F1 Monaco GP: Bybit’s Red Bull Racing NFTs, crypto-F1 partnerships, more

Crypto has had around the globe, and F1 wasn’t any exception towards the disruption. From NFTs and fan tokens to multi-year partnerships, the crypto community is constantly on the offer the F1 landscape in several ways.

Monaco Grand Prix 2022 saw F1’s fastest pit crew, Oracle Red Bull Racing (ORBR), work with crypto exchange Bybit to produce ORBR’s 2022 NFT collection — minted within the Tezos blockchain. The limited-edition NFT collection is created available with an auction, in which bidders reach collect digital collectibles representing various facets of Red Bull’s past, present and future.

Talking with Cointelegraph editor-in-chief Kristina Cornèr, Bybit co-founder and CEO Ben Zhou stated that F1 includes a symbiotic relationship with crypto because the partnerships backward and forward industry pulls in youthful investors in to the F1 group of followers:

“F1 may be the challenger from the norm, which really goes well with crypto. […] It is a really huge synergy we have seen.”

Max Verstappen’s F1 vehicle sporting the Bybit emblem. Source: Cointelegraph

Parallelly, Bybit premiered “The Search for the following Level,” a movie starring Red Bull motorists Max Verstappen and Sergio “Checo” Pérez — (spoiler alert) circled round the launch from the new RB18 vehicle.

Aston Martin F1, too, signed a multi-year partnership cope with crypto exchange Crypto.com for exploring fan engagement and investment initiatives. Crypto.com NFT marketplace remains a tight schedule-to put for Aston Martin NFT airdrops and limited-edition collectibles.

This season crypto giant Binance partnered with All downhill F1 Team to issue NFT airdrops and collectibles. Taking fan engagement one stage further, Binance conducted a celebration on May 20, allowing one fan to see the existence of the All downhill F1 auto technician.

Cointelegraph formerly reported around the overall crypto-F1 partnerships by March 2022.

A couple of prominent collaborations active throughout the Monaco Grand Prix 2022 are Ferrari and blockchain firm Velas, Mercedes and crypto exchange FTX, and Alfa Romeo and Shiba Inu (SHIB) inspired meme token Floki.

Related: Blockchain, crypto set to consider sports industry beyond NFT collectibles

Research conducted recently conducted by fintech giant Deloitte concluded uncovered the potential for blockchain and cryptocurrencies to spread out up untouched markets and revenue possibilities for that sports industry:

“A nexus will form around sports collectibles, ticketing, betting, and gaming. We’re just realizing its [cryptocurrency’s] potential, along with the untouched markets it can lead to.Inches

The research also highlighted the potential of untouched markets that permit “fractional possession of season tickets and suites along with a reinvention from the ticket resale process.”

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