Bybit’s Red Bull Racing NFTs, crypto-F1 alliances, in Monaco Grand Prix
The F1 and crypto community has continued to show its support for the Formula One scene in a wide variety of ways, including the creation of NFTs and fan tokens as well as collaborations that span many years.
Formula One was not immune to the widespread upheaval caused by crypto, which has taken over the globe. The cryptocurrency community has continued to show its support for the Formula One (F1) scene in a variety of different ways, such as via nonfungible tokens (NFTs), fan tokens, and multi-year collaborations. Oracle Red Bull Racing (ORBR), which has the quickest pit crew in F1, partnered with the cryptocurrency exchange Bybit to unveil ORBR’s 2022 NFT collection, which was coined on the Tezos blockchain.
This took place during the Monaco Grand Prix 2022. Participants in the auction for the limited-edition NFT collection will have the opportunity to acquire digital treasures that reflect a variety of facets of Red Bull’s history, present, and future.
The auction will take place on November 30. Ben Zhou, co-founder and CEO of Bybit, said that Formula One has a symbiotic connection with cryptocurrency since collaborations between the two industries attract young investors who become fans of Formula One: “Cryptocurrency is a lot like Formula One in that it is a challenger of the norm. We see a fairly significant amount of synergy in this.”
Notable F1 Crypto – Formula 1 Collaboration in Monaco Grand Prix
Alongside this event, Bybit presented the world debut of The Search for the Next Level, a film that featured Red Bull drivers Max Verstappen and Sergio “Checo” Pérez and (spoiler warning) centered on the introduction of the new RB18 vehicle.
🤯 Something big is on its way …
💫 Find out more about this next level partnership with @redbullracing!
— BYBIT 🦍 (@Bybit_Official) May 24, 2022
A multi-year collaboration contract has been reached between Aston Martin F1 and the cryptocurrency exchange Crypto.com in order to investigate opportunities for fan involvement and investment. The Crypto.com NFT marketplace is the premier destination for limited-edition collectibles and NFT airdrops including Aston Martin vehicles.
On-track action is about to kick off in Monaco. 🇲🇨
— Aston Martin Aramco Cognizant F1 Team (@AstonMartinF1) May 27, 2022
The cryptocurrency exchange firm Binance teamed up with the Alpine F1 Team earlier this year to distribute NFT airdrops and collectibles. On May 20, Binance hosted an event that took fan involvement to a whole new level by giving one lucky supporter the opportunity to live the life of an Alpine F1 technician for a day.
— CZ 🔶 Binance (@cz_binance) May 7, 2022
During the 2022 Monaco Grand Prix, some of the most notable partnerships are Ferrari with the blockchain company Velas, Mercedes and the cryptocurrency exchange FTX, and Alfa Romeo and the memecoin Floki Inu, which was inspired by the Shiba Inu (SHIB) (FLOKI).
“Sports collectibles, tickets, betting, and gaming will come to create a nexus. We are only starting to realize its [the potential of cryptocurrencies], as well as the new markets it may lead to.
The research pointed out that there may be opportunities in new markets for “fractional ownership of season tickets and suites and a rethinking of the ticket resale process.”
Bybit’s Red Bull Racing Car wins Monaco Grand Prix
The start of the race was delayed because of the rain, and at 15:18 local time, after the drivers had completed one lap, the red flag was called and the race was stopped. After unfolding their gazebos, the teams waited until 16:05 to have a rolling start to the race behind the Safety Car while on wet tires. When the Safety Car came to a stop on Lap 3 of 77, Leclerc took the lead, followed by Sainz, Perez, and Verstappen in that order.
Sainz jumped straight to hards with a switch on Lap 21, Leclerc followed for a Ferrari double-stack, while the front-runners switched to intermediates, with Perez coming in first on Lap 17, Leclerc and Verstappen following two laps later. After Red Bull completed their overtake one lap later and completed their own double-stack, the order of the drivers changed to Perez, Sainz, Max Verstappen, and a furious Charles Leclerc in fourth place.
On lap 27, Mick Schumacher lost control at Swimming Pool and crashed severely, which prompted the race officials to wave another red flag on lap 30. He got out of his Haas and walked away, but not before the gearbox and the rear suspension came loose. On lap 33, the race got back underway with a rolling start. Ferrari started on hard tires, while Red Bull went with mediums.
Perez maintained his lead throughout the restart, as did the mediums, but their performance started to deteriorate around the 55th lap, with almost ten minutes still on the clock. At this point, Sainz, Verstappen, and Leclerc began their pursuit of the leader.
The Mexican driver came close to losing the lead in the closing stages of the race, with Sainz coming close to getting in front of him at the last hairpin, but he ultimately prevailed, making a significant statement following a dismal performance at the Spanish Grand Prix.
When the race timer reached zero on lap 64, the margin of victory for Perez over Sainz was only 1.154 seconds, Verstappen was just 0.337 seconds behind the Spaniard, while Leclerc finished in a surprising fourth place 2.9 seconds behind Perez.