Ferrari Signs Multi-Year Deal With Blockchain Firm Velas Network AG

January 23, 2022 2:37 pm Comments

Well-known luxury sports car maker, Ferrari, is stepping into the world of content to make “exclusive digital content” for its customers.

As a result, the company announced that it had signed a multi-year agreement with blockchain firm Velas Network AG in order to help create digital content for its fans.

It is also revealed that Velas Network AG will be listed as a main sponsor for the Ferrari Esports Series which is an official digital championship that attracts gamers and racers worldwide.

Velas Network AG is a company involved in the digital world of crypto assets and blockchain that hopes to showcase their technology and how it can be combined with motorsports.

Ferrari revealed that one of the main reasons why it chose the firm was because of its focus on creating a next-generation blockchain that focuses on both sustainability and performance.

Cointelegraph reports:

The announcement describes Velas as a major company in the industry of digital assets and blockchain, emphasizing the startup’s focus on nonfungible tokens (NFT):

“A global player in the blockchain and NFT sector, Velas has distinguished itself through the performance and innovation of its services and its technological leadership, characteristics that unite it with the Maranello team.”Scuderia Ferrari general manager Mattia Binotto noted that the company chose Velas as one of its premium partners, as the companies share values such as innovation and performance of technologically advanced products and services.

Farkhad Shagulyamov, a co-founder and newly appointed CEO of Velas, said that it was natural for Velas to partner with “another icon of excellence, which is Ferrari.”

“Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport,” he noted.

Other things mentioned in the agreement with Ferrari included that the blockchain firm would be focused on creating digital collectibles for fans which are set to be released sometime in March 2022.

With regards to sponsorships and agreements like these, Ferrari is not the first company in the auto industry to enter the blockchain space.

Previously, German car maker Porsche had entered the NFT industry and the Mercedez-AMG team had entered a partnership deal with FTX. shares:

Many leading sports outlets are now forging their way to take the lead in the cryptocurrency sector.

Recently, became the global partner for Formula 1’s new sprint series for 2021.

Similarly, McLaren Racing announced the launch of its NFT platform, which was built on the Tezos blockchain.

Many believe that such sports-crypto collaborations are great in terms of marketing and can easily attract more users towards platforms endorsing such products.

Some also regard such coalitions as a considerable way to mainstream crypto usage and help investors/users to understand blockchain tech in a simplified manner.

The company is also exploring in longer term future plans on possible ways to innovate with the technology that Velas Network AG can provide in order to go beyond creating digital assets that the company can utilize, but also exploring ways that could potentially transform the luxury sports car industry as a whole.

This marks another industry in addition to a long line of other industries that are in the beginning stages of taking advantage of the emergence of blockchain.


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