Oracle Red Bull Racing and Bybit launch second NFT series
The two firms announced a multi-year principal team partnership earlier this year
The world of cryptocurrencies and digital collectables such as NFTs has slowly but surely started to take over the glamorous world of Formula 1 and its dedicated fanbase. There are good reasons why this collaboration works: NFTs and digital collectables provide racing fans with the unique opportunity to collect a piece of racing history, while Formula 1 teams can get closer to their fanbase by providing an interactive and immersive digital experience.
Bybit, a popular cryptocurrency exchange platform that was established in early 2018, is one of the largest crypto firms leading the charge with its partnerships in Formula 1. Earlier this year, the Dubai-based exchange signed an exclusive deal with Oracle Red Bull Racing to become its principal team partner, which saw the single largest per-annum cryptocurrency venture seen in international sport. The deal was estimated to be around $50m.
Following a series of successful collaborations, the two firms recently confirmed the launch of their second series of digital collectibles with an auction that went live at the Monaco Grand Prix. Bybit confirmed that each limited-edition piece from the NFT collection will be minted on the Tezos Blockchain, and listed by Bybit on its NFT marketplace.
The NFTs will allow Red Bull Racing to connect fans with its team through a series of limited edition pieces that each mark an exclusive aspect of Oracle Red Bull Racing’s history.
Red Bull Racing CEO Christian Horner said: “Each limited-edition piece showcases a moment in time for the team in stunning detail, and they are designed to immerse fans in our world, in our quest for victory and in great moments from the team’s history.
“Thanks to our cutting-edge partnerships with Bybit and Tezos, pioneers in the exciting digital asset space, we can bring limited-edition pieces of future F1 heritage to our fans around the world in an immersive, accessible and affordable way.”
Bybit co-founder and CEO Ben Zhou said: “Bybit’s partnership with Oracle Red Bull Racing marks another milestone towards Bybit’s vision of bringing the metaverse to global communities, reinventing and enriching the fan experience.”
The launch follows Bybit's recent collaboration with the racing team to produce a series of crypto educational videos explaining popular trading terms and slang words, in a bid to draw in a larger audience to its trading platform.