Layer-1 Sui Network Inked New Partnership With Red Bull Racing

Key Points:

• Oracle Red Bull Racing has announced a partnership with Mysten Labs, the makers of the newly launched Sui Network.
• Sui will be rolling out more digital experiences for fans of the sport in the coming months.

Blockchain protocol at Layer 1 Sui Network has established a relationship with Oracle Red Bull Racing, one of the most well-known Formula One racing teams.

According to the conditions of the statement, Sui Network disclosed that, as the blockchain partner, it is collaborating with the team to provide immersive digital experiences for its followers all around the globe.

The multi-year agreement will see Oracle Red Bull Racing and Mysten Labs collaborate on both in-person and online events, and it comes ahead of this weekend’s Spanish GP race in Barcelona.

Mysten Labs was created by former Meta engineers who worked on the social network giant’s abandoned Diem project, and the company secured $300 million in September at a value of more than $2 billion. The Sui mainnet went live in early May, placing the network against competitors like as Aptos and Solana in the race to become a destination for decentralized apps (dApps) and games.

The marriage of blockchain technology and sports began a few years ago. Oracle Red Bull Racing has been a notable F1 team with a strong fondness for Web3 companies.

This is not Red Bull’s first venture into the cryptocurrency market. It negotiated a $150 million contract with the derivatives market Bybit last year. Honda will launch a number of digital experiences for racing fans in the following months, according to the team.

The Blockchain will benefit greatly from tremendous awareness of the protocol to a worldwide audience since Formula One is a prominent sports event that draws fans from all over the globe. Although the agreement would likely assist the protocol, it will also benefit Oracle Red Bull Racing as it seeks to build a presence in the Web3 realm.

With blockchain technology here to stay, adopting it may provide the F1 side a competitive edge over its competitors. The collaboration with the Sui Network will help bring it to the forefront since the protocol is regarded as one of the most functional and scalable available today.

While it gained a lot of attention in the years 2021-2022, collaboration partnerships between large crypto firms and the Formula 1 race have reduced dramatically as the year 2023 approaches. According to data, only Binance, OKX, Crypto.com, Bybit, OpenSea, and Tezos retain sponsorship contracts with racing teams Alpine, McLaren, Aston Martin, Red Bull, and Haas.

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Harold

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