Buckle your seatbelts, crypto enthusiasts! The future of Formula 1 racing might have you seeing a Bored Ape crossing the finish line come this fall. Kraken, a renowned crypto exchange house, has embarked on an innovative venture to involve their community in the decoration of the Williams Racing team’s F1 cars. This idea revolves around the implementation of non-fungible tokens (NFTs), the latest trend in the cryptocurrency universe.
In the race to keep enthusiasts engaged, Kraken’s novel approach allows users to campaign their NFTs as potential decal candidates. The submission window opens August 1st and closes on the 18th, provided the NFTs in question are listed on Kraken’s native digital marketplace.
This communal participation culminates in an exciting vote at the end of August, where the top 20 entries, chosen by Kraken and Williams, would vie for enthusiasts’ attention. The 4 NFTs garnering the most votes, along with 2 additional NFTs handpicked by team drivers Alex Albon and Logan Sargeant, would finally get to grace the racing car at the Austin Grand Prix slated for October 22.
Welcoming this initiative, Lou Frangella, Head of Brand Partnerships at Kraken, voiced his enthusiasm and support towards the diverse NFT market. Apart from celebrating individual projects, he believes this initiative elevates the crypto community by leveraging Kraken’s extensive platform.
Kraken’s wider strategy for engaging fans globally involves educational crypto experiences, with the Williams’ sponsorship deal at its core. Notably, Kraken represented the Bitcoin white paper symbolically on the Williams race cars’ nose and has been an ongoing part of the team’s celebration of noteworthy days, such as the Bitcoin Pizza Day.
The integration of cryptocurrency into F1 racing, perceived as a luxury sport, isn’t surprising; earlier this year, Red Bull Racing and Bybit inked a monumental $150 million partnership deal. However, this particular blending of NFT culture with F1 racing is novel and will undoubtedly gather immense attention to the crypto realm as a whole.
Nevertheless, this move isn’t without criticism some spectators worry about the possible dilution of the sporting spirit with unabated commercial impresses. Furthermore, the growing NFT market is also under scrutiny for the environmental impact linked to the vast computational power these blockchain-based assets require.
Still, it is undeniable that the change is inevitable. With this move, NFTs aren’t just digital assets anymore; they ride along, visible to millions, in a sport loved globally. The world waits with bated breath to see who will cross the finish line – the racer, or the NFT.
Source: Coindesk
