To mark the end of the successful 2022 Formula 1 season, Red Bull Racing will have an NFT mark on both drivers’ vehicles at the Abu Dhabi Grand Prix on Nov.20.
Red Bull Racing will complete the 2022 season with a nonfungible token (NFT) marked on its vehicles, demonstrating the continued presence of cryptocurrency and blockchain technology enterprises in 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 vehicles will have an NFT on their livery in what is being hailed as a first in Formula 1 as the curtain falls on the racing season of 2022 in Abu Dhabi on Nov. 20.
One of the few cryptocurrency companies supporting the Formula 1 team, Red Bull Racing signed a partnership agreement with cryptocurrency exchange ByBit as a Principal Team Partner in February 2022. 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, #8494 is listed on OpenSea and is valued at about 9 Wrapped Ether (wETH), or $11,100.
Lei the Lightning Azuki, a limited-edition variant of #8494, will be produced by Red Bull Racing and sold on ByBit’s NFT marketplace. It will be coined on the Tezos blockchain.
Christian Horner, team principal of Red Bulls Racing, highlighted the partnership’s ongoing investigation of Web3 use cases in a statement.
“In many ways, it’s been an eye opener for us to the vast opportunities Web3 has to offer. This unique project is the perfect combination of creativity, innovation, and passion which matches our ethos on the track.”
Formula 1 racing has been a strong supporter of the Bitcoin industry. In June 2021, Crypto.com agreed to become the organization’s official cryptocurrency and NFT partner. Over the past two years, Chiliz, a fan token blockchain platform, has collaborated with a few different F1 teams.
With their primary sponsor OKX, McLaren made history by being the first team to implement a “livery takeover” in 2022. At Token2049 in Singapore in October 2022, Cointelegraph conducted an exclusive interview with Australian driver Daniel Ricciardo on the collaboration.
In October 2022, Formula 1 also submitted a number of trademark applications, which may indicate that the company wants to fully control intellectual property in the larger cryptocurrency market.
