With two drivers leading the Formula 1 standings in 2023, Red Bull’s racing team is launching a collection of digital collectibles to commemorate its best year.
Drivers Max Verstappen and Sergio Pérez finished first and second respectively this year, making Red Bull the clear leader among all other teams. The team is issuing NFTs to help fans remember the successful year.
“This launch follows the most successful year in the history of Oracle Red Bull Racing, where we set the record for most championship points in a single season,” Red Bull said in a statement. “The collection will include unique works of art designed by Automobilist, an award-winning design studio comprised of individuals passionate about design and creating art for all things motorsports. The NFT will be available through Bybit.com. “
Sports enthusiasts have been collecting memorabilia and collectibles for decades that they can treasure or later sell. In recent years, efforts to bring entertainment into the digital age have attracted many high-profile sports leagues and players within the web3, including Dapper Labs’ NBA Top Shot and Candy Digital’s Major League Baseball NFTs.
Seeing the ‘real’ value
Red Bull’s NFT is being issued on Sui, a blockchain developed by Mysten Labs. The Formula 1 racing team and Mysten Labs formed a partnership earlier this year.
“It’s important for us to continue to communicate and connect with our fans around the world in new and innovative ways,” Dan Mitchell, senior marketing manager at Oracle Red Bull Racing, said in a statement. “We see real value in using Web3 technologies like NFTs in the form of digital collectibles.”
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.