NFT rides shotgun as Red Bull Racing closes out F1 season

Red Bull Racing will close out a successful Formula 1 season with an NFT emblazoned on both drivers’ vehicles at the Abu Dhabi Grand Prix.

Cryptocurrency and blockchain technology firms continue to feature in the world of Formula 1, with a nonfungible token (NFT) making its mark on Red Bull Racing’s vehicles to close out the 2022 calendar.

Red Bull Racing dominated the F1 season, topping the constructors’ standings, while Max Verstappen closed out the drivers’ standings for a second consecutive season. With the curtain closing on 2022’s race schedule in Abu Dhabi on Nov. 20, the team’s cars will feature an NFT on their livery in what is being called a first in F1.

Red Bull Racing struck a deal with cryptocurrency exchange ByBit as a Principal Team Partner in February 2022, one of a handful of cryptocurrency firms sponsoring teams in Formula 1. The exchange’s logo will feature alongside Lei the Lightning Azuki, an NFT artwork and character from the anime-inspired Azuki collection.

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

Related: Merch and perfume: Formula One trademark filing paves the way for F1 NFTs

Red Bull Racing’s Lei the Lightning Azuki will be a limited edition version of #8494 and is set to be minted on the Tezos blockchain and available through ByBit’s NFT marketplace.

A statement from Red Bulls Racing’s team principal, Christian Horner, highlighted the ongoing exploration of Web3 use cases through the partnership in the sporting world

“In many ways, it’s been an eye opener for us to the vast opportunities Web3 has to offer. This unique project is the perfect combination of creativity, innovation, and passion which matches our ethos on the track.”

The sport of Formula 1 has been a big proponent of the cryptocurrency space. signed a major sponsorship deal in June 2021 as its official cryptocurrency and NFT partner. Fan token blockchain platform Chiliz has also partnered with a handful of F1 teams over the past two years.

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

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

Related Posts

Bitcoin analysts eye weakening US dollar as BTC price fights for $17K

BTC price action stays cool over the weekend as Bitcoin bulls attempt to flip $17,000 to support. Bitcoin (BTC) bulls attempted to retake $17,000 into the Dec….

Crypto Marketing: How to Make a PR Product and Get Organic Traffic

Crypto marketing is very important for cryptocurrencies, as the right promotion allows your coin to be noticed among thousands of other projects. One of the methods of…

Cardano’s Hoskinson Praises Algorithmic Stablecoins, Touts Them As The Gold Standard Of The Digital Age

Charles Hoskinson believes that algorithmic stablecoins are the way to go and that they have the ability to undermine the monopoly of government-issued fiat. In a recent…

Regulators face public ire after FTX collapse, experts call for coordination

U.S regulators and their failure to avoid another crypto contagion have raised a lot of questions over their credibility. 2022 is nearing an end and might go…

Addresses That Sat Idle for Years Transferred 1,221 Bitcoins Worth $20M Over the Last 4 Days

During the last seven days, bitcoin’s price has remained above the $16K region following the aftermath of FTX’s collapse. Since then, a number of ‘sleeping bitcoins’ that…

Are Metacities a Step Forward in the Metaverse, or Just a Pipe Dream?

Mark Zuckerberg’s announcement of a Facebook rebrand and his concept of a Metaverse has spurred advances in the sector, including the rise of “metacities Facebook became Meta,…

Generated by Feedzy