Crypto has taken over the world, and Formula One disruption was no exception. The cryptocurrency community continues to support the F1 landscape in a number of ways, from NFTs and Fan Tokens to multi-year partnerships.
The Monaco Grand Prix 2022 saw F1’s fastest pit crew, Oracle Red Bull Racing (ORBR), partner with crypto exchange Bybit to launch ORBR’s 2022 NFT collection – mined on the Tezos blockchain. The limited-edition NFT Collection is made available through an auction, in which bidders receive a collection of digital collectibles representing various aspects of Red Bull’s past, present and future.
Speaking to Cointelegraph Editor-in-Chief Christina Corner, Bybit co-founder and CEO Ben Zhou said that F1 has a symbiotic relationship with crypto as the partnership between the two industries draws young investors into the F1 fan base:
“Formula 1 is a challenger to the ideal, and it really goes well with crypto. […] It’s a really huge synergy that we see.”
In parallel, Bybit premiered “The Search for the Next Level”, a film starring Red Bull drivers Max Verstappen and Sergio “Checo” Perez – (spoiler alert) circling around the launch of the new RB18 car .
Something big is about to happen…
Learn more about this next level partnership with @redbullracing,24 May 2022
Aston Martin F1 also signed a multi-year partnership agreement with crypto exchange Crypto.com to explore fan engagement and investment initiatives. The crypto.com NFT marketplace continues to be the go-to place for Aston Martin NFT airdrops and limited-edition collectibles.
On-track action is about to begin in Monaco.27 May 2022
This year crypto giant Binance partnered with the Alpine F1 team to issue NFT airdrops and collectibles. Taking fan engagement to the next level, Binance held an event on May 20, allowing a fan to experience the life of an Alpine F1 mechanic.
Cointelegraph previously reported on the overall Crypto-F1 partnership as of March 2022.
Some of the major collaborations active during the Monaco Grand Prix 2022 are Ferrari and blockchain firm Velas, Mercedes and crypto exchange FTX, and the Alfa Romeo and Shiba Inu (SHIB) inspired meme token Floki.
related: Blockchain poised to take crypto games industry beyond NFT collectibles
A recent study by fintech giant Deloitte has revealed the potential of blockchain and cryptocurrencies to open up new markets and revenue opportunities for the games industry:
“There will be a nexus around sports collection, ticketing, betting and gaming. we’re just starting to see it [cryptocurrency’s] capability, as well as the leadership it can take in new markets.”
The study also highlighted the potential for new markets that allow “partial ownership of season tickets and suites, and reinvestment of the ticket resale process.”