F1 Team may finish U.S. Grand Prix with Bored Ape.

F1 Team may finish U.S. Grand Prix with Bored Ape.

The Blockchain Revolution Hits the Racetrack: NFTs Crowdsourced for Formula 1

Formula 1

Formula 1 fans are in for a treat this fall, as crypto exchange Kraken teams up with British Formula One team Williams Racing to bring the world of non-fungible tokens (NFTs) to the racetrack. In a groundbreaking move, Kraken will place NFTs on the back of the Williams team’s cars during the highly anticipated U.S. Grand Prix in October. This initiative is not only aimed at showcasing individual NFT projects but also shining a spotlight on the entire NFT market.

Crowdsource your favorite NFTs

Kraken has decided to crowdsource the selection of NFTs that will adorn the race cars. Users who hold NFT assets listed on Kraken’s native NFT marketplace will have the opportunity to submit their tokens for consideration. The submission period starts on August 1 and closes on August 18. After that, the top 20 entries will be selected, and a community vote will determine the four most popular NFTs. Additionally, Williams team drivers Alex Albon and Logan Sargeant will choose two NFTs of their own, bringing the total number of NFTs on the cars to six.

This innovative approach allows NFT holders to actively participate in the selection process and contributes to the sense of community that often surrounds NFT projects. It also amplifies the connection between the crypto and Formula 1 worlds, as fans and participants from both realms converge to celebrate their shared passions.

NFTs taking the spotlight

The NFTs chosen through this crowdsourcing initiative will not only enjoy exposure during the U.S. Grand Prix but will also garner attention from fans and enthusiasts around the world. In a sport that embodies prestige and luxury like Formula 1, associating NFTs with the iconic Williams racing cars is a significant step towards mainstream adoption. This collaboration will not only uplift the NFT community but also introduce the concept of digital ownership to a wider audience.

Lou Frangella, Head of Brand Partnerships at Kraken, emphasized the importance of NFTs in the cryptocurrency ecosystem, stating, “NFTs represent many different things – they are ownership for some people, and there are very engaged communities in a lot of cases.” Frangella believes that NFTs have the potential to captivate individuals beyond just F1 fans, amplifying the reach of the crypto industry’s mission.

The rise of crypto sponsorships in Formula 1

The integration of crypto sponsorships into the Formula 1 world signals a new era for both industries. With Red Bull’s $150 million partnership with crypto exchange Bybit in February 2022 and Sui blockchain’s recent multiyear deal with Red Bull, it is evident that Formula 1 is embracing the blockchain revolution. These sponsorships aim to bring the exciting experiences of Web3 and cryptocurrencies to fans worldwide.

While NFTs have not appeared on race cars themselves, they have made their presence felt in racing events. Earlier this year, F1 ticket provider Platinum Group introduced NFT tickets for the Monaco Grand Prix, providing buyers with exclusive access to the race and future ticket discounts.

Conclusion

The collaboration between Kraken and Williams Racing to display NFTs on Formula 1 cars is a groundbreaking move that pushes the boundaries of traditional sponsorship. By allowing NFT holders to participate in the selection process, this initiative fosters community engagement and demonstrates the versatility and power of the blockchain industry. As NFTs make their way onto the racetrack, they are poised to capture the attention of Formula 1 fans and racing enthusiasts, providing them with a glimpse into the exciting world of digital ownership. This partnership represents another meaningful step towards the mainstream adoption of blockchain technology and showcases the symbiotic relationship between the crypto and Formula 1 communities.

Edited by Rosie Perper.

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