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Ferrari steps into the world of NFTs, inks deal with tech firm Velas

From next season, Velas, a provider of digital products and services, will become a partner of Ferrari's Formula 1 racing team.

By: Tech Desk | Pune |
Updated: December 27, 2021 5:33:30 pm
Ferrari are currently sixth overall and in danger of slipping further. (Source: Reuters)

Ferrari has inked deal with  Swiss technology firm Velas Network to create non fungible tokens (NFT) for its fans, the luxury sports car maker said on Monday. NFTs enable users to own rare digital artifacts through the blockchain network that backs cryptocurrencies. All forms of art, tweets, music, GIFs, and more such digital assets can be owned through NFTs. The possibilities of buying and selling digital assets are endless.

From next season, Velas, a provider of digital products and services, will become a partner of Ferrari’s Formula 1 racing team. The multi-year agreement provides for the creation of exclusive digital content for the Scuderia’s fans.

“In addition, Velas will be Title Sponsor of the Ferrari Esports Series, the online mono-brand series of the Prancing Horse, and of the Esports team that will compete in the F1 Esports Series, the official digital championship competed in by all teams participating in the FIA Formula 1 World Championship,” Ferrari said in a statement.

According to Google Trends, a service that tracks the most popular combinations Google users are searching for ‘NFT’ more than ever—and  “crypto” is not the most popular search on Google’s search engine anymore.

People are bidding thousands to own these collectibles, and some are even selling for millions. A recent report by Cointelegraph revealed that people have spent over $9 billion in NFT sales so far—and total sales are expected to reach $17.7 billion by the end of 2021. The research states that sales of NFTs have grown from $41 million in 2018 to $2.5 billion in the first half of 2021, representing a 60-fold growth in three and a half years.

Few weeks ago, Sportswear giant Adidas Originals earned $23.5 million by selling 30,000 of Adidas’ “Into the Metaverse” non fungible tokens (NFTs) within a matter of hours of going on sale Friday.

Meanwhile, Adidas rival Nike, has filed seven trademark applications as it prepares to enter the metaverse, according to Bloomberg. As part of the application, the company indicated its intent to make and sell virtual branded sneakers and apparel.

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