Ferrari enters NFT world, signs deal with tech company Velas

Ferrari has signed an agreement with Swiss tech company Velas Network to create non-fungible tokens (NFTs) for its fans, the luxury sports car maker said on Monday. NFTs allow users to own rare digital artifacts through the blockchain network that supports cryptocurrencies. All art forms, tweets, music, GIFs and many other such digital assets can be owned through NFTs. The possibilities for buying and selling digital assets are endless.

From next season Velas, a supplier of digital products and services, will partner with Ferrari’s Formula 1 racing team. The multi-year agreement provides for the creation of exclusive digital content for Scuderia fans.

“In addition, Velas will be the title sponsor of the Ferrari Esports Series, the Prancing Horse’s online single-brand series, and of the Esports team that will compete in the F1 Esports Series, the official digital championship in which all participating teams participate. in the FIA ​​Formula 1 World Championship, ”Ferrari said in a statement.

According to Google Trends, a service that tracks the most popular combinations that Google users search more than ever before “NFT” and “crypto” is no longer the most popular search on Google’s search engine.

People bid thousands to own these collectibles, and some even sell for millions. A recent report from Cointelegraph found that people have spent over $ 9 billion on NFT sales so far, and total sales are expected to reach $ 17.7 billion by the end of 2021. Research indicates that NFT’s sales grew from $ 41 million in 2018 to $ 2.5 billion in the first half of 2021, a 60-fold increase in three and a half years.

A few weeks ago, sportswear giant Adidas Originals made $ 23.5 million selling 30,000 Adidas “Into the Metaverse” non-fungible tokens (NFTs) hours after they went 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 request, the company has indicated its intention to manufacture and sell virtual branded sneakers and clothing.

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