With cryptocurrency and blockchain technology firms getting featured in Formula 1, non-fungible tokens (NFTs) are also being shown on Red Bull Racing’s vehicles for closing out on the 2022 calender, as reported by Cointelegraph.
According to Cointelegraph, the team’s cars are expected to feature an NFT on their livery for the first time in F1’s history. It is believed that Red Bull Racing has entered into an agreement with cryptocurrency exchange Bybit as a principal team partner in February, 2022. The exchange’s logo will be shown with Lei the Lightning Azuki, an NFT artwork and character based on anime-inspired Azuki collection.
On the basis of information by Cointelegraph, the original Lei Azuki is reportedly one of 10,000 NFTs from the collection. In the current context, the #8494 is present on OpenSea and carries a valuation of nine Wrapped Ether (wETH), or $11,000 at the time of the publication’s writing. Expectations are that Red Bull Racing’s Lei the Lightning Azuki will be a limited edition version of #8494, of which minting will take place on the Tezos blockchain and availability will happen through Bybit’s NFT marketplace.
“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,” Christian Horner, principal, Red Bulls Racing team, stated.
Moreover, Cointelegraph noted that in June, 2021, Crypto.com signed a major sponsorship deal to become Formula 1’s official cryptocurrency and NFT partner, along with fan token blockchain platform Chiliz partnering with F1 teams in the period of the last two years.
(With insights from Cointelegraph)