Ferrari Enters The NFT Space Via Velas Network Partnership

ferrari enters nft space via the velas network
(Photo: Getty Images)

Non-fungible tokens, aka NFT, haven’t taken the world by storm in the past year or so, branching out into many diverse industries, including video games and even the environmental debate.

He is now bringing his crypto-focused art to the automotive industry in the form of a brand new partnership between Italian sports car maker Ferrari and Swiss market owner NFT Velas Network.

The multi-year signing agreement was announced on Ferrari’s own website, promising mutual exchanges between the two brands, in addition to the release of “exclusive digital content,” which will undoubtedly debut in the form of NFT and blockchain-based products.

It’s not just about sequestering NFT art and token Ferrari imagery, as the deal also pits Velas as Ferrari’s title sponsor for its eSports series and the following squad, which will compete digitally in the middle of the championship. of the FIA ​​Formula 1 World.

Velas is a prime example of technological foresight. Not just a blockchain and NFT market holder, Velas Network leverages its crypto knowledge through mathematical research with a full team of expert engineers.

Ferrari CEO and Team Director Mattia Binotto said of Velas and their new partnership:

“We are delighted to start this collaboration with Velas Network AG, a company that makes innovation and performance the hallmark of state-of-the-art products and services: these are all values ​​that unite us and that led us to choose Velas as one of our Premium Partners. “

Associated article: Top metaverse, games and NFT projects to watch in 2022

The announcement sparked courage for the Velas token (VLX), which barely rose to $ 0.35 shortly after the partnership went public. The Ferrari and Velas Network deal will undoubtedly bring fortunes to both companies and be a marketing powerhouse.

(Photo: TradingView)

Earlier this year, Lamborghini showcased its own NFT collection via Elysium Bridge in the form of a comprehensive online museum. Ferrari and Lamborghini won’t be the last to race in the NFT space either. The intersection between crypto, blockchain, NFT technology, and the auto industry just keeps the engine running.

Nick Cardinale, Executive Vice President and General Manager of Barrett-Jackson, tells Autoweek, “The future of NFTs in the auto collector market is very bright, there is a lot of potential here. The market for souvenirs as well as the cars themselves is already huge, not just in North America, but around the world. “

While most may sigh in exhaustion at the idea of ​​even more varied NFTs, it is true that the crypto-based art is only unfolding and will continue to expand into many other areas over the next few years. years.

Also read: Rivian R1T Max with 400 mile battery is delayed until 2023; Prioritize the standard line for 2022

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