SNEAK PEEK
- Red Bull Racing is set to end the Formula 1 season with a non-fungible token embellished on vehicles of both drivers.
- Both Max Verstappen and Sergio Perez will have Lei the Lightning Azuki NFT, riding shotgun to compete and win the final race.
- For the very first time, a major NFT is going to be displayed on a Formula 1 race car as well as enter a race.
Blockchain and cryptocurrency companies are being featured in Formula 1 space with NFT making its presence on vehicles of Red Bull Racing to bring an end to the 2022 season.
The F1 season was led by Red Bull Racing while Max Verstappen, Belgian-Dutch racing driver, closed the drivers’ standings continuously for a second season. 2022’s race schedule is coming to end on November 20 in Abu Dhabi, cars of the team will display a non-fungible token on their livery.
Red Bull Racing entered a deal with ByBit, a cryptocurrency exchange, as the key team partner in February this year. Logo of the exchange will be displayed alongside the NFT artwork and character, Lei the Lightning Azuki.
The NFT will be a limited edition version of #8494 and will mint on Tezos and will be available via Bybit’s NFT marketplace.
Christian Horner, Red Bulls Racing’s team principal, emphasized on the current exploration of Web3 applications via the collaboration in the world of sports.
Talking about it, he said that in a number of ways, it has put forth the ample opportunities Web3 offers. The project is what we call a perfect blend of innovation, enthusiasm and creativity that goes well with their ethos.
Formula 1 has been a great supporter of the cryptocurrency world. In June 2021, Crypto.com signed a sponsorship deal with its NFT and cryptocurrency partner. Chiliz, a fan token platform, also collaborated with several teams in the past two years. McLarren was the first team that conducted a livery takeover with OKX, their key sponsor. Also, Formula 1 filed many trademark applications in October this year, indicating that the organization is set to take the entire control of the IP in the cryptocurrency space.
