The famous Formula 1, the F1 is crazy in cryptocurrencies.
8 of the 10 teams racing have a sponsor associated with cryptocurrencies. F1 ratings have increased significantly in the past few years by a large part thanks to the "Drive to Survive" program on Netflix.
For example, Crypto.com has the rights to name the F1 race for many years in Miami, which was held earlier this month. Aston Martin's Formula One team is also a partner of Crypto.com.
Formula 1 's two largest teams to date this season, Red Bell and Ferrari, have announced new sponsorship deals with cryptocurrency companies in the past few months. Ferrari works with Blockchain Vilas, while Red Bel has a deal with Baybit for cryptocurrencies.
Other leading Formula 1 teams also deal with cryptocurrencies. McLaren has a long-term deal with OKX making the cryptocurrency company the leading partner in sponsoring the team.
"We're not only putting our logo on McLaren cars; we're also assisting McLaren with NFTs and metaverse," says the company.
OKX is the only cryptocurrency company acting as the main sponsor of the F1 team. This means that its logo appears more prominently on cars and race allowances for McLaren drivers Lando Norris and Daniel Ricciardo.
- Zach Brown, CEO of McLaren, said
- "Cryptocurrencies are a huge industry
- obviously lingering and are a big part of the economic future.
- Its lovers are smart consumers and focus on technology. "
- Young drivers and fans are big supporters of cryptocurrencies
Brown said the partnership between McLaren and OKX is appropriate because many of the new young fans in F1 who embraced the sport after watching "Drive to Survive" are also in the cryptocurrency world.
Obviously, Netflix attracted the attention of other crypto companies for F1.
Le Frangella, Vice President of Partnerships at FTX US, said
"There has been a huge increase in interest in sport. Last year, FTX, a large cryptocurrency brokerage with a market capitalization of $32 billion, negotiated an agreement with Mercedes.
Frangella said the FTX, which also has a runway sponsorship deal with the NBA's Miami Heat, is looking to make a name for itself with younger consumers.
Concerns about overexpenditure and the environmental impact of cryptocurrencies
However, the cryptocurrency sponsorship party could end badly, just as it did during strong spending on Super Bowl ads and stadium naming rights deals in the late 1990s and early 2000s.
A companion from OKX said that recent fluctuations in cryptocurrencies are expected when comparing the new asset class to stocks, bonds and commodities. He said stocks were also being hit hard, and "we're taking a long-term view", noting that McLaren has not expressed any concerns about falling cryptocurrency prices since their partnership was announced.
McLaren's Brown added that he was "fascinated and very excited about cryptocurrencies"
and that he had personally invested in a diverse portfolio of cryptocurrencies.
According to Brown, drivers Norris and Ricardo are also supporters of cryptocurrencies.
- The environmental impact of cryptocurrency mining
- which requires very large energy
- remains a concern. Some drivers are already openly questioning the impact of flying around the world to drive gas
- consuming racing cars on the planet. Aston Martin's four
- time Formula 1 champion Sebastian Vettel recently spoke of his reservations over climate change concerns.
FTX's Frangela acknowledged that there were legitimate questions about cryptocurrency mining, racing and the environment. The F1 hoped to be a carbon-neutral sport by 2030.