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Ethereum and Formula 1 Racing Team Up for Blockchain-Based Gaming

In-game purchasing and item collection has seen growing popularity in the gaming industry. Gamers are investing time and money into attaining the best items money can buy.

Yearly, for one popular game alone, $1.3 billion USD was spent on in-game items.

The Formula 1 racing game F1 Delta Time, will begin using the Ethereum blockchain to create in-game ERC 20 and 721 standards to use as in-game currency, aiming to capitalize on this in-game spending market. Players will be able to collect rare cars to use using Ethereum tokens as a purchasing method.

Blockchain offers a new method for players to further enjoy gaming, but also have real-world value for their purchases. Normally buying a Ferrari or Mercedes would be a one-off purchase with no resale value, however, on the blockchain, ownership can be bought and sold all across the platform to allow for trades and the ability to try something new.

Delta Time will offer extremely rare cars to users, predicted to cost as much as 30 ETH, which currently equals $4,500 USD.

As blockchain enters into more fields and expands adoption, it is likely the gaming sector will be heavily impacted. Delta 1 is not alone in this endeavor, with multiple other titles adopting the technology.

Image via Shutterstock

Crypto.com to bring Crypto to Formula 1 through Partnership with Aston Martin

Hong Kong-based crypto exchange Crypto.com has partnered with Aston Martin Formula 1 team, ahead of the British car maker’s 2021 F1 car launch.

Crypto.com is the first cryptocurrency platform to partner with an F1 team. For the upcoming Formula 1 season, Crypto.com’ s logo will be displayed on Aston Martin F1 racing cars, officially sealing in the partnership. Speaking about the collaboration, co-founder and CEO of Crypto.com Kris Marszalek said:

“We are extremely excited to be partnering with Aston Martin Cognizant Formula One™ Team. There is strong alignment between our brands and the aspirations of our customers. In only four years we have built the world’s most secure and fastest-growing cryptocurrency platform serving more than 10 million customers worldwide.”

The collaboration between the crypto trading platform and the British car manufacturer will involve a multi-year sponsorship deal and comes just as Aston Martin will be re-entering the Formula 1 scene after a 61-year absence.

Through the partnership, Crypto.com’s logo will be featured on Aston Martin F1 cars, providing significant exposure for the crypto trading platform. Marszalek explained that the partnership was significant, as Aston Martin is a well-respected brand. He said that this was a huge statement for the crypto industry and meant that the latter was maturing. Thanks to the partnership, more promotions of cryptocurrency-related products are to be expected.

Lawrence Stroll, Aston Martin F1 team’s chairman, also expressed his delight in partnering up with Crypto.com. He said, “I am very impressed by the vision of the Crypto.com management and the tremendous speed at which their platform is growing. I am sure this partnership will bring a fresh perspective to both our business and introduce both brands to new audiences.”

Crypto.com has proven to be a unicorn in the cryptocurrency industry. Founded in 2016, it is the world’s first cryptocurrency company to achieve privacy certification (ISO 27701) and PCI:DSS, Level 1 compliance.

Bybit Secures Multi-Year Partnership Deal with Red Bull

Following a 3-year deal, Singapore-based crypto assets trading platform Bybit has become the Principal Team Partner for Oracle Red Bull Racing, one of the most successful Formula 1 teams.

As announced by Red Bull, the deal is worth $50 million annually and will be paid in cash and the trading platform’s native token, the BitDAO (BIT) tokens.

Bybit will form a major part of the Red Bull innovation team and help champion several initiatives in two primary ways, exclusively as the Cryptocurrency Exchange Partner and as the Team’s Tech Incubator Partner. Bybit will assist in coordinating “a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.”

Both Bybit and Red Bull will also be engaged in the “promotion of sustainability, diversity, STEM careers and recognition and support for women in blockchain as well as to introduce coding to new audiences.”

“It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exists at the cutting edge of technology. They share the Team’s passion to exist at the forefront of technological innovation, to set the competitive pace, and to disrupt the status quo,” said Oracle Red Bull Racing Team Principal and CEO Christian Horner.

Bybit will help the team in developing and distributing its fan tokens. As the tech incubator, Bybit will also be tasked with managing the team’s Non-Fungible Token (NFT) collections.

It is not uncommon to find a digital assets trading platform inking a sponsorship deal with a Formula 1 team. Crypto.com was the first digital assets exchange service provider to ink a related deal with an F1 team when it secured a sponsorship deal with Aston Martin last year. The embrace of racing sports teams is growing as the go-to strategy to push crypto’s publicity into the global limelight.

Image source: Bybit

Crypto Supports Formula 1 Racing in Modern Technology , Says Mercedes Lead

With 80% of racing teams in the 2022 Formula 1 (F1) grid featuring at least one crypto sponsor, Mercedes team principal Toto Wolff believes that cryptocurrencies are part of modern technology that cannot be ignored.

Wolff pointed out:

“I think when we are looking back in 10 years’ time having made payments that take two days and can’t be done outside of week hours, it is something that is going to be a relic of the past and this is where cryptocurrency has come in.”

The partnership between Formula 1 and crypto companies was inevitable based on the growth experienced in the cryptocurrency market, according to Wolff.

He added:

“You can’t shut yourself down to modern technology. It is definitely an area that will grow. They have become a major player in the financial world and obviously seek exposure through Formula 1. We all benefit from it but also learn from it.”

F1 is the highest international racing class for open-wheel single-seater formula racing cars, and the Mercedes team faced fierce competition from Red Bull last year. It was a battle of titans between Lewis Hamilton of Mercedes and Max Verstappen of Red Bull.

