During the whole F1 2022 season and other races, cryptocurrency exchange FTX and Formula One (F1) team Mercedes-AMG Petronas will release a variety of NFT collectibles. Some NFTs will be part of an actual F1 car, with some limited edition items for sale that were used during specific events.
Partnership Plans on Grand Prix NFTs
Given Miami’s fast-growing crypto city status, the inaugural F1 Miami Grand Prix will undoubtedly involve NFTs. However, the product isn’t entirely digital in this case because part of an F1 car is included with certain NFTs.
The full-time calendar will divide the time into five parts: 1,000 free “free-to-claim” limited edition NFT ticket stubs for the Miami Grand Prix and future seasons. Each stub will be produced on Solana and made available through the FTX NFT market.
The series’ first season will include the Spring and Fall Classics and three other races. Up to 2,500 free NFT ticket stubs will be given out at each event. Each race’s free NFT stub will be different, and FTX is looking at ways to make them more useful for holders.
Collaboration with NFT Artist Mad Dog Jones
For the Miami event, FTX and Mercedes-AMG Petronas partnered with renowned artist Mad Dog Jones to create ten unique pieces of Ethereum NFT artwork that they will sell.
Two of the limited-edition NFTs will feature a genuine rear wing endplate from one of Lewis Hamilton’s racing cars or the steering wheel of George Russell.
The Mad Dog Jones artwork will display on the track and each rear wing.
In the Miami Herald, Lou Frangella, VP of Partnerships for FTX, said that they wanted to go big in Miami and combine art, culture, and Formula One.
The funds from the sale will be used to help Ignite, a nonprofit project established by Mercedes-AMG Petronas in collaboration with Hamilton’s Mission44 organization, which aims to increase diversity in motorsport.
Last September, both corporate names announced a long-term collaboration.
This is not the first time that NFTs have been used in sports and entertainment.
In February, NBA Top Shot, a website where people can buy, sell, and trade video highlights in non-fungible tokens (NFTs), sold a LeBron James highlight for $200,000.
And in March, the singer Grimes sold an NFT artwork for $6 million.
With this move, Mercedes-AMG Petronas and FTX want to bring the world of NFTs to a new audience.
NFTs are often associated with digital art but are also used in other areas such as gaming and sports.
It will be interesting to see how this partnership develops and what other future projects the two companies will work on.