The NFT space is slowly penetrating all spheres of entertainment. NFTs are now a big part of sports as well bringing in new forms of engagement. Ferrari, one of the world’s leading manufacturers of luxury sports cars is diving into the digital world with NFTs. Around the end of 2021, Ferrari commenced a partnership with Velas, a blockchain company. The alliance of the two-hotshot enterprise aims to expand the use of NFTs in the sports industry.
The Velas company is developing an NFT marketplace for Ferrari. Moreover, Velas is a partner with Scuderia Ferrari as well, Ferrari’s racing division, and the team of Formula One. Deloitte Global has stated in 2022, it’s expected that the industry would conduct more than $2 billion worth of transactions.
Ferrari NFTs: what we know about them
The Ferrari NFT collection and the marketplace are still a conundrum for the general populace. There are not much information and details known about them. Although, Velas has been giving hints to the enthusiasts about what’s in store for them.
Velas, in their official Twitter account, Velas Motorsport, gave some information about the forthcoming NFT’s role in the metaverse. These include enhancing race analytics, providing access to previously watched event replays, providing NFT holders with IRL advantages like on-site seating, and using NFTs as sports collectibles. Additionally, NFT tickets for live sporting events will be available in exchange for post-event extras like merchandise. Velas also reported in a medium article that one of the utilities of holding Ferrari NFTs is a chance will be open for Ferrari fans to communicate with their favorite race car drivers. They will also receive rewards for holding Ferrari NFTs. All this will probably occur in a metaverse.
Velas also mentions in a Twitter post an innovative use of NFTs in motorsports. They mention certifying car parts through NFTs. As blockchain technology has transparent transactions, reliable monitoring and auditing of car parts are viable.
Ferrari Velas Esports Series
For instance, the Italian F4 Championship driver Maya Weug provided her perspectives on both real and virtual motorsport competitions during the September 6 broadcast of the European Qualification Race. On September 7, Dino Beganovic, the current leader of the Formula Regional European Championship was featured in the North American qualification race. The Grand Final of the race commenced on 2nd October 2022.
NFTs and Formula One
In August 2022, the trademark department of several car racing organizations filed patents with reference to metaverse and NFTs. With this, they aim to provide and present a huge span of services and products as NFTs at the Las Vegas Grand Prix event. This event will be enacted in November 2023.
This suggests that NFTs have a prominent standing in the Formula One community. With NFTs, the industry’s audience will be broadened and it will be easier for them to reach the young populace.
What is Velas blockchain?
Velas blockchain is a free open-source blockchain ecosystem based on the Solana network. It can also be described as a blend of Solana and Ethereum Virtual Machines. Velas was founded in 2019 and has its headquarters in Switzerland.
With the blend of Ethereum Virtual Machines and Solana, the development of apps by lowering transaction costs in the Ethereum blockchain is probable. Correspondingly, Velas blockchain is capable of processing 50,000 + transactions per second with a low fee of up to $0,0001. VLX is the native token of Velas blockchain with a 2.36B circulating supply.
Velas blockchain is backed up by dPOS consensus algorithm. This is a variant of proof-of-stake which uses low energy. So Velas blockchain is a carbon-neutral blockchain and an eco-friendly blockchain. There is also a $100 million grant program as support to develop the Velas blockchain.
The Velas blockchain is doing everything within its capacity for NFTs. The blockchain is developing a native NFT marketplace known as GPNFTs. This marketplace is being developed solely for motorsports-related NFTs. With their grant, the Velas blockchain supports other NFT projects and incentives. Some projects are Warlands, a real-time battle metaverse, BitOrbit App, which includes an NFT bazaar with cutting-edge marketing equipment, MetaOcean, and Velas Blockchain NFT marketplace.