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NFT kicks off F1 season with Red Bull Racing

NFT kicks off F1 season with Red Bull Racing

Red Bull Racing’s NFT team is now in the driver’s seat for the final race of the season.

Red Bull Racing will continue the trend of cryptocurrency and blockchain technology companies playing a key role in Formula 1 by printing non-fungible tokens (NFTs) on team vehicles during the final race of the 2022 season.

After taking Red Bull Racing to the top of the constructors’ standings in Formula One (F1) during the 2018 season, Max Verstappen finished first in the drivers’ standings for the second consecutive year, capturing the championship for the second time in his career. This victory also gave him the opportunity to win the title for the second time in his career. The final race scheduled for 2022 will be held in Abu Dhabi on November 20, 2022. This would signal the end of the season. It is believed that this will be the first time in the history of Formula One that a team will display NFTs on the vehicle livery. The race will be the last competition scheduled for the year 2022.

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Red Bull Racing announced in February 2022 that cryptocurrency exchange Bybit would be the team’s primary sponsor. Bybit is one of the few organizations that trade in cryptocurrencies and sponsor Formula One teams. Artwork created by the NFT and the anime-inspired Azuki Collection character Lei the Lightning will be displayed in the same location as the official symbol of the exchange.

There are a total of 10,000 NFTs in the collection, one of which is the very first Lei Azuki NFT. At the time of publication of this article, #8494 was worth approximately 9 Wrapped Ether (wETH), which equates to approximately $11,100 USD. This is the price that is currently advertised on OpenSea.

Lei the Lightning Azuki will drive a special edition version of the vehicle with the number 8494 for Red Bull Racing. The NFTs on Bybit’s platform will be minted on the Tezos blockchain before they will be available for purchase in the market.

Red Bulls Racing team leader Christian Horner was quoted in a statement issued by the organisation. In his remarks, he addressed the partnership’s facilitation of ongoing research of Web3 use cases in the games industry.

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The authors are quoted as saying, “In many respects, it has opened our eyes to the tremendous opportunities Web3 offers.” [Bibliography required] One of the racing drivers said, “This one-of-a-kind effort exemplifies being creative, imaginative and enthusiastic, all of which are essential to how one conducts oneself on the racetrack.”

Formula One, the top open-wheel racing sport in the world, has significantly boosted the finances of the bitcoin industry. In June 2021, was announced as the official partner for cryptocurrencies and NFTs after successfully negotiating an lucrative sponsorship deal. Large sums of money were involved in the contract transactions. In addition, during the past two years, Chili’s has partnered with other Formula One teams to establish relationships.

McLaren was the first team to successfully complete a “livery takeover” in 2022. This meant that the team’s main sponsor, OKX, was responsible for an extensive redesign of the outfits and costumes. In October of 2022, Token2049 is expected to launch in Singapore. Our Source was granted permission to have an exclusive interview with Australian race car driver Daniel Ricciardo on the partnership that will take place at the event.

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The fact that Formula 1 also applied for several trademarks in October 2022 lends credence to the notion that the organization seeks exclusive control over all intellectual property in the bitcoin industry. Formula 1 filed several trademark applications with its entries in October 2022.


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