NFT rides shotgun as Red Bull Racing closes out F1 season

Cryptocurrency and blockchain exertion firms proceed to diagnostic successful the satellite of Formula 1, with a nonfungible token (NFT) making its people connected Red Bull Racing's vehicles to adjacent retired the 2022 calendar.

Red Bull Racing dominated the F1 season, topping the constructors' standings, portion Max Verstappen closed retired the drivers' standings for a 2nd consecutive season. With the curtain closing connected 2022’s contention docket successful Abu Dhabi connected Nov. 20, the team’s cars volition diagnostic an NFT connected their livery successful what is being called a archetypal successful F1.

Red Bull Racing struck a woody with cryptocurrency speech ByBit arsenic a Principal Team Partner successful February 2022, 1 of a fistful of cryptocurrency firms sponsoring teams successful Formula 1. The exchange’s logo volition diagnostic alongside Lei the Lightning Azuki, an NFT artwork and quality from the anime-inspired Azuki collection.

The archetypal Lei Azuki NFT is 1 of 10,000 NFTs from the collection. The #8494 is presently listed connected OpenSea and is valued astatine astir 9 WETH, oregon $11,100, astatine the clip of writing.

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

Red Bull Racing’s Lei the Lightning Azuki volition beryllium a constricted variation mentation of #8494 and is acceptable to beryllium minted connected the Tezos blockchain and disposable done ByBit’s NFT marketplace.

A connection from Red Bulls Racing’s squad main Christian Horner highlighted the ongoing exploration of Web3 use-cases done the concern successful the sporting world.

“In galore ways, it's been an oculus opener for america to the immense opportunities Web3 has to offer. This unsocial task is the cleanable operation of creativity, innovation, and passionateness which matches our ethos connected the track."

The athletics of Formula 1 has been a large proponent of the cryptocurrency space. Crypto.com signed a large sponsorship woody in June 2021 arsenic its authoritative cryptocurrency and NFT partner. Fan token blockchain level Chiliz has besides partnered with a fistful of F1 teams implicit the past 2 years.

McLaren became the archetypal squad to transportation retired a ‘livery takeover’ with their main sponsor OKX successful 2022. Cointelegraph had an exclusive interview with Australian operator Daniel Ricciardo astir the concern astatine Token2049 successful Singapore successful October 2022.

Formula 1 besides filed a fig of trademark applications successful October 2022 that suggest that the enactment is looking to instrumentality afloat power of the intelligence spot successful the wider cryptocurrency space.