After Art, Music And Real Estate, Nfts Are Now Being Used In Motor Racing

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After Art, Music And Real Estate, Nfts Are Now Being Used In Motor Racing

Lamborghini-backed Vincenzo Sospiri Racing (VSR) announced on Tuesday a unique collaboration with the NFT platform Go2NFT. Through this partnership, VSR will use NFT technology to prove the reliability of racing car parts. According to a statement shared with Cointelegraph, these NFT certifications will be hosted on the blockchain platform Skey Network.

The team believes that this program will ensure better monitoring and quality of manufactured auto parts. “This also gives us a great responsibility to ensure that all parts of the racing fleet can be securely certified and audited to monitor performance and ensure provenance,” says Sospiri.

The team also aims to extend this NFT certification program to official products. The team has stated that fans can better guarantee the quality of the products they purchase when their credibility is proven.

“We believe that NFT utilities will help increase the trust and transparency of brands and their fans. This project with VSR is a lot of such cooperation for beloved brands around the world. It’s just the beginning, “Go2NFT executive Boris Ejsymont told Cointelegraph.

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While VSR’s use of NFTs to prove authenticity is certainly a unique endeavor, it’s not the first time NFTs have been used in motorsport. In March 2021, MotoGP released the first set of 9,500 NFT artwork inspired by drivers and bikes for the 2020 season. The entire collection was sold out in a week.

In January 2022, Benpincus, director of Formula 1’s commercial partnership, said the NFT would provide fans with an alternative way to engage in sports. “Our interest in this space is about fans,” he explained. “It’s about a new way to open up fans who are engaged in sports and trying to attract another audience.”

A few months later, in May 2022, the F1 NFT was also launched. The two Mercedes race cars adopted the NFT design for the rear wing when they participated in the Miami Grand Prix. These wings were later auctioned and provided fans with an “NFT bundled with the physical parts of motorsport history.”

On June 30, 2022, the CortDAO Racing W Series team announced the release of their first NFT artwork collection. This initiative allows fans to express their support for the team and the proceeds will be used to financially support driver development.

The team will launch 10,000 NFT artwork in two sets of 5,000 each. The collection is inspired by the helmets of W Series racing drivers Marta García and Fabien Volwend, both groups with unique identifiers from 1 to 5000.

However, racing is not the only sport that uses NFT technology. Soccer, cricket and basketball teams are already on the NFT epidemic and are building new synergies through these digital assets.

Fans have traditionally expressed their support for their favorite teams and athletes through collectibles, merchandise, stickers, posters and even trading cards. NFTs are now offering a whole new dimension for fan involvement and sports souvenirs.

NFTs are digital tokens that represent ownership of real objects, making them a popular way for fans to showcase their support for their favorite teams. In addition, NFTs can be traded on the open market. Adding this to the fact that it also preserves the value that can rise or fall over time reveals why crypto enthusiasts and fans are overwhelming the space.

After making a major entry in 2021, NFTs have taken the world by storm. NFTs have spread to art, music, real estate, tickets and digital collectors and confused several industries last year. And if technology continues to grow at this rate, we don’t know how much it can increase our lives in the future.

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