In October 2022, Formula 1 filed a number of trademark applications that suggest the organization is seeking to completely control the intellectual property in the wider cryptocurrency space.
The Red Bull Racing Formula 1 vehicles will feature a nonfungible token (NFT) at the end of the 2022 calendar season to close out the cryptocurrency and blockchain technology firms.
Red Bull Racing dominated F1 in the upcoming season, finishing atop the constructors’ standings and securing Max Verstappen another title. The Abu Dhabi season finale on Nov. 20, 2022 will be the last race of the current campaign. Red Bull cars will feature an NFT on their livery in what is being called a first in F1.
In February 2022, Red Bull Racing was one of a handful of cryptocurrency firms sponsoring teams in Formula 1. The exchange ByBit was one of its Principal Team Partners. An NFT artwork and character from the anime-inspired Azuki collection, Lei the Lightning, will be featured on the exchange’s logo.
The 8494 is one of the original 10,000 NFTs from the collection. The current asking price on OpenSea is around 9 Wrapped Ether (wETH), or $11,100.
Red Bull Racing’s Lei the Lightning Azuki will be a special edition of 8494 and will be minted on the Tezos blockchain and sold through ByBit’s NFT marketplace.
Christian Horner, the team principal of Red Bulls Racing, commented on the partnership with Web3 to explore its use cases in sports in a statement
Crypto.com is a big advocate of the cryptocurrency space as a result of its work in Formula 1. In June 2021, the company signed a significant sponsorship agreement with its NFT and fan token blockchain platform partner. Chiliz, a fan token blockchain platform, has partnered with several F1 teams over the past two years.
In 2022, McLaren became the first team to conduct a ‘livery takeover’ with their primary sponsor OKX. At Token2049 in Singapore in October 2022, Australian driver Daniel Ricciardo spoke to Cointelegraph about the partnership.
Formula 1 filed a number of trademark applications in October 2022 that indicate the organization is looking to gain full control of the intellectual property in the broader cryptocurrency space.