For the first time in the history of Formula One, the team’s vehicles are anticipated to have an NFT on their livery, according to Cointelegraph.
According to Cointelegraph, non-fungible tokens (NFTs) are also being displayed on Red Bull Racing’s vehicles for the 2022 calendar year as cryptocurrency and blockchain technology corporations become more prominent in Formula 1.
For the first time in the history of Formula One, the team’s vehicles are anticipated to have an NFT on their livery, according to Cointelegraph. Red Bull Racing is rumored to have signed a contract with cryptocurrency exchange Bybit as the main team partner in February 2022. The exchange’s logo will be displayed alongside Lei the Lightning Azuki, an NFT creation, and character based on the Azuki collection’s anime-inspired artwork.
According to information provided by Cointelegraph, the original Lei Azuki is one of the collection’s 10,000 NFTs. Currently, the #8494 is available on OpenSea and is valued at nine Wrapped Ether (wETH), or $11,000 as of the time the article was written. Red Bull Racing’s Lei the Lightning Azuki is anticipated to be a limited edition variation of #8494, minted on the Tezos blockchain and made available on Bybit’s NFT marketplace.
In many respects, it has opened our eyes to the numerous options that Web3 has to offer. According to Christian Horner, team principal of Red Bulls Racing, this one-of-a-kind concept is the ideal blend of imagination, ingenuity, and enthusiasm. It also perfectly embodies our racing philosophy.
Additionally, Crypto.com secured a significant sponsorship agreement to become Formula 1’s official cryptocurrency and NFT partner in June 2021, according to Cointelegraph, and Chiliz, a fan token blockchain platform, has collaborated with F1 teams over the past two years.
