28/12/2021 Ferrari steps into the world of NFTs, inks deal with tech firm Velas
From next season, Velas, a provider of digital products and services, will become a partner of Ferrari's Formula 1 racing team.
Ferrari has inked deal with Swiss technology firm Velas Network to create non fungible tokens (NFT) for its fans, the luxury sports car maker said on Monday.NFTs enable users to own rare digital artifacts through the blockchain network that backs cryptocurrencies. All forms of art, tweets, music, GIFs, and more such digital assets can be owned through NFTs. The possibilities of buying and selling digital assets are endless.
From next season, Velas, a provider of digital products and services, will become a partner of Ferrariâs Formula 1 racing team. The multi-year agreement provides for the creation of exclusive digital content for the Scuderiaâs fans.
âIn addition, Velas will be Title Sponsor of the Ferrari Esports Series, the online mono-brand series of the Prancing Horse, and of the Esports team that will compete in the F1 Esports Series, the official digital championship competed in by all teams participating in the FIA Formula 1 World Championship,â Ferrari said in a statement.
According toGoogleTrends, a service that tracks the most popular combinations Google users aresearchingfor âNFTâ more than everâand âcryptoâ is not the most popular search on Googleâs search engine anymore.
People are bidding thousands to own these collectibles, and some are even selling for millions. A recent report by Cointelegraph revealed that people have spent over $9 billion in NFT sales so farâand total sales are expected to reach $17.7 billion by the end of 2021. The research states that sales of NFTs have grown from $41 million in 2018 to $2.5 billion in the first half of 2021, representing a 60-fold growth in three and a half years.
Few weeks ago, Sportswear giant Adidas Originalsearned$23.5 million by selling 30,000 of Adidasâ âInto theMetaverseâ non fungible tokens (NFTs) within a matter of hours of going on sale Friday.
Meanwhile, Adidas rival Nike, has filed seven trademark applications as it prepares to enter the metaverse, according to Bloomberg. As part of the application, the company indicated its intent to make and sell virtual branded sneakers and apparel.
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