By signing an exclusive partnership with blockchain Velas, it is Ferrari’s turn to enter the world of cryptocurrencies. The deal includes the addition of exclusive digital content for fans of the carmaker.
Ferrari to partner with Velas blockchain
The famous team announced on its website a partnership from the next season with the blockchain Velas (VLX). This agreement would take effect from the next Formula 1 season.
Velas Network is a Swiss company made up of engineers, cryptographers, researchers and mathematicians. It specialises in the creation and integration of digital products and services such as non-fungible tokens (NFTs).
The contract signed between the two firms announces the creation of exclusive digital content for fans of the prancing horse brand.
Mattia Binotto, Scuderia Ferrari’s Director of Sports Management (Team Principal), said:
We are delighted to begin this partnership with Velas Network, a company that makes innovation and performance the hallmark of its cutting-edge services: these are the values that unite us and have led us to choose them as one of our premium partners.
The partnership also specifies that Velas will become the main sponsor of the Ferrari Esports Series as well as the official team that will participate in the F1 virtual championship.
Impact on VLX token and Ferrari stock
It’s worth noting that the price of VLX jumped shortly after the announcement of its partnership with Ferrari, from around $0.25 to over $0.45 in the space of a few hours, an 83% increase. The token is currently trading at around $0.4.
VLX price on the day- Source: TradingView, VLX/USDT
Ferrari’s share price continues to climb, rising 1.75% to $256.40 since the last close, but it would be premature to say that this is due to the announcement of the partnership with Velas Network.
Ferrari (RACE) share price evolution over one week – Source: Google Finance
Cryptocurrencies and Sports
Partnerships between blockchain projects and sports teams are on the rise. One example is Crypto.com (CRO), which stands out from its competitors by investing heavily in sponsoring sports teams and infrastructure. It recently bought advertising time during the major sporting event, the Super Bowl, which is watched by more than 90 million viewers annually. But its biggest coup is its partnership with the Staples Center in Los Angeles for a whopping $700 million.
In the automotive world in particular, the trend is also being observed. We can cite its partnership with Formula 1 or that of the Aston Martin team last March. But Crypto.com is not alone. The FTX exchange platform announced its collaboration with the Mercedes AMG Petronas team a few months ago.
We can also mention the F1 team Red Bull, which partnered with the Tezos blockchain (XTZ) to create exclusive NFTs, among other things. The trend should therefore continue in the coming months
