Ferrari Partners with Velas on NFT Initiative

UTC by Tolu Ajiboye · 3 min read
Ferrari Partners with Velas on NFT Initiative
Photo: Unsplash

Ferrari says from next season, blockchain tech provider Velas will create NFTs for its Formula 1 fans.

Italian luxury sports car manufacturer Ferrari recently announced a deal with Swiss tech firm Velas to create non-fungible tokens (NFTs) for fans. Pursuant to the agreement between both parties, Velas will become a partner of Ferrari’s Formula 1 racing team from next season. Part of Ferarri’s official statement read:

“…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 Teases More NFT-centric Projects to Come Following Velas Collaboration

This partnership marks the first of its kind for Ferrari. The famous car manufacturer is looking to leverage the emerging NFT sector through the new collaboration. In addition, Ferrari teases that several more similar projects would eventually spring forth down the line. Furthermore, the Italian automaker is banking on its global prominence and sprawling fanbase to bring new success in this space.

Mattia Binotto, general manager and team principal of Scuderia Ferrari, Ferrari’s professional Formula 1 racing team, expressed delight.

“We are pleased to start this collaboration with Velas Network AG, a company that makes innovation and performance the hallmark of technologically advanced products and services: these are all values that unite us and that led us to choose Velas as one of our Premium Partner,” said he.

Velas chief executive officer and co-founder Farhad Shagulyamov also weighed in on the collaborative initiative with Ferrari. The CEO was enthused about providing digital assets for Ferrari fans. Stating that Velas was up to the task, Shagulyamov said:

“Having built a next-generation blockchain that emphasizes both sustainability and performance, it was natural to partner with another icon of excellence, which is Ferrari. Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport.”

Chairman and founder Alex Alexandrov also expressed similar optimism at partnering with Ferrari.

Velas

Velas is a leading provider of digital products and services, including one of the world’s fastest and most energy-efficient blockchains. Made up of a diverse team of engineers, cryptographers, researchers, mathematicians, and results-driven business leaders, the firm is a melting pot of creativity and innovation. The tech firm, founded in 2019, has played a key role in the blockchain sector. Velas is revolutionizing the space through centralized and decentralized solutions.

NFTs are the rave in the budding world of digital assets. They grant ownership of unique digital properties on the blockchain and take the form of various media. These include images, art, music, and tweets, to name a few. NFT sales can range from a few hundred dollars to hundreds of thousands of dollars – and sometimes even millions. According to a Google tracker, Google users are searching for the ‘NFT’ term more than ever before. The volume of NFT searches is now slowly replacing that of ‘crypto’.

Blockchain News, Business News, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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