Red Bull Racing to Introduce NFT on Vehicles for Last Race of Season

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

Continuing the Trend of Cryptocurrency in Formula 1

Red Bull Racing will continue the trend of cryptocurrency and blockchain technology companies playing a significant role in Formula 1 by imprinting a nonfungible token (NFT) on the team’s vehicles during the last race of the 2022 season.

Max Verstappen’s Victory and the Historic Moment

On November 20, 2022, the last race scheduled for 2022 will be held in Abu Dhabi, marking the end of the season. In a historic moment, Red Bull Racing is set to feature an NFT on the vehicle’s livery, a first in Formula One history.

Bybit’s Partnership and NFT Artwork

Red Bull Racing announced in February 2022 that cryptocurrency exchange Bybit would be the team’s primary sponsor. The team will display NFT artwork, including the anime-inspired Azuki collection character Lei the Lightning, along with Bybit’s official emblem.

The Value of the NFT Collection

The Lei Azuki NFT, part of a collection of 10,000 NFTs, is valued at around 9 Wrapped Ether (wETH), equivalent to nearly $11,100 USD. The NFT will be initially minted on the Tezos blockchain before becoming available for purchase on Bybit’s NFT market.

Christian Horner’s Web3 Research

Christian Horner, leader of the Red Bulls Racing team, highlighted the partnership’s involvement in the ongoing research of Web3 use cases in the sports industry.

Formula One’s Impact on the Bitcoin Industry

Formula One has significantly boosted the finances of the Bitcoin industry. Cryptocurrency platform Crypto.com became the official partner for cryptocurrencies and NFTs in June 2021, and other partnerships with Formula One teams have followed.

McLaren’s Livery Takeover and Token2049 Event

McLaren successfully accomplished a “livery takeover” in 2022, allowing their principal sponsor, OKX, to redesign the outfits and livery. Additionally, Token2049 is expected to take place in Singapore, featuring an exclusive interview with Australian race car driver Daniel Ricciardo on the partnership to be unveiled at the event.

Formula 1’s Trademark Applications

Formula 1 has applied for several trademarks in October 2022, indicating their pursuit of exclusive control over intellectual property in the bitcoin industry.