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NFT rides shotgun as Red Bull Racing closes F1 season

NFT rides shotgun as Red Bull Racing closes F1 season

Cryptocurrency and blockchain technology firms continue to have a presence in the world of Formula One, and the Non-Fungible Token (NFT) is making its mark on Red Bull Racing cars as it completes the 2022 calendar.

Red Bull Racing dominated the F1 season, topping the constructors’ standings and Max Verstappen rounded out the drivers’ standings for the second consecutive season. With the curtain closing on the 2022 race schedule in Abu Dhabi on November 20, the team’s cars will have NFT on their livery, a first in F1.

In February 2022, Red Bull Racing entered into a deal with cryptocurrency exchange ByBit as the main partner of the team, one of the few cryptocurrency firms that sponsor teams in Formula 1. Anime-inspired Azuki collection.

The original Lei Azuki NFT is one of 10,000 NFTs in the collection. #8494 is currently trading on OpenSea and is valued at around 9 Wrapped Ether (wETH), or $11,100 at the time of writing.

Related: Merchandise and perfume: Formula One trademark filing paves way for F1 NFT

Red Bull Racing’s Lei the Lightning Azuki will be limited edition number 8494 and will be released on the Tezos blockchain and available on the ByBit NFT marketplace.

Red Bulls Racing Team Principal Christian Horner said in a statement that the use of Web3 as part of a partnership in the sports world is being explored on an ongoing basis.

“In many ways, this has opened our eyes to the tremendous possibilities that Web3 has to offer. This unique project is the perfect combination of creativity, innovation and passion that matches our ethos on the track.”

Formula 1 sports has been a big supporter of the cryptocurrency space. Crypto.com signed a major sponsorship deal in June 2021 as an official cryptocurrency and NFT partner. Blockchain fan token platform Chiliz has also partnered with several F1 teams over the past two years.

McLaren became the first team to carry out a “livery takeover” with its main sponsor OKX in 2022. Cointelegraph had an exclusive interview with Australian rider Daniel Ricciardo about the partnership at Token2049 in Singapore in October 2022.

In October 2022, Formula 1 also filed a number of trademark applications that suggest the organization is seeking full control of intellectual property in the wider cryptocurrency space.