Ferrari races into the NFT space with Velas Network partnership

According to the agreement terms, both companies would collaborate to release “exclusive digital content” for fans of the Ferrari brand.

The agreement also states that Velas will be the Title Sponsor of the Ferrari Esports Series and of the Esports team that will compete in the F1 Esports Series - the official digital championship competed in by all teams participating in the FIA Formula 1 World Championship.

Mattia Binotto, General Manager and Team Principal, Scuderia Ferrari, expressed his satisfaction at the partnership, revealing that their shared values are what made it possible.

Farhad Shagulyamov, CEO co-founder, Velas Network AG, also said;

“Having built a next-generation blockchain that puts the emphasis both on sustainability and performance, it was natural to partner with another icon of excellence, which is Ferrari. Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport.”

Velas Network is a renowned blockchain provider that offers related digital services, including an NFT marketplace.

Velas saw immediate benefits after the announcement of the partnership. The Velas token, VLX, increased in price from around US$0.25 to over US$0.35.

Formula 1 in crypto and NFTs

Ferrari is not the only one from Formula 1 with crypto and NFT ambitions. Even the world’s most popular motorsport competition seems to have caught the NFT and cryptocurrency fever.

In June, Crypto.com signed a partnership deal with Formula 1 as a global partner for the 2021 Sprint Series. Crypto.com was also made the Official Cryptocurrency Sponsor and NFT Partner of the racing competition.

In March, Aston Martin also collaborated with Crypto.com to release an NFT.

McLaren Automotive – another F1 team – also released a collection of 5000 NFTs in October to celebrate the launch of its digital collectables platform.

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