Formula 1 and NFT's
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An editor at Coincrop
18 Nov 2022 | 2 min read
ed Bull Racing will end their victorious Formula 1 season by placing NFTs on both drivers' cars at the Abu Dhabi Grand Prix.
Red Bull Racing will be closing out the 2022 calendar with a nonfungible token (NFT) on their vehicles, continuing the recent trend of cryptocurrency and blockchain technology firms in Formula 1.
In February 2022, Red Bull Racing partnered up with cryptocurrency exchange Bybit as a principal team sponsor--one of the few cryptocurrency companies sponsoring teams in Formula 1. The company's logo will now be displayed alongside Lei the Lightning Azuki, an NFT artwork and character from the anime-inspired Azuki collection.
The original Lei Azuki NFT is one of a collection of 10,000 NFTs. The #8494 is currently available on OpenSea and is valued at 9 Wrapped Ether (wETH), or around $11,100 USD.
In June 2021, Crypto.com signed a major sponsorship deal to become the official cryptocurrency and NFT partner of Formula 1. To date, blockchain platform Chiliz has partnered with several F1 teams over past two years.
Formula 1 applied for a number of trademarks in October 2022 which suggests that the organization might want to take over intellectual property in cryptocurrency space.
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