During the upcoming U.S. Grand Prix scheduled for October 22 in Austin, TX, spectators might spot various NFTs, including popular ones like Bored Ape, participating in the Formula One (F1) race. This is due to the ongoing collaboration between Williams Racing and crypto exchange Kraken. As part of this partnership, the British F1 team is inviting NFT holders who possess assets listed on Kraken’s native NFT marketplace to submit their tokens for potential inclusion in the event.
However, which NFTs will be selected and granted the privilege of being displayed on the race track?
Kraken has opted for a democratic selection process. Starting from August 1, they have opened a submission window that will remain active until August 18. After this period, Williams Racing and Kraken will narrow down the submissions to a top 20 list. This shortlist will then be subject to a community vote from August 28 to 31. The community’s four most favored NFTs, along with two NFTs personally chosen by Williams team drivers Alex Albon and Logan Sargeant, will be displayed on the team’s cars during the Grand Prix.
In a recent interview with CoinDesk, Lou Frangella, Kraken’s Head of Brand Partnerships and former VP of Partnerships at FTX.US, shared his excitement about the prospect of having NFTs showcased on the team cars. He emphasized that NFTs hold unique significance for each individual who owns a digital collectible.
Frangella stated, “NFTs are an essential part of the cryptocurrency ecosystem, and I think they represent many different things – they are ownership for some people, and there are very engaged communities in a lot of cases”. “Whenever we have the opportunity to lift up the crypto community, we want to use our platform to be able to do that.”
Earlier this year, Kraken initiated a groundbreaking partnership with Williams Racing, making it the crypto exchange’s first venture into the world of Formula 1. This collaboration has provided a platform for F1 enthusiasts and crypto holders to converge in one of the fastest-growing sports globally. Since the announcement in March, Kraken has been actively involved in generating content and immersive experiences to educate and captivate F1 fans about the significance and vision of cryptocurrencies and Web3. This has included organizing fan meet-ups at various racing events, showcasing the original Bitcoin whitepaper on Williams cars, and commemorating Bitcoin Pizza Day by distributing pizzas to the entire Williams Racing team and workforce.
During the initial partnership announcement, Mayur Gupta, Kraken’s Chief Marketing Officer, emphasized “Kraken’s partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation and breakthrough performance”.
Frangella further detailed some of the partnership’s goals, expressing that the collaboration’s primary focus is to educate and act as a valuable resource not only for Formula 1 enthusiasts but for anyone who comes into contact with the sport, irrespective of being a Williams fan or not. The ultimate mission is to promote greater comprehension and widespread adoption of cryptocurrencies and blockchain technology.
Other F1 partnerships
Although Williams Racing’s partnership with Kraken has shown early promise and introduced a pioneering NFT application in the world of Formula 1, they are not the only F1 team acknowledging the importance of such cutting-edge crypto partnerships.
In 2022, Red Bull Racing made headlines by revealing its monumental partnership with crypto exchange Bybit, valued at an impressive $150 million. Furthermore, the team also entered into a multi-year agreement with the Sui blockchain, intending to deliver comparable Web3-infused experiences to its fanbase.
During the recent Monaco Grand Prix held in May, F1 ticket provider Platinum Group introduced NFT tickets ahead of the event. These NFT tickets not only granted attendees access to the race but also provided the additional benefit of future ticket discounts.
