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The crypto community has shown immense interest in the Formula One space in several ways. Just as it has had a massive impact on football and basketball, the F1 landscape is also having increased sponsorship deals by stakeholders in the crypto sector.
This has also been shown in the Monaco Grand Prix 2022, where Oracle Red Bull Racing, F1’s fastest pit crew, partnered with crypto exchange Bybit.
Bybit Launches ORBR’s 2022 NFT Collection
The collaboration resulted in the launch of the ORBR’s 2022 NFT collection, minted on the Tezos blockchain.
However, the NFT collection, a limited edition, will be offered through an auction. This will enable bidders to have the chance to own digital collectibles that represent different areas of Red Bull’s history, present, and future.
Co-founder and Chief Executive Officer of Bybit, Ben Zhou, stated that the crypto sector has a strong relationship with F1. Both industries have entered several partnerships that pull young investors into the F1 fan base. Both industries are enjoying a symbolic relationship, and Formula 1 is increasingly becoming the challenger of the norm. As part of the collaboration deal, Bybit premiered The Search for the Next level, a film that featured Red Bull Drivers “Checo” Pérez and Max Verstappen.
There have been several partnership deals already between the crypto sector and the Formula 1 industry. Aston Martin F1 recently signed a partnership deal with crypto exchange Crytpo.com. The goal is to explore investment initiatives and encourage more fan engagement.
Formula 1 Gets More Partnership Deals From Crypto Firms
The crypto exchange has continued to provide the marketplace for limited-edition collectibles and Aston Martin NFT airdrops.
And earlier this year, crypto giant Binance announced a partnership deal with Alpine F1 Team to issue collectibles and airdrops to fans. Binance is one of the exchanges that have shown true commitments toward the expansion of the crypto and NFT adoption within the F1 and sports sector in general.
The exchange has taken fan engagement to the next level, as it organized an event this month that allowed one fan to have first-hand experience of how an Alpine F1 mechanic operates.