Top Crypto Exchange And F1 Team Collaborate To Release Digitized Moments from Grand Prix Events
Formula one’s Miami Grand Prix, which features F1-related NFTs, will occur on May 7. FTX and F1 team Mercedes have partnered to release NFTs at next weekend’s Miami Grand Prix. Apart from NFT moments of the live-action, NFT airdrops will also be available.
FTX And F1 Fans Anticipate The Launch Of The NFTs
A joint statement from F1’s Mercedes team and FTX crypto exchange confirms that the two firms have collaborated to release the rare NFT moments from the next Miami grand Prix. If this is successful, they will also release NFT moments from other Grand Prix. The Miami Grand Prix is expected to hold on May 7.
Formula 1 fans are already anticipating the release of these digital collectibles as there would be 1,000 limited NFT tickets available for grabs for the live viewing of the F1 action in the metaverse. There will also be 2,500 free tickets for fans to access exclusive events. The design of the tickets will be particularly unique to make them more enticing.
Revered Artist Releases 14 Limited NFTs For This Grand Prix
For this Grand Prix, FTX and the F1 Mercedes team have enlisted the help of popular artist, Mad Dog Jones, to release 14 unique limited NFTs to celebrate this special event. Part of the announcement states that two of the NFTs from the respected artist will feature a physical rear wing and plate of the racing cars driven by the two top Mercedes drivers.
While speaking about the collaboration, a top-level executive of FTX states that the partnership’s primary goal is to incorporate culture, art, and F1 as one big event. “We want to celebrate this event in a grand style way. Hence, this Miami Grand Prix and the lineup of drivers available will make it a worthwhile celebration,” she added.
The Auction For The F1 NFT Starts Next Friday
The auction for the F1 NFT event will begin on the same day as the test practice of the Grand Prix event, which is scheduled for next Friday. However, bidding will end a week later (May 13). Also, FTX and F1 will co-host a physical meet-up where fans can have a physical experience of the NFTs.
Apart from the razzmatazz of this event, all sales from it will be donated to ignite, an NGO founded by one of F1’s legendary drivers, Lewis Hamilton. Hamilton uses this NGO to create more awareness about motorsport and its diversity.
The NFT Space
NFTs have been a massive source of revenue for creators and blockchains, especially Ethereum. Statista data revealed that in the 30 days preceding April 15, 2022, more than 22K NFTs had been sold on the Ethereum blockchain alone.
However, the growing popularity of NFTs has also resulted in the rise of thieves, passing off the work of artists as theirs. Many of these ‘modern creators’ can no longer differentiate between plagiarism and parody.
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