Another crypto company is entering the Formula 1 arena, with web3 infrastructure firm Mysten Labs partnering with Oracle Red Bull Racing. With six wins in six 2023 races, the team boasts drivers such as Max Verstappen and Sergio Perez. Though the terms of the deal were not disclosed, this partnership is set to bring the world of blockchain and racing ever closer.
Founded by former Facebook employees, Mysten Labs launched layer-1 platform Sui last year, with its mainnet going live on May 3, 2023. As a result of the partnership, Sui branding will be featured on Red Bull cars and driver and pit crew jackets during the Spanish Grand Prix in Barcelona on June 4.
In a move that allows fans to engage, the Formula 1 team will participate directly in the network through a Red Bull Racing-branded validator. This will enable fans to delegate staked tokens in support of their favorite team, highlighting the increased role crypto technology is playing in the sports industry.
Mysten Labs’ co-founder and chief product officer, Adeniyi Abiodun, explained that working with the racing organization permits the company to introduce web3 technology capabilities to an entirely new audience. He added, “Oracle Red Bull Racing, with its global fanbase, offers an excellent use case for the kind of community engagement that our decentralized technology allows.”
Further initiatives resulting from the partnership are expected to be announced in the coming weeks. Red Bull Racing Team Chief Christian Horner expressed optimism in a statement, saying, “The Sui Network and the team behind it are the best possible partners to help Red Bull use the latest peer-to-peer technologies to build a deeper, more fulfilling connection with the supporters of our racing team.”
As the divide between crypto and racing narrows, recent developments showcase the industry’s growing involvement in the sports world. Last weekend’s Monaco Formula One Grand Prix debuted a new NFT ticketing system, while Crypto.com became the first crypto sponsor of Formula One in 2021 with a reported $100 million deal. Additionally, crypto exchange OKX established a partnership with McLaren Racing in May 2022 as part of a multi-year deal worth “hundreds of millions.”
These partnerships and the use of blockchain technology in sports demonstrate the potential for growth and innovation within the industry. As more companies invest and collaborate, the adoption of Web3 technology is set to broaden further in the sports world, allowing for deeper connections between fans and their favorite teams.
Source: Blockworks
