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Scuderia Ferrari, the winningest Formula One team with 15 champions won throughout its illustrious history, has announced a partnership with Velos Network AG, a Swiss blockchain firm that specializes in building non-fungible tokens (NFTs) solutions.
Key takeaways:
- According to Ferrari’s press release, Velas Network AG will provide the blockchain know-how, in particular, its expertise in the field of NFTs, to create Scuderia Ferrari’s first batch of unique digital items.
- The multi-year deal will see Velas become an exclusive provider of Scuderia Ferrari-branded NFTs, head sponsor of the Ferrari’s exclusive Esport Series, the online mono-brand series dubbed Prancing Horse, and of all teams participating in the F1 Esport Series.
- Farhad Shagulyamov, CEO and co-founder of Velas, has stated that the company is excited about working with the Maranello team and being able to showcase its technology “at the pinnacle of motorsport.”
- Scuderia Ferrari is not the first team competing in the coveted F1 racing championship to ink an NFT deal. Earlier in 2021, Mclaren Racing announced the launch of an exclusive NFT collection called McLaren Racing Collective on the Tezos blockchain.
- The first drop of exclusive racing digital collectibles is slated to drop in March 2022, along with the start of the new Formila One season.
- 2021 was the year of the NFT. Digital collectible marketplaces like OpeSea handled more than $10 billion worth of trading volume throughout the year, while the most expensive NFT to date by a digital artist Beeple was sold for nearly $70 million. At the same time, Binance, FTX, and several other centralized exchanges either announced or launched their own NFT marketplaces. Read more about the NFT sector in our yearly recap.
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- Following the announcement of a partnership with the fan-favorite F1 team, the price of Velas network’s native VLX token rallied to a December high of $ 0.411183.