Ferrari Formula 1team and blockchain platform Velasterminates the sponsorship deal.
F1 team in April Mercedes-AMG Petronas, cryptocurrency exchange FTX joined forces with Formula 1 has filed a trademark application for NFTs in August for the Las Vegas Grand Prix event scheduled to take place in November 2023. McLaren, Alfa Romeoand Aston Martin Like other F1 teams, there are also crypto sponsorships. We saw that the relationship between crypto and Formula 1 is pretty tight in 2022. However, things changed a bit with the collapse of FTX.
Ferrari Parting Ways With Crypto Sponsor
Ferrariand crypto company Velaswill not continue their partnership after a rough first year.
Ferrari has parted ways with its two premium partners, Velas and Snapdragon, RacingNews365 has learned. It is stated that Ferrari, facing a $55 million gap in its portfolio, did not provide Velas with the appropriate conditions to produce thematic NFT paintings.
Ferrari announced in late 2021 that it had entered into a long-term deal with crypto company Velas, and that the brand would be featured in cars and driver apparel. Recently, several crypto market participants terminated their sponsorship prematurely, the most memorable at the moment MercedesThat of FTX, which owes about $15 million to .