Formula One fans can rejoice as more Formula One content and merchandise for them as NFTs. The Oracle Red Bull Racing team has teamed with the Web3 company, Azuki to create a collection of the 2022 Formula 1 Season.
The world of Formula One is becoming more digital with the creation of the e-sports series for Formula One racing; the next step of going with NFTs is a logical route that has the potential to revolutionize the motor world.
In the article below, we will discuss what this means for the world of motor racing and the legitimacy of NFTs in the eyes of the sporting world.
Oracle Red Bull Formula 1 Team And Azuki
The 2022 Formula 1 season has already ended with the final race in Abu Dhabi. Max Verstappen clinched the World’s Drivers Championship for the second time in a row in Japan, with Red Bull winning the constructors championship in Texas, U.S.A. The dominance shown by drivers and the team makes perfect sense why Azuki has partnered up with them to create Formula One’s blue-chip NFT.
A blue-chip NFT is marked as a stable and long-term investment opportunity. The founder of Azuki, Zagabond, stated,
“We are excited to announce our partnership with Oracle Red Bull Racing and Bybit. Lei the Lightning Azuki reflects the passion, precision, and raw power of Oracle Red Bull Racing. We look forward to telling Lei’s story in the 2023 F1 season.”
The Azuki collection will focus on “Lei the Lightning Azuki,” Lei will race with Max Verstappen and Sergio Perez as they race to get another World Championship.
Lei represents the transcending world that represents the virtual and physical world.
Lei was released at the Abu Dhabi Formula One race to join the Red Bull driver lineup as the team rushes to secure a victory. In the end, the current Formula One champion, Breezed his way to a victory, securing Max Verstappen a record of 15 wins in one season.
How Do Fans Get “Lei The Lightning Azuki”
The first minting of the Azuki collection took place between November 17 to November 19. As of writing this article, the first fans have been able to mint these NFTs on the Bybit NFT marketplace. Fans must register on the site to learn more news on the Lei the Lightning Azuki and Red Bull collaboration.
The NFTs were designed by the co-creator of Azuki, Arnold Tsang, and his Twitter handle is @steamboy33.
Formula One Massive New Fanbase
The world of Formula One is a growing market that investors noticed. The value of Formula has grown since the drive to Survive series was introduced by Netflix. The series was an inlet for many people to learn about Formula One and its characters.
The rise of social media and its influence has turned Formula One from a cold and calculated world where fans interact closer with drivers. Mclaren driver Lando Norris is often considered a fan favorite with his personality on social media.
Teams must stick to a budget cap introduced in the wake of the global pandemic. The result of the budget cap is that many groups report good years, not just from their sponsors but from their other sources of revenue. NFTs could expand these teams’ revenues and create more growth for the world of Formula One.
Formula One and the Web3 Integration
The World of Formula One is no stranger to the metaverse and the world of crypto. The recently bankrupted crypto exchange platform FTX was a Mercedes-AMG Petronas F1 Team sponsor. The Formula one company has also filed patents that encompass NFTs and Crypto.
The patent includes selling virtual goods with Formulas One’s intention to create a platform to buy and sell cryptocurrency. The company also filed a patent for NFT trademarks related to the upcoming 2023 Las Vegas Grand Prix. The Las Vegas Formula One weekend is slated to happen in November 2023.
The British racing team, Mclaren, announced the partnership with Tezos, one of the most significant blockchain projects. The cryptocurrency Fliko Inu partnered up with the Alfa Romeo F1 Team Orlen to help promote the cryptocurrency. However, teams were asked to ditch the logos of these crypto companies to comply with local laws in certain countries.