Ferrari now wants to race on the non-fungible token track. The industry welcomes another major brand, helping to accelerate the mainstream adoption of NFTs.
NFTs for Ferarri fans
On December 27, 2021, Ferrari announced in a release, a multi-year partnership with Swiss blockchain startup Velas Network. The collaboration will see the joint release of “exclusive digital content” for Ferrari fans.
Velas will also be able to showcase its brand, by being the main sponsor of the Ferrari Esports Series, the official digital championship that sees the participation of all teams participating in the International Automobile Federation’s F1.
The release notably highlights Velas’ commitment to NFTs and mentions values shared by the Swiss blockchain startup and Scuderia Ferrari to justify the latter’s decision to enter into a multi-year agreement with its new partner.
“A global player in the blockchain and NFT sector, Velas has distinguished itself through the performance and innovation of its services and its technological leadership, characteristics that unite it with the Maranello team.”
NFTs for strong branding
A growing number of high-profile brands from different sectors – fashion, sports, etc. – are embracing NFTs, as they allow them to offer a new form of engaging experience, strengthening their relationship with their fans.
Holders of NFTs will get digital content or other exclusive benefits provided by the brand. The blockchain on which these NFTs are based, and the non-fungible – unique – nature of these NFTs, facilitates the management of ownership rights or access to certain benefits linked to these tokens.
Theoretically, NFTs should therefore be adopted in the long term by all consumers of brands that have created a strong identity.
For the moment, it is time to conclude agreements between the big brands and the crypto projects. The time of assessment will come in a few months or years, to have an overview of the real impact of these collaborations on the adoption of cryptocurrencies in general. Ferrari is joining the stable of NFTs, while Aston Martin Cognizant and Alfa Romeo Racing have partnered with Socios in May 2021 to offer fan tokens.