Cryptocurrencies Through NFT Continue To Enter The World Of Formula 1 Racing

Bybit, is now a sponsor of the Oracle Red Bull Racing team in F1. (photo: twitter @redbullracing)

JAKARTA – Cryptocurrencies have taken over the world, and Formula 1 racing is no exception. From nonfungible tokens (NFT) and fan tokens to multi-year partnerships, the cryptocurrency community continues to support the F1 landscape in a variety of ways.

The 2022 Monaco Grand Prix saw F1's fastest pit crew, Oracle Red Bull Racing (ORBR), partner with crypto exchange Bybit to launch the NFT 2022 ORBR collection printed on the Tezos blockchain. The limited edition NFT collection is available through auction, where bidders can put together a digital collection that represents various aspects of Red Bull's past, present and future.

Speaking to the editor-in-chief of Cointelegraph, Kristina Cornèr, co-founder and CEO of Bybit, Ben Zhou, said that F1 has a symbiotic relationship with crypto due to the partnership between the two industries which attracts young investors into the F1 fan base:

“Formula 1 is a challenger to the norm, and it fits perfectly into crypto. This is a very big synergy that we see,” Zhou said, quoted by Cointelegraph.

Looking forward to spotting #Binance at the #MiamiGP this weekend on the @AlpineF1Team cars. pic.twitter.com/BBEp1HBAYk

— CZ Binance (@cz_binance) May 7, 2022

In parallel, Bybit premiered The Search for the Next Level, a film starring Red Bull racers Max Verstappen and Sergio “Checo” Pérez, surrounding the launch of the new RB18 car.

Aston Martin F1, also, signed a multi-year partnership deal with crypto exchange Crypto.com to explore fan engagement and investment initiatives. Crypto.com's NFT marketplace continues to be the go-to place for Aston Martin NFT airdrops and limited edition collectibles.

This year, crypto giant Binance also partnered with the Alpine F1 Team to issue airdrops and NFT collectibles. They have taken crypto and F1 fan engagement to the next level, Binance held an event on May 20, which allowed one fan to experience the life of Alpine's F1 mechanic.

Looking forward to spotting #Binance at the #MiamiGP this weekend on the @AlpineF1Team cars. pic.twitter.com/BBEp1HBAYk

— CZ Binance (@cz_binance) May 7, 2022

Previously, Cointelegraph reported on the overall crypto-F1 partnership in March 2022. Some of the notable collaborations active during the 2022 Monaco Grand Prix are Ferrari and blockchain firm Velas, Mercedes and crypto exchange FTX, and Alfa Romeo and Shiba Inu-inspired memecoin (SHIB) Floki. Inu (FLOKI).

A recent study by fintech giant Deloitte uncovered the potential of blockchain and cryptocurrencies, as well as how they can open up new markets and revenue opportunities for the sports industry:

“A nexus will form around a collection of sports, tickets, betting and games. We're just starting to see the potential of cryptocurrencies, as well as new markets that can be targeted," said a source at Deloitte.

The study also highlights possible new markets that allow “shards of season ticket and suite ownership and rediscovery of the ticket resale process.”