F1 team Red Bull partners with Bybit to launch ORBR’s 2022 NFT collection

The world has been disrupted by cryptocurrency, and Formula 1 was no exception. The crypto community continues to support the F1 landscape in a variety of ways, from non-fungible tokens (NFTs) to fan tokens to multi-year agreements.

Oracle Red Bull Racing (ORBR), F1’s quickest pit crew at the Monaco Grand Prix 2022, partnered with crypto exchange Bybit to launch ORBR’s 2022 NFT collection – minted on the Tezos blockchain. The limited-edition NFT collection is made available through an auction, in which bidders can collect digital items reflecting different parts of Red Bull’s past, present, and future.

Bybit co-founder and CEO Ben Zhou said that F1 has a symbiotic relationship with crypto as the partnerships between the two industry pulls in young investors into the F1 fan base:

“Formula 1 is the challenger of the norm, and that really goes well with crypto. It’s a really huge synergy we see.”

Simultaneously, Bybit released The Search for the Next Level, a film starring Red Bull drivers Max Verstappen and Sergio “Checo” Pérez that revolves around the unveiling of the new RB18 car.

Aston Martin F1 has also struck a multi-year cooperation agreement with cryptocurrency exchange Crypto.com to investigate fan interaction and investment opportunities. The Crypto.com NFT marketplace is still the place to go for Aston Martin NFT airdrops and limited-edition collectibles.

Binance teamed with Alpine F1 Team this year to offer NFT airdrops and collectibles. Binance held an event on May 20 that allowed one fan to experience the life of an Alpine F1 mechanic, taking fan connection to the next level.

A few prominent collaborations active during the Monaco Grand Prix 2022 are Ferrari and blockchain firm Velas, Mercedes and crypto exchange FTX, and Alfa Romeo and Shiba Inu (SHIB)-inspired memecoin Floki Inu (FLOKI).

A recent analysis by the financial services firm Deloitte revealed the potential of blockchain and cryptocurrencies, as well as how they might open up new markets and revenue prospects for the sports industry:

“A nexus will form around sports collectibles, ticketing, betting, and gaming. We are just beginning to see its (cryptocurrency’s) potential, as well as the new markets it could lead to.”

From NFTs and fan tokens to multi-year partnerships, the crypto community continues to support the F1 landscape in numerous ways and is increasingly well received in many fields such as sports, tourism, and food…

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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