Formula 1 is deepening its presence in the cryptocurrency sector!

The value of the cryptocurrency sector does not escape anyone. After a successful first experience last year, Formula 1 intends to repeat the experience and dive deeper into the cryptosphere with two brands linked to NFT and cryptocurrencies.

Formula 1 takes another step forward in NFTs

The cryptocurrency markets continue to surprise traders. After going through a dark period, cryptocurrencies rose before falling again. Even though the indicators are currently green, not all is going well. However, the top class of auto racing doesn’t see things from the same angle.

Formula 1, in fact, has decided to strengthen its presence in the sector. For the Las Vegas Grand Prix scheduled for November 2023, he filed two brands related to cryptocurrencies and NFTs. According to a tweet by Mike Kondoudis, Formula 1 intends to offer virtual goods.

Among other things, sports equipment, virtual clothing, souvenirs, jewelry, headphones, digital art and much more. This competition will undoubtedly be memorable as it has a particularity. It will in fact be one of the few events to take place at night.

In addition to passing through the center of the seaside resort, drivers will be able to reach a maximum speed of over 340 km / h. However, it is not the characteristics of this race that push the auto giant to enter the cryptocurrency sector.

When the cryptocurrency industry undeniably attracts …

The two trademarks of Formula 1 are the result of a process that has worked quite well. The automotive giant, in fact, is not new to the sector. In 2021, the highest class of auto racing partnered with the Crypto.Com exchange platform. The latter acted as a global partner.

Meanwhile, other exchanges like FTX and Bybit have teamed up with some successful brands. After becoming the first sponsor of the new Formula 1 Sprint series for 2021, the two sides signed an agreement again earlier this year.

Thus, the cryptocurrency exchange platform becomes the official partner of the Miami Grand Prix. However, FTX and Bybit are not excluded. The two commercial platforms, in fact, have also entered into a partnership with Formula 1. The first with the Mercedes team to display their logo on their racing cars. And the second did the same with the Red Bull team.

Formula 1 has every intention of deepening its relationship with the NFT market and the cryptocurrency sector. In addition to the two registered trademarks, it also offers other services. Among other things, carbon clearing, cryptocurrency exchange services and a currency exchange offer. The initiative is expected to be released before next year’s Las Vegas Grand Prix.

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Eddy Senga avatar
Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to the blockchain and its derivatives. To share my experience and introduce a field that fascinates me, nothing better than to write informative articles and relax at the same time.

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