Bybit’s Red Bull Racing NFTs, crypto F1 partnerships and more

Cryptocurrencies have taken over the world, and Formula 1 is no exception. From NFTs and fan tokens to multi-year partnerships, the crypto community continues to support the F1 space in many ways.

The Monaco Grand Prix 2022 saw F1’s fastest pit crew, Oracle Red Bull Racing (ORBR), team up with cryptocurrency exchange Bybit to launch ORBR’s 2022 NFT series – minted via the Tezos blockchain. The limited-edition NFT collectibles are offered through auctions, where bidders can collect digital collectibles representing various aspects of Red Bull’s past, present and future.

In an interview with Cointelegraph editor-in-chief Kristina Cornèr, Bybit co-founder and CEO Ben Zhou said that F1 has a symbiotic relationship with cryptocurrencies, as the partnership between the two industries draws young investors into the F1 fan base:

“Formula 1 is a challenger to the norm, and that goes well with cryptocurrencies. […] That’s a really huge synergy that we’re seeing. “

Max Verstappen’s F1 car bears the Bybit logo. Source: Cointelegraph

Meanwhile, Bybit premiered the movie “The Search for the Next Level” starring Red Bull drivers Max Verstappen and Sergio “Checo” Pérez – (spoiler alert) revolving around the launch of the new RB18 race car.

Aston Martin F1 also signed a Multi-year partnership agreement with cryptocurrency exchange Used to explore fan engagement and investment programs. The NFT market is still Aston Martin NFT Airdrops and limited edition collectibles.

This year, cryptocurrency giant Binance partnered with Alpine F1 Team to issue NFT airdrops and collectibles. Binance hosted an event on May 20 to take fan engagement to the next level, giving a fan a taste of the life of an Alpine F1 mechanic.

Cointelegraph previously reported Overall Crypto F1 Partnership as of March 2022.

Some of the notable collaborations active during the 2022 Monaco Grand Prix are Ferrari and blockchain company Velas, Mercedes and cryptocurrency exchange FTX, and Alfa Romeo and Shiba Inu (SHIB) inspired the meme token Floki.

related: Blockchain and cryptocurrencies will take the sports industry beyond NFT collectibles

A recent study by fintech giant Deloitte concluded that blockchain and cryptocurrencies have the potential to open up new markets and revenue-generating opportunities for the sports industry:

“Connections will be formed around sports collectibles, ticketing, betting and gaming. We are just starting to see it [cryptocurrency’s] potential, and the new markets it could bring. “

The study also highlighted the possibility of a new market allowing “fractional ownership of season tickets and suites and the re-invention of the ticket resale process”.