NFT rides shotgun as Red Bull Racing closes out F1 season

Cryptocurrency and blockchain know-how corporations proceed to characteristic on the earth of Formulation 1, with a nonfungible token (NFT) making its mark on Red Bull Racing’s autos to shut out the 2022 calendar.

Red Bull Racing dominated the F1 season, topping the constructors’ standings, whereas Max Verstappen closed out the drivers’ standings for a second consecutive season. With the curtain closing on 2022’s race schedule in Abu Dhabi on Nov. 20, the staff’s automobiles will characteristic an NFT on their livery in what’s being referred to as a primary in F1.

Red Bull Racing struck a take care of cryptocurrency trade ByBit as a Principal Staff Associate in February 2022, one in all a handful of cryptocurrency corporations sponsoring groups in Formulation 1. The trade’s brand will characteristic alongside Lei the Lightning Azuki, an NFT art work and character from the anime-inspired Azuki assortment.

The unique Lei Azuki NFT is one in all 10,000 NFTs from the gathering. The #8494 is at present listed on OpenSea and is valued at round 9 Wrapped Ether (wETH), or $11,100 on the time of writing.

Related: Merch and perfume: Formula One trademark filing paves the way for F1 NFTs

Red Bull Racing’s Lei the Lightning Azuki will probably be a restricted version model of #8494 and is about to be minted on the Tezos blockchain and out there by way of ByBit’s NFT market.

An announcement from Red Bulls Racing’s staff principal, Christian Horner, highlighted the continued exploration of Web3 use instances by way of the partnership within the sporting world

“In many ways, it’s been an eye opener for us to the vast opportunities Web3 has to offer. This unique project is the perfect combination of creativity, innovation, and passion which matches our ethos on the track.”

The game of Formulation 1 has been a giant proponent of the cryptocurrency area. Crypto.com signed a major sponsorship deal in June 2021 as its official cryptocurrency and NFT partner. Fan token blockchain platform Chiliz has also partnered with a handful of F1 teams over the previous two years.

McLaren turned the primary staff to hold out a ‘livery takeover’ with their predominant sponsor OKX in 2022. Cointelegraph had an unique interview with Australian driver Daniel Ricciardo about the partnership at Token2049 in Singapore in October 2022.

Formulation 1 additionally filed a number of trademark applications in October 2022 that recommend that the group is trying to take full management of the mental property within the wider cryptocurrency area.

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