Red Bull adds NFT for F1 finale as sponsor seeks crypto calm
Red Bull racing will place a NFT on Max Verstappen and Sergio Perez's cars for the Formula 1 finale in Abu Dhabi.
The NFT in position on the Red Bull car. (Getty Images/Red Bull Content Pool)
As part of the team's partnership with crypto exchange Bybit, "Lei the Lightning Azuki" will be displayed on the body of both cars.
A team statement claims it is "the first-time a blue-chip NFT has ever adorned a F1 race car or taken part in a race."
"The nature of our sport means we are always pushing boundaries, and to be the first to put a blue-chip NFT on a F1 car is a tremendous feat,” said team boss Christian Horner.
The specific nature of the claim seems to imply it is not the first NFT used on an F1 car.
The non-fungible image has been duplicated on both team cars.
Almost nine thousand NFTs will be issued for free to commemorate the series finale.
The project comes during another crisis in the crypto industry, which is fending off potential contagion from the collapse of Mercedes sponsor FTX.
Mercedes suspended the partnership following the collapse of the exchange.
In response, Red Bull partner ByBit publicly released the addresses of its largest wallets, and is working on further transparency measures, according to tweets from co-founder and CEO Ben Zhou.
F1 global partner Crypto.com has also sought to reassure customers of its stability.
