’ standings for the second season in a row. As the 2022 race schedule in Abu Dhabi wraps up on 20 November, the team’s car will feature his NFT in livery in what has been described as a first in F1.

Red Bull Racing is one of the few crypto companies to sponsor a Formula 1 team, signing a deal with crypto exchange ByBit in February 2022. The exchange’s logo is NFT’s artwork, alongside the F1 character Ray of Thunder Azuki. Azuki collection inspired by anime.

The original Rei Azuki NFT is one of 10,000 NFTs in the collection. #8494 is currently listed on OpenSea and is valued at around 9 Wrapped Ether (wETH), or $11,100 at the time of writing.

Related: Merchandise and perfumes: Formula One trademark filing paves way for F1 NFT

Red Bull Racing’s Lei the Lightning Azuki is a limited edition #8494, minted on the Tezos blockchain and set to be available from ByBit’s NFT marketplace.

Red Bulls Racing Team Principal Christian Horner said in a statement that they are continuing to explore Web3 use cases through partnerships in the sports world.

“In many ways, we were blown away by the vast possibilities Web3 had to offer. is consistent with our spirit of

Formula 1 sports are big proponents of the cryptocurrency space. Signs Major Sponsorship Deal As official cryptocurrency and NFT partner in June 2021. Fan Token blockchain platform Chiliz also Partnering with a handful of F1 teams For the past two years.

McLaren became the first team to do a ‘livery takeover’ with main sponsor OKX in 2022. Cointelegraph conducted an exclusive interview with Australian driver Daniel Ricciardo. About the partnership at Token2049 Singapore in October 2022.

Formula 1 also submitted Number of trademark applications It suggests that in October 2022, the organization intends to take full control of intellectual property in the wider cryptocurrency space.