The unpredictability brought on by the proliferation of cryptocurrencies has also had an effect on Formula One. The cryptocurrency industry is showing its support for the Formula One racing scene via a variety of channels, such as the use of non-fungible tokens (NFTs), fan tokens, and multi-year partnerships. These are just some of the ways that the crypto community is showing its support.
Oracle and Bybit have worked together with Red Bull Racing (ORBR), who has the fastest pit crew in Formula One, and the Tezos Foundation to create a Tezos-minted 2022 NFT collection in conjunction with the 2022 Monaco Grand Prix. This collection will be available for purchase during the event. Red Bull’s past, present, and future are all represented in the exclusive and limited-edition NFT collection, which can only be purchased by purchasing a ticket to one of the company’s auctions.
Ben Zhou, co-founder and CEO of Bybit, stated in an interview with Kristina Cornèr, editor-in-chief of Cointelegraph, that Formula One and cryptocurrencies have a symbiotic relationship due to collaboration between the two industries, which attracts new investors to the fan base of F1. Zhou was speaking about the relationship between F1 and cryptocurrencies.
In the film The Search for the Next Level, directed by Bybit, two of the drivers that are highlighted are Max Verstappen and Sergio “Checo” Pérez. The plot of the film centers on the introduction of the new RB18 racing car.
🤯 Something big is on its way …
💫 Find out more about this next level partnership with @redbullracing!
🎥 Catch the full film — out now on the Bybit Race Insider Page: https://t.co/wKhQa6uIqQ #TheSearchForTheNextLevel pic.twitter.com/l5aWurtkbL
— Bybit (@Bybit_Official) May 24, 2022
This is not the first time that Aston Martin Formula One has collaborated with Crypto.com to examine ways for fans to interact with one another and the prospects for investment. Naturally, if you visit the NFT marketplace on Crypto.com, you still have a chance to get Aston Martin NFT airdrops and limited-edition gifts.
On-track action is about to kick off in Monaco. 🇲🇨
Don’t miss a moment of the #MonacoGP weekend.#F1 | @cryptocom
— Aston Martin Aramco F1 Team (@AstonMartinF1) May 27, 2022
As part of the ongoing partnership that it has with the Alpine F1 Team, the cryptocurrency exchange Binance has been conducting NFT air drops and providing collectibles to its users throughout this year. Binance took its interaction with its fans to a whole new level on May 20 by giving one of them the opportunity to participate in an event that gave them the chance to experience what it was like to work as a technician for Alpine F1.
Looking forward to spotting #Binance at the #MiamiGP this weekend on the @AlpineF1Team cars. pic.twitter.com/BBEp1HBAYk
— CZ 🔶 BNB (@cz_binance) May 7, 2022
The complete number of crypto-F1 partnerships as of March 2022 was published in a recent report by Cointelegraph, which represented a considerable rise over the amount revealed in the previous edition.
Participation in the 2022 Monaco Grand Prix will be secured by Ferrari and the blockchain company Velas, Mercedes and the cryptocurrency exchange FTX, and Alfa Romeo and the Shiba Inu-inspired memecoin Floki Inu, respectively. (FLOKI).
