Ferrari forges a deal with blockchain

In DEK. On 27th 2021, Ferrari headquarters announced that they had entered into a partnership with Velas AG. Blockchain companies will help supercar makers create NFTs.

Ferrari announces joint venture with Velas
Ferrari is an Italian supercar manufacturer produced by Enzo Ferrari in 1939. The famous company announced its intention to join NFT in digital content creation. This announcement comes from the racing industry Scuderia Ferrari that they have entered into an important partnership with Velas AG. Their announcement stated that Velas would help create the NFT and sponsor the Ferrari Esports series.

Velas is based on the Solana protocol with integrated EVM and is operational in 2019. According to its staff, Velas has an EVN circuit that is fast enough to compete with Ether 2.0. Velas Network AG is headquartered in Switzerland and recognized by Ferrari as a leader in NFT innovation. He also expected Velas to work seamlessly with his team.

Scuderia Ferrari director Mattia Binoto noted that his team was excited about the adventure ahead with Velas. He said the technology and innovation aspects of Velas became a benchmark for other companies. Therefore, this achievement is the reason why his team chose Velas as the best partner for the adventure ahead.

Velas CEO Farhad Shagulyamov hinted at successful talks with Ferrari two days earlier. Because their blockchain is perfect for sustainability and efficiency, he found it easy to connect to Ferrari naturally. He concluded that his party had developed pioneering innovations that were applied in the world of motorsport.

The institutional acceptance of crypto is through the NFT. advanced
Despite the announcement that the Ferrari joint venture is not funding NFT, it does mention that Velas is sponsoring their esports series. The automaker is following several other automakers joining the crypto world through NFT. In June 2021, German luxury car manufacturer Porsche also entered the crypto sector through NFT and SEP. In 2021 Mercedes-AMG Petronas F1 will start a joint venture with FTX.

The Ferrari team was also preceded by other motorsport teams such as McLaren and Ferrucio Lamborghini in their pursuit of NFT. Mc Laren has a dedicated unit dealing with the NFT, while Lamborghini has a whole museum project for its NFT.

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Other institutions such as Adidas and Nike are also far from the motorsport industry in the crypto sector. The two sports equipment manufacturers joined the cryptosphere through a joint venture with the NFT company. Nike has built several projects and acquired studio RTKFT to meet its production needs. Other companies, such as the Hong Kong office of PWC, have also joined the crypto space by buying virtual land on Metaverse.

This development signals the continued institutional acceptance of crypto; How this will develop over time, however, remains to be seen.