Formula One just struck another crypto deal — this time for a reported $100 million
Formula Onehas struck a new sponsorship deal with digital assets company Crypto.com for a reported $100 million.
- The deal will give Crypto.com best-in-class branding slots at the new Sprint qualifying rounds.
- Crypto.com also signed a multi-year deal with Aston Martin Cognizant Formula One Team in March 2021.
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According to CNBC, the whole deal is for five years, and Crypto.com will also receive trackside slots at Formula One races.
As F1 continues to explore new ways for fans to engage and become more immersed in the sport, Crypto.com will also become the Official Cryptocurrency Sponsor and NFT Partner of F1.
Formula One has been bullish on the future of cryptocurrencies, at least when it comes to non-fungible tokens (NFTs). Earlier this month, the car racing organisation revealed that McLaren Racing plans to build a non-fungible token (NFT) platform on the Tezos blockchain.
Who is Crypto.com?
Crypto.com is no stranger to racing or Formula One. It signed a multi-year deal with Aston Martin Cognizant Formula One Team in March 2021. The venture brought exclusive experiences to fans of the team and traders, while Crypto.com received branding on Aston Martin's 2021 cars. Crypto.com also became the official
The launch of a token will not only add to the revenue stream for the Formula One team involved — whether that’s McLaren or Aston Martin — but also act as a springboard for a new medium of fan innovation and engagement.
NFTs is giving sports a new way to make money
The Coronavirus pandemic presented a unique challenge for event organisers — finding a new revenue source amid empty stadiums, dipping merchandise sales, and non-existent tourism. Even though Formula One could get back on track faster than others, dwindling on-site revenues posed a considerable risk.
Amid the uncertainty, crypto has been extremely handy as fans could buy or trade team tokens on exchanges. FC Barcelona, for example, held a vote on the choice of motivational artwork that would be used in the dressing room at Camp Nou. At the same time, Juventus allowed fans to choose the celebration song that would be played whenever the team scored.
If sponsorship deals or virtual merchandise partnerships weren't enough, NASCAR racing driver Landon Cassill teamed up with
The crypto industry's influence is gradually becoming mainstream as exchanges globally try to establish their presence and legitimise the industry. While regulators are going forward cautiously, crypto-based companies are opting for massive long-term strategies that include brand development, recognition, and association with other household brands. It includes sponsoring sports events, teams, public events, concerts, and much more.
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