NFTs Go Full Throttle on the F1 Track!
During this year’s U.S. Grand Prix, which is scheduled for October 22 in Austin, TX, there will be a special event involving non-fungible tokens (NFTs) racing around the Formula One (F1) track. These NFTs, including popular ones like Bored Apes, have been selected through a unique process in collaboration between Williams Racing and the crypto exchange Kraken.
To ensure a fair and inclusive selection process, Kraken has opted for a decentralized approach. Starting from August 1, NFT holders with assets listed on Kraken’s native NFT marketplace can submit their tokens for consideration. The submission window will remain open until August 18. Afterward, Williams Racing and Kraken will shortlist the top 20 entries, which will then be presented to the community for a voting process from August 28 to 31.
The community’s top four NFT choices, along with two NFTs handpicked by Williams team drivers Alex Albon and Logan Sargeant, will have the privilege of being showcased on the team’s cars during the Grand Prix.
Lou Frangella, Kraken’s Head of Brand Partnerships, expressed excitement about the integration of NFTs into the team cars. In an interview with CoinDesk, he highlighted the different meanings NFTs hold for individual owners, emphasizing that they are an integral part of the cryptocurrency ecosystem, representing ownership and fostering engaged communities.
The partnership between Kraken and Williams Racing, initiated earlier in the year, has been groundbreaking, bringing together F1 fans and crypto enthusiasts in one of the world’s fastest-growing sports. Kraken has actively engaged F1 fans in educating them about the value and mission of cryptocurrencies, Web3, and the crypto space as a whole. Through various initiatives, such as displaying the Bitcoin whitepaper on Williams cars and celebrating Bitcoin Pizza Day with the team, the partnership has fostered understanding and adoption of crypto.
While the collaboration between Kraken and Williams Racing is pioneering in the world of F1, other teams have also recognized the significance of crypto partnerships. For instance, Red Bull Racing partnered with crypto exchange Bybit, valued at an impressive $150 million, and agreed to a multi-year deal with the Sui blockchain to provide similar Web3-infused experiences to its fanbase. Additionally, during the recent Monaco Grand Prix in May, F1 ticket provider Platinum Group introduced NFT tickets that not only granted access to the race but also offered future ticket discounts.
