Renowned international racing auto racing organization Formula 1 has become one of the latest entities to partner with the crypto industry. This is thanks to a multi-million-dollar deal between the organization and Crypto.com which is one of the fastest-growing crypto platforms in existence.
As per the terms of the partnership agreement, Crypto.com will now be able to enjoy a significant amount of brand presence around Formula 1 events. This will begin with the new Spring qualifying format that Formula 1 will be using to determine the starting positions of cars in some of its races.
Speaking on the new development, a spokesperson from Formula 1 said that they are very excited about the partnership. Crypto.com’s reputation as a leading crypto platform across the globe certainly opens doors for new ways of fan engagement. F1 director of commercial partnerships Ben Pincus has also confirmed that cryptocurrencies are “an area we are very interested in.”
All the Sprint races will go down in three rounds of the championship in 2021. After its launch at Silverstone, more events will likely head to Monza after which the next location will be selected. There is speculation that this could be either Interlagos in Brazil or the Circuit of the Americas in the USA
NFTs Coming to Formula 1
The idea that one of the biggest racing organizations will now be associated with the crypto industry is very exciting, to say the least. What is even more exciting is the fact that some arguably newer crypto technologies such as Non-Fungible Tokens (NFTs) will be a part of the deal.
“As F1 continues to explore new ways for fans to engage and become more immersed in the sport, Crypto.com will also become the Official Cryptocurrency Sponsor and NFT Partner of F1. Mirroring the fan-first approach F1 has adopted to engage with new audiences, Crypto.com aims to democratize the world of cryptocurrency for fans, through education and experiences in the new partnership.”
To kick things off, Crypto.com will be presenting a brand-new award. This is yet to be announced but we expect some news on it ahead of the Belgian Grand Prix.
All in all, this is a great step forward for the world of digital currencies. The sector is still fundamentally considered to be complicated. Thanks to such partnerships as the one between Crypto.com and Formula 1 we can expect even more growth. It is going to be very exciting to see how this partnership pans out going forward.