It is hard not to notice that crypto has taken over the world. The crypto community is involved in various projects. For example, the crypto community supports Formula 1 in numerous ways.
Monaco Grand Prix 2022 saw Formula 1’s fastest pit crew, Oracle Red Bull Racing (ORBR), partner with crypto exchange Bybit. They launched ORBR’s 2022 NFT collection.
The limited-edition ORBR’s 2022 NFT collection is made available via an auction, wherein holders get to collect digital collectibles representing various aspects of the company’s (Red Bull) past, present, as well as future.
According to Bybit’s co-founder and CEO, Ben Zhou, Formula 1 has a symbolic relationship with cryptocurrency as the partnerships between the two industry pulls young investors into the Formula 1 fan base.
Parallelly, the crypto exchange premiered The Search for the Next Level, a film starring Red Bull drivers.
Several months earlier, Red Bull Racing signed an agreement with Bybit. As part of the deal, Bybit will pay $50 million per year to the team for three years.
Red Bull Racing’s CEO Christian Horner made a comment regarding the deal. He stated that the crypto exchange shares the team’s “passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.”
Crypto community and Formula 1 racing teams
Red Bull Racing is not the only team that signed an agreement with a representative of the crypto community.
Last year, Aston Martin signed a multi-year partnership deal with crypto exchange Crypto.com to explore fan engagement and investment initiatives.
This year, crypto exchange Binance partnered with the Alpine F1 Team to issue NFT airdrops and collectibles.
However, while crypto companies may have initially been drawn to F1 sponsorships from a marketing perspective, the rise of NFTs is presenting new opportunities for organizations involved with Formula 1. For example, a Deloitte Global study anticipated that in 2022 alone, sports NFTs will generate more than $2 billion in transactions.
Formula 1 racing drivers and crypto companies
Additionally, Deloitte’s study predicts that by the end of the year, roughly five million sports fans around the globe will own an NFT sports collectible. Given this, many crypto and blockchain companies sponsoring Formula 1 racing teams have also launched NFTs to coincide with sponsorships.
As can be seen from the NFTs are quite popular around the world. If you want to learn more about them, read this Panini NFT.
In January, Fantom Foundation announced its partnership of Scuderia Alpha Tauri F1 and MotoGP driver Fabio Quartararo. Through the championship, the foundation will be a prominent, visible sponsor of Scuderia Alpha Tauri F1 start Pierre Gasly and Yuki Tsunoda.
On top of its sponsorship of the Formula 1 racing team, the foundation also became the newest sponsor of the current reigning MotoGP champion, Fabio Quartararo. He is a French motorcycle driver who became MotoGP’s first French world champion in 2021. Besides, he is the current Riders’ Championship leader.
Several months ago, Fantom Foundation announced a sponsorship with the Formula 1 racing drivers Pietro and Enzo Fittipaldi. Drivers agreed to display Fantom imagery on their race suits and helmets throughout the Formula 1 2022 season.