Formula 1 is a motor sport discipline in which drivers from different teams compete on closed circuits in their single-seaters. F1 in 3 figures:
- 𝟵𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻𝘀. That’s the average number of viewers for each race.
- 𝟭𝟮 𝗺𝗶𝗹𝗹𝗶𝗼𝗻𝘀 𝗱𝗼𝗹𝗹𝗮𝗿𝘀. This is the value of a Formula1.
- 𝟮,𝟭 billions 𝗱𝗼𝗹𝗹𝗮𝗿𝘀. That’s F1’s turnover.
Over the past few years, the crypto and NFT ecosystem has grown closer to F1. Here are 4 links between Formula 1 and the web3 to remember:
𝟭/ Cryptocurrency partnerships:
60% of racing teams have signed a partnership with cryptocurrency companies. This is one of the most represented sectors among the 275 sponsors of all racing teams. In 2021, crypto.com was even announced as a global partner of the Formula 1 organization for over $100 million. Nevertheless, in recent months, some stables have canceled their contracts, as the decline in the crypto trend in the ecosystem has made itself felt.
𝟮/ NFT partnership: the Azuki case
In November 2022, Oracle Red Bull Racing announced that its main team partners, the creators of the NFT Azuki collection, would be represented on the team’s cars for the championship finale in Abu Dhabi. The collection saw its sales volume increase by over 300% and its selling prices rise by 73% on the day the partnership was announced.
𝟯/ Ticketing secured by NFT
This is one of the most eagerly awaited use cases for NFTs, and it will now be possible to see it applied in Formula 1. F1 Grand Prix spectators now have the option of receiving a digitized, tokenized ticket in the form of an NFT. In particular, the use of NFTs will solve a major problem for events of this scale: the issue of fake tickets (👀 BARY)
𝟰/ Fan engagement thanks to Socios
In 2021, Chiliz the leading provider of blockchain for the global sports and entertainment industry, announced that Aston Martin and Alfa Romeo, are the first Formula 1 ™ teams in the world to launch Fan Tokens. Fan Tokens are collectible digital assets that offer holders access to voting rights in polls, VIP rewards, exclusive promotions, AR-enabled features, discussion forums, games and competitions.
