lydian-logo
bitcoin

Bitcoin (BTC)

Price
$ 67,599.11
ethereum

Ethereum (ETH)

Price
$ 3,767.15
cardano

Cardano (ADA)

Price
$ 0.450813
xrp

XRP (XRP)

Price
$ 0.523146
litecoin

Litecoin (LTC)

Price
$ 83.52
stellar

Stellar (XLM)

Price
$ 0.106571

Ferrari cuts ties with crypto sponsor ahead of 2023 Formula 1 season

Published on

January 8, 2023
Read Time:1 Minute, 29 Second

Scuderia Ferrari, the racing division of luxurious automaker Ferrari, has joined the rising checklist of Method 1 racing groups to finish partnerships with their cryptocurrency sponsors. Ferrari ended its multi-year partnership offers with Velas Blockchain and chipmaker Snapdragon, leading to a cumulative $55 million loss for the Italian crew forward of the 2023 season.

The partnership between Ferrari and Velas from 2021 - set at $30 million per yr - aimed to extend fan engagement by non-fungible tokens (NFTs) and different joint initiatives. Nevertheless, the crew didn't adjust to the clauses permitting Velas to create NFT photos, according to to RacingNews365.

In November 2022, Mercedes additionally suffered a $15 million loss after suspending its partnership with FTX when the crypto trade filed for Chapter 11 chapter. Pink Bull Racing's partnership with the Tezos Basis reportedly suffered a destiny just like that of the blockchain firm decided to not renew its settlement, citing a misalignment of technique.

Toto Wolff, Staff Principal and CEO of the Mercedes-AMG Petronas F1 Staff, warned that different groups might discover themselves in an analogous scenario. Nevertheless, the connection between F1 and the crypto ecosystem goes past partnerships. In October 2022, Method 1 submitted "F1" tokens when it unveiled plans to create an internet market for cryptocurrency, meta tokens, digital collectibles, crypto collectibles and NFTs.

Associated: Argentine soccer league achieves Metaverse partnership after World Cup triumph

Within the midst of a bear market, Web3 tasks have taken the result in improve engagement between followers and sports activities leagues.

Deloitte's 2022 Sports activities Trade Outlook report predicts an acceleration within the merger of actual and digital worlds and rising markets for NFTs and immersive applied sciences. As Cointelegraph reported, the dearth of user-friendly platforms is the largest problem to mainstream adoption.

Source link

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 8, 2023
Top crossmenumenu-circle