In recent years, cryptos and NFTs have garnered great attention from numerous industries. The sporting sector has embraced NFTs and cryptocurrencies to enhance the fan experience for those who follow clubs and contests. Lately, sports teams and events have begun providing fans with unique access to NFTs and cryptocurrencies. They are part of a surge in collector tokens that encompasses all aspects of culture and entertainment.
In this regard, Formula One has filed two trademarks pertaining to NFTs and cryptocurrencies for the Las Vegas Grand Prix, which is scheduled for November 2023. According to the documents, Formula One intends to provide a selection of virtual goods, including but not limited to sporting equipment, virtual clothes, headphones, lanyards, souvenirs, keyrings, digital art, jewellery, sculptures, and other items.
In addition to carbon offsets, Formula One plans to provide services in the areas of cryptocurrency exchange, currency trading, virtual currency, and services related to virtual currencies. The street-based competition will be held in the heart of Las Vegas. It will include a portion of the neon-lit strip, which is lined with posh casino hotels, restaurants, and an assortment of attractions. The track is reportedly 3.8 miles long, with top speeds of 212 miles per hour.
Formula One Is Now Fully Embracing Crypto And NFTs
Formula One and other sporting teams are now actively participating in the digital assets space. For instance, in May, Formula One made the purchase of a plot of land of 39 acres in the heart of “Sin City” in order to construct the paddock and pit complex. In June of last year, the British racing team McLaren partnered with the blockchain startup Tezos. In February, the dog-themed crypto Floki Inu announced a branding partnership with Alfa Romeo F1.
In late April, F1 team Mercedes-AMG Petronas and crypto firm FTX unveiled a combined NFT project, with certain collectibles including a genuine F1 vehicle part. Previously, the Formula 1 team McLaren Racing established a strategic tech partnership with the Tezos DLT platform. According to the press release, McLaren intended to develop a platform for NFTs that would provide its fans with the optimal NFT experience.
As a McLaren Racing partner, Tezos would be branded by the McLaren team, the Arrow McLaren SP team, and on the race suits of the top McLaren racers. McLaren has competed in fewer races than the Ferrari squad, making it the second most successful Formula One team in existence. It is affiliated with the McLaren Group. However, during the French Grand Prix in July, numerous Formula 1 teams were compelled to remove cryptocurrency-related logos due to stringent local advertising regulations.
The Relationship Between Sports And Digital Assets
Additionally, other sports entertainment firms are entering the exciting sector of NFTs and cryptocurrencies. The DraftKings NFT marketplace, for instance, is a location where sports fans can discover exclusive NFTs from some of the most prominent personalities in sports. The most recent collections include signatures from notable athletes and are simple to use and process. They can be collected and seen in a fan’s digital portfolio.
It appears that digital assets and sports will continue to share a strong relationship for some time to come. At the beginning of this year, weekly sales of sports NFTs in the United States increased to $138 million. The value of NFTs is expected to continue increasing as more distinctive experiences are made available to fans by teams and leagues.
Recently, the NBA gave two tickets to a game to those who could manufacture 12 unique NFTs. As major leagues and tournaments become more involved with the operations of NFTs and cryptocurrencies to create unique bargains, their popularity is certain to persist. Although it is difficult to anticipate how the market will evolve in the coming years, it appears that the hype surrounding NFTs and cryptocurrencies will continue.