NFT Weekly Blog: Formula 1 NFTs

With football clubs and basketball associations exploring the benefits of NFTs when it comes to creating a sense of unity within the fanbase, sports partnerships continue to be a rapidly developing segment when it comes to NFT collection launches. The latest sector of the sporting world to expand its relationship with blockchain professionals? F1 racing. 

Haas F1 team is the only American-owned team that takes part in the FIA Formula 1 world championship and, as recently reported by Decrypt, it announced a partnership with NFT marketplace OpenSea to produce branded NFTs. Haas isn’t the only racing brand to work with NFT marketplaces to introduce new experiences for fans of the sport; McClaren and Red Bull have also announced partnerships over the past 18 months. 

Stratisphere have discussed before on our weekly NFT blogs the significance of the sporting landscape embracing different use cases for NFTs. Partnerships such as this recognise the value of digital collectibles and their functions – from NFT ticketing to offering users the chance to unlock unique and bespoke opportunities – when it comes to using blockchain-based technologies to enhance the overall fan experience. 

For Stratisphere, this is something we continue to see in our own work across industries such as art and gaming. The chance to own a unique collectible, to benefit from early access to launches or events, to see a physical hobby or interest transformed into a digital one, appeals to fans in the age of the metaverse. NFTs are a dream match for sports, which have long boasted highly invested and dedicated fans eager to be closer to the action. 

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