Formula1 (F1), one of the most prominent forms of racing in the world, has been appearing as a sector growing its tie with the crypto sector in recent years. So, it doesn’t seem surprising that a number of cryptocurrency firms are sponsoring Formula1 (F1)racing teams, in an effort to engage with audiences all over the world.
Formula1 has the potential to reach around one billion fans worldwide this year, with the 16–35 age group accounting for the lion’s share. The popularity of Formula One is certainly growing, and cryptocurrency companies are getting on board to establish their presence.
Formula1 and Crypto links
According to a CNN article published on May 25, F1 has continued to promote cryptocurrency assets despite the market’s recent bloodbath. Eight of the ten F1 teams competing in the high-profile international series are right now sponsored by cryptocurrency-related companies. According to the article, the F1 racing sport has received massive rating boos in recent years as a result of the success of Netflix’s Drive to Survive reality program.
Crypto.com, Velas, OXX and Bybit and F1 race partnerships
Earlier this year, the Miami Grand Prix promoters announced a new nine-year agreement with the world’s fastest-growing cryptocurrency platform, with the race formally renamed the Formula 1 Crypto.com Miami Grand Prix. The crypto exchange has collaborated with the Aston Martin F1 team also.
Red Bull and Ferrari, two of the season’s leading F1 teams, have also revealed recent crypto partnerships. Ferrari has partnered with blockchain startup Velas, while Red Bull has partnered with cryptocurrency exchange Bybit.
McLaren, another prominent F1 team, signed a long-term sponsorship agreement with cryptocurrency exchange OKX in May this year. On the announcement of the sponsorship, OKX’s worldwide chief marketing officer, Haider Rafique, told CNN that they were not just putting their brand on McLaren cars but they are helping the F! racer with NFTs and the metaverse technologies. McLaren Racing CEO Zak Brown described cryptocurrency as a huge industry that would definitely be there to stay.
Why crypto sector looking for hope in sports?
As exchanges throughout the world aim to establish their footprint and legitimize the business, the crypto industry’s impact is progressively becoming mainstream. While authorities tread carefully, crypto-based enterprises are pursuing large long-term strategies that involve brand building, awareness, and affiliation with other household names. It covers things like sponsoring sporting events, teams, public events, concerts, and so on.
, one of the most prominent forms of racing in the world, has been appearing with the crypto sector in recent years.){kind=link}