Wolff also noted that caution should be taken regarding the energy sustainability issue linked to cryptocurrencies. He stated:

“The sustainability argument is extremely important, but it is not only about mining and the energy it consumes but also where the energy comes from.”

The presence of crypto companies in the sporting arena continues to be felt based on the whopping amounts being invested.

For instance, to get more limelight during the annual playoff championship game of the National Football League (NFL) called the Super Bowl, crypto exchange Crypto.com spent $6.5 million on a 30-second ad that featured LeBron James, NBA’s four-time most valuable player (MVP).

Coinbase, a US-based crypto exchange, spent more than double this amount at $14 million for its Super Bowl advertisement.

McLaren Racing Signs a Multi-year Partnership with Crypto Exchange OKX

McLaren Racing, a British motor racing team, has inked a multi-year deal with crypto exchange OKX (formerly OKEx) as the primary partner of McLaren Shadow esports Team and McLaren Formula 1 (F1) Team from this year.

Starting at the 2022 Miami Grand Prix, OKX branding will be incorporated into McLaren MCL36 F1 cars, McLaren Shadow Team Kit, and McLaren F1 Team Kit.

Moreover, the OKX brand will be placed on the helmets of leading McLaren F1 drivers Lando Norris and Daniel Ricciardo.

Zak Brown, the CEO of McLaren Racing, pointed out:

“The first-ever Miami Grand Prix is the perfect occasion for us to launch this significant partnership, through which we will collaborate with OKX to take our fan experience to all new levels.”

Therefore, the strategic partnership will enable OKX to support McLaren’s global fan experience, enabling enthusiasts to enjoy product innovations and exciting opportunities.

Brown welcomed this collaboration and stated:

“We are thrilled to announce this primary partnership with OKX ahead of the Miami GP. In a rapidly evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things.”

To render more innovation on the OKX platform, Haider Rafique sees the partnership as a stepping stone towards heightened trade execution speeds because this requires ‘pit-like’ team collaboration and instincts.

The chief marketing officer at OKX added:

“The McLaren brand stands for everything that is great about F1. Speed, reliability, and performance are at the core of any top-class crypto trading platform.”

McLaren has been flexing its muscles in the crypto space because it recently entered the metaverse to showcase its luxury hypercars and supercars in NFTs or other digital artworks.

With 80% of racing teams in the 2022 F1 grid featuring at least one crypto sponsor, Mercedes team principal Toto Wolff recently opined that cryptocurrencies are part of modern technology that cannot be ignored.

NFT concludes F1 season with Red Bull Racing

The NFT team of Red Bull Racing is now in the driver’s seat for the last race of the season.

Red Bull Racing will continue the trend of cryptocurrency and blockchain technology companies playing a significant role in Formula 1 by imprinting a nonfungible token (NFT) on the team’s vehicles during the last race of the 2022 season.

After taking Red Bull Racing to the top of the constructors’ standings in Formula One (F1) during the 2018 season, Max Verstappen finished first in the drivers’ standings for the second consecutive year, capturing the championship for the second time in his career. This victory also afforded him the chance to win the title for a second time in his career. On November 20, 2022, the last race scheduled for 2022 will be held in Abu Dhabi. This will signify the end of the season. It is thought that this will be the first time in Formula One history that a team will feature an NFT on the vehicle’s livery. The race will be the last competition scheduled for the year 2022.

Red Bull Racing announced in February 2022 that the cryptocurrency exchange Bybit would be the team’s primary sponsor. Bybit is one of just a handful of organisations that trade in cryptocurrency that sponsor Formula One teams. The artwork created by the NFT and the anime-inspired Azuki collection character Lei the Lightning will be displayed in the same space as the exchange’s official emblem.

The collection has a total of 10,000 NFTs, one of which being the very first Lei Azuki NFT. At the time this article was published, the #8494 was worth around 9 Wrapped Ether (wETH), which is equivalent to nearly $11,100 USD. This is the price it is presently advertised at on OpenSea.

Lei the Lightning Azuki will drive a special edition version of the vehicle with the number 8494 for Red Bull Racing. It will initially be minted on the Tezos blockchain before being available for purchase on the NFT market on Bybit’s platform.

Christian Horner, the leader of the Red Bulls Racing team, was cited in an organization-issued statement. In his remark, he addressed the partnership’s facilitation of the ongoing research of Web3 use cases in the sports industry.

The author is reported as stating, “In many respects, it has opened our eyes to the tremendous opportunities Web3 has to offer.” [Bibliography required] One of the racing drivers said, “This one-of-a-kind endeavour exemplifies what it is to be creative, imaginative, and enthusiastic, all of which are essential to how we conduct ourselves on the racetrack.”

Formula One, the top open-wheel racing sport in the world, has significantly boosted the Bitcoin industry’s finances. In June 2021, Crypto.com was declared the official partner for cryptocurrencies and NFTs after successfully negotiating a lucrative sponsorship agreement. A substantial amount of money was involved in the contract transaction. In addition, during the course of the previous two years, Chiliz has partnered with other Formula One teams to establish ties.

McLaren was the first team to successfully accomplish a “livery takeover” in 2022. This meant that the team’s principal sponsor, OKX, was responsible for a comprehensive redesign of the outfits and livery. In October of 2022, Token2049 is expected to take place in Singapore. Cointelegraph was given permission to do an exclusive interview with Australian race car driver Daniel Ricciardo on the partnership that will occur at the event.

The fact that Formula 1 also made an application for a number of trademarks in October 2022 lends credence to the notion that the organisation seeks exclusive control over all intellectual property in the bitcoin industry. Formula 1 filed a number of trademark applications with its entries in October 2022.