The world is undergoing a transformation towards the digital that is impossible to avoid, and it is increasingly common to make payments and transactions with the sole use of a device connected to the network.
The evolution on the planet is no stranger to Formula 1, a category characterized by being the pinnacle of technology and a pioneer in hundreds of aspects. However, this has always been related to vehicle safety, and not so much commercial.
After the sale of the Great Circus by Bernie Ecclestone , patron of the business for several decades, to Liberty Media back in 2016, Formula 1 has been experimenting in different areas to please the general public and be a reference for the rest of the world. sports.
One of the first things in which the category innovated was in television broadcasts, with the inclusion of advertising posters on the track using computer-generated images, something that saves costs and generates more income.
This was followed by a slew of new charts, in part thanks to the partnership with Amazon , which is promoted every time one of these inserts comes up on screen, such as undercut success rate or status. the tires.
There are dozens more novelties that have been appearing in Formula 1 of the digital age, however, one that has been gaining strength is that of cryptocurrencies and tokens or NFTs.
Pilot performance, AWS charts
Created as digital currencies and items, and therefore not physical, they have become very powerful in international markets because it is not necessary to travel or exchange monetary currencies, only an online wallet that keeps said coins or items.
Sport is no stranger to the economy, moreover, without good financial health, a category would not be able to carry out its vital activities. In football, self-proclaimed as the ‘king sport’ due to its large number of followers, it has experimented with the famous tokens, which has helped to earn millions of euros, key after the pandemic that has not allowed the stands of the stadiums to be filled.
People can now exchange items digitally, but not only that, but some teams, such as FC Barcelona , have let the holders of part of their cryptocurrencies make some decisions. The Blaugrana team voted to find out the motivational phrase they would use in the locker room, which demonstrates its usefulness.
The Crypto.com company was present at the 2021 Aston Martin AMR21
In short, it is a kind of IPO, in which people can buy a part of the team to be members in making decisions
A similar transformation is taking place in Formula 1, which has already started with the giant agreement of the Crypto.com company with the Great Circus. The company was founded in 2016, and two years later they took over the web domain they currently own.
Headquartered in Singapore, they have more than 10 million users and a value of more than one billion euros, making them the tenth largest company in the sector. They signed a contract to be the pavilion sponsor of the Los Angeles Lakers , one of the most famous teams in the NBA, for a value of 615 million euros, with which they will name the Staples Center, now renamed Crypto.com Arena.
They did something similar with Formula 1, since, when agreeing on their sponsorship, they named the Crypto.com Overtake Award trophy, which recognized the driver who made the most overtakes in the 2021 season. This had great visibility, since many fans They were awaiting the outcome between Sebastian Vettel, Fernando Alonso and Kimi Raikkonen.
In addition to this, they enjoy being the main sponsor of the new Miami Grand Prix, which will be held in the month of May and will be on the calendar for a decade.
Thus, the market for cryptocurrencies and tokens has been gradually entering Formula 1, but this is clearly seen in the number of companies in this sector that advertise on the grid teams.
Crypto and NFT Presence Nearly Every Formula 1 Team by 2022
For the 2022 season, after Binance signed with Alpine, eight of the ten teams will have the presence of one of these companies.
In Mercedes it will be FTX, while in Red Bull and McLaren they will have Tezos, in addition to Bybit and Bitci.com respectively. Ferrari, for its part, will have the support of Velas, and AlphaTauri, that of Fantom. Socios.com will help Aston Martin, which also has Crypto.com, and Alfa Romeo. The only ones who endure this kind of digital fever are Williams and Haas, although they already have a relationship due to the general sponsorship of the sport with Crypto.com.
The energy drink team confirmed in mid-February one of the most important agreements in the history of sports with a cryptocurrency company. Red Bull signed a sponsorship of more than 130 million euros with Bybit, which will have a great presence in the car of the 2022 season, the RB18.
| Team | Sponsor |
| Mercedes | FTX |
| Red Bull | Tezos and Bybit |
| McLaren | Tezos and Bitci.com |
| Ferrari | Candles (VLX) |
| AlphaTauri | Phantom |
| Aston Martin | Partners.com and Crypto.com |
| Alfa Romeo | Partners.com |
| Alpine | Binance |
To this must be added the collection of digital items announced by McLaren, a kind of NFTs (Non-Fungible Tokens) launched on January 22 in which a version of the MCL35M with Monaco decoration could be completed.
The steps to follow were, join their Discord channel and be part of the McLaren Racing Collective, start bidding on the items, and then start collecting each of the parts, from the wheels, mirrors, to the engine cover or the nose
With the Alpine and Binance contract, the French joined the largest cryptocurrency company in the world, and will also launch a collection similar to that of the Woking set, all starting on the day of the presentation of its A522.
Although Red Bull has already launched a collection on the occasion of the Mexican Grand Prix, held in November 2021, where Sergio Pérez’s followers could get hold of a series of items. Together with Tezos , the Austrian team made it possible to acquire these collectibles, and a letter from Max Verstappen celebrating the achievement of the world title is currently available with a price of 350 euros.
Each of the NFTs has an online authenticity stamp, which allows knowing the owner and the serial number of the collectible itself, very similar to the authenticated articles that Formula 1 sells, but in a digital way.
This is a market that is booming, and that is still unknown among the general public. Each individual will have their opinion about it, and they may think that this is a form of business or art, although it is also possible to say that it is simply a fad. The future will tell what it is.
