Ferrari Formula 1 team and blockchain platform Velas are ending their sponsorship deal.
In April, F1 team Mercedes-AMG Petronas joined forces with cryptocurrency exchange FTX. Formula 1 has filed a trademark application for NFTs in August for the Las Vegas Grand Prix event scheduled to take place in November 2023. Other F1 teams like McLaren, Alfa Romeo and Aston Martin also have crypto sponsorships. We saw that the relationship between crypto and Formula 1 is pretty tight in 2022. However, things changed a bit with the collapse of FTX.
Ferrari Parting Ways With Crypto Sponsor
Ferrari and crypto firm Velas will not continue their partnership after a rough first year.
Ferrari has parted ways with its two premium partners, Velas and Snapdragon, RacingNews365 has learned. It is stated that Ferrari, facing a $55 million gap in its portfolio, did not provide Velas with the appropriate conditions to produce thematic NFT paintings.
Ferrari announced in late 2021 that it had entered into a long-term deal with crypto company Velas, and that the brand would be featured in cars and driver apparel. Recently, several crypto market participants terminated their sponsorship prematurely, the most memorable being that of FTX, which currently owes Mercedes about $15 million.
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