Singapore-based crypto exchange Bybit inked a deal with Oracle Red Bull Racing to sponsor the latter’s Formula 1 team for a total of $150 million over three years.
The $50 million per annum deal is so far the largest crypto-related sponsorship for traditional sports across the globe. Red Bull’s Formula 1 team is home to the reigning world champion Max Verstappen.
“They share the Team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.”
Team principal and chief executive of the Formula 1 team, Christian Horner, said, adding that the partnership would help them build a unique connection with their fans that is more engaging and immersive.
Bybit’s love for sports
Through the sponsorship, Bybit has become Oracle Red Bull Racing’s principal partner. The exchange will also serve as the team’s cryptocurrency exchange partner, tech incubator partner and fan token issuance partner.
As a fan token issuance partner, Bybit will be responsible for distributing digital assets related to the team, such as NFTs. It will also help educate the team and improve their “crypto-literacy.”
Bybit CEO and co-founder Ben Zhou said:
“The team has changed the game in the same way that digital assets have changed the global financial system.”
The Singaporean exchange is also the principal global sponsor of Argentina’s national soccer team, having inked a two-year sponsorship deal with the Argentina Football Association in 2021.
Formula 1 NFTs
The Formula 1 sport — and many car manufacturers by extension — have begun dipping their toes in NFTs in recent months despite backlash.
Alfa Romeo, which has its own fan token, launched limited edition NFTs during 2021 as well as NFTs of signed memorabilia. The company’s fan token was launched in partnership with Chiliz on the Socios platform.
Meanwhile, McLaren has also been releasing NFTs in the form of digital car parts that fans can collect and build on the Sweet NFT marketplace.
Ferrari CEO Benedetto Vigna recently expressed that the company is interested in opportunities arising in the NFT marketplace during its latest earnings call.
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