Ferrari’s new deal with blockchain firm Velas hints at NFTs

Ferrari will publish exclusive digital content for its fans in collaboration with the Swiss blockchain startup Velas.

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The Italian luxury sports car manufacturer Ferrari is entering the blockchain industry through a partnership with the Swiss blockchain startup Velas Network.

Ferrari officially announced on Monday that it had signed a multi-year contract with Velas to jointly publish “exclusive digital content” for Scuderia fans. Velas will also be the main sponsor of Ferrari Esports Collection, the online series that competes in the F1 Esports Series, the official digital championship of all teams competing in the FIA ​​Formula 1 World Championship.

The announcement describes Velas as a key player in the blockchain and digital asset industries and emphasizes the startup’s focus on indistinguishable tokens (NFTs):

“As a global player in blockchain and NFT, Velas has set itself apart through the performance and innovation of its services, as well as its technological leadership, and has combined the characteristics of the Maranello Group.”

Scuderia Ferrari General Manager Mattia Binotto noted that the company selected Velas as one of its premium partners because the companies share values ​​such as innovation and the performance of products and services.

Farhad Shagulyamov, Velas co-founder and newly appointed CEO, said it was only natural for Velas to partner with “Ferrari, another icon of excellence”.

“Velas has introduced a variety of innovative groundbreaking technologies to the blockchain and related products that are now being showcased at the premier class of motorsport,” he noted.

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Ferrari and Velas did not immediately respond to Cointelegraph’s request for comment.

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Velas is an open source blockchain network that offers a combination of the best features of centralized and decentralized tools. As of October, the company had allocated $ 100 million to startups building on the Velas blockchain, a significant increase over its original $ 5 million commitment.

Velas Coin (VLX), the native token of the Velas blockchain, has grown significantly lately. At $ 3,346, the token is up around 4% in the last 24 hours at press time, according to data from CoinGecko. VLX is up more than 70% in the past seven days.