But, what is Formula 1 doing in the world of cryptocurrency? It’s no secret that this world is booming, and massive investments in advertising and sponsorship are made on a regular basis. So this is how we find out that 80% of Formula 1 teams are sponsored by a cryptocurrency company. Indeed, of the 10 teams competing in this year 2022, 8 have a crypto sponsor.
Cryptocurrency companies sponsoring Formula 1 teams in 2022
These companies are therefore 8 in number for this 2022 championship. There are: FTX, Bybit, Crypto.com, Velas, Fantom, Floki, Binance as well as Tezos. We are indeed talking about big names, such as FTX, the famous exchange platform which is also arriving in Europe, Binance, Bybit or even Crypto.com which are also recognized names. Besides, Velas has already made a name for herself by being displayed on Ferrari’s car, which recently won a Grand Prix.
As you will have understood, this is only the beginning of a global sponsorship and advertising strategy. We should see these names previously cited as sponsors in popular sports more and more often. Besides, the next target might be football or tennis, who knows?
What are the challenges of such sponsorship?
By precisely targeting Formula 1 for this 2022 championship, the world of cryptocurrency is not mistaken: the target is essentially young, around 30 years old. Thus, by investing sums of several million dollars, these companies will gain in notoriety, but also in confidence with future investors. For example, during the 2021 Abu Dhabi Grand Prix, no less than 108 million viewers watched Red Bull win over Mercedes. When we highlight the fact that ByBit is the sponsor, we let you imagine the impact it may have had on society… Especially when it comes to the general public who are only new to the world of crypto. -cash.
Besides, the impact of sports on the world of cryptocurrency could have wider sway, especially with NFTs. Indeed, according to a Deloitte Global study, NFTs should generate two billion dollars, and approximately 5 million fans of various sports will acquire an NFT. It is even already the present: pilots Pietro and Enzo Fittipaldi will be selling NFTs of their suits and helmets to the general public this year, in partnership with Fantom.
In short, you will have understood that the challenge of the arrival of cryptocurrency is not only in terms of image and sponsorship. No, it goes further with the full arrival of cryptocurrency in Formula 1, in particular with the sale of NFT. In any case, it’s hard to deny it: whether it’s sports or even video games and art in general, things are changing with a popularization of NFTs.