At the Abu Dhabi Grand Prix, Red Bull Racing will cap off a successful Formula 1 campaign with an NFT displayed on the cars of both drivers.
With a nonfungible token (NFT) making its mark on Red Bull Racing’s vehicles to close out the 2022 calendar, cryptocurrency and blockchain technology companies continue to be prominent in the world of Formula 1.
While Max Verstappen finished first in the drivers’ standings for a second straight season, Red Bull Racing dominated the F1 season and topped the constructors’ standings. The team’s cars will sport an NFT on their livery in what is being hailed as a first in Formula 1 as the curtain falls on the race season of 2022 in Abu Dhabi on Nov. 20.
One of the few cryptocurrency companies supporting teams in Formula 1 is Red Bull Racing, which in February 2022 signed a partnership agreement with cryptocurrency exchange Bybit as a primary team partner. Lei the Lightning Azuki, an NFT artwork and character from the anime-inspired Azuki collection, will appear alongside the exchange’s logo.
One of the 10,000 original Lei Azuki NFTs is part of the collection. At the time of writing, the #8494 is listed on OpenSea and is valued at approximately 9 Wrapped Ether (wETH), or $11,100.
Red Bull Racing’s Lei the Lightning Azuki will be a limited edition version of #8494, minted on the Tezos blockchain and available through Bybit’s NFT marketplace.
Christian Horner, team principal at Red Bulls Racing, issued a statement highlighting the ongoing exploration of Web3 use cases through the partnership in the sporting world.
It has opened our eyes to the numerous opportunities that Web3 has to offer, in many ways. The creative, innovative, and passionate nature of this one-of-a-kind project perfectly aligns with our trackside ethos.
The cryptocurrency industry has received strong support from the Formula 1 sport. In June 2021, Crypto.com became its official cryptocurrency and NFT partner after signing a significant sponsorship agreement. Over the past two years, Chiliz, a blockchain platform for fan tokens, has collaborated with a few different F1 teams.
In 2022, McLaren’s main sponsor OKX helped them become the first team to perform a “livery takeover.” In October 2022, during Token2049 in Singapore, Cointelegraph conducted an exclusive interview with Australian driver Daniel Ricciardo about the collaboration.
Additionally, Formula 1 submitted several trademark applications in October 2022, which may indicate that the company wants to fully control the intellectual property in the larger cryptocurrency market.