Why Do They Get Along? By DailyCoin
[ad_1]
Formula 1 and Crypto: Why Do They Get Along?- Crypto.com is the official sponsor of F1’s 2021 season.
- Formula 1 teams are now part of the NFT revolution. They have also released new products on blockchain.
- Blockchain’s innovative nature is similar to that of F1’s development ethos.
Formula 1 represents the highest level of motorsports, and where technology innovation is at the forefront. Although blockchain is already a technology that has been implemented in the sports sector, other companies are interested in potential F1 users as F1 creates an fusion between the new and the old.
An Intertwining Technology
Most viewers watch Formula 1 for its competitive nature, disregarding the enormous technological input F1 cars display. Although they have not yet been fully adopted as an industry standard, cryptocurrencies are slowly making their way into Formula 1. They are disruptive forces within the industry, and they still relate.
Formula 1 is the center of automotive innovation. It tests and develops new technology, which can then be implemented in everyday vehicles. Paddy Lowe, Director at Mercedes F1, said that Formula 1 “serves as a research laboratory for developing new solutions” and facilitates direct or indirect transfers of new solutions.
Blockchain is a more disruptive technology that’s indirectly inching closer to mass adoption, despite regulatory pushback. The blockchain technology is being used by major companies to manage supply chains. But blockchain’s useability can also be extended to payment forms. Digital banks have begun to accept cryptocurrencies as both a type of payment and transactional store value.
On The Flipside
- There is no extensive evidence of whether blockchain is used and implemented in F1
- F1 teams are partnering with blockchain projects that have been criticized for their poor environmental credentials.
Where F1 Meets Crypto
Crypto companies have been on a rampant ascent as mass adoption and demand for cryptocurrencies have surged. Formula 1 attracts a niche audience of 500 million viewers annually. This is where blockchain technology meets Formula 1.
As new regulations make it simpler for people to trade and create their own cryptocurrency, major cryptocurrency exchanges have become associated with Formula 1. As of 2021, Crypto.com has become the “global partner” of F1 and is sponsoring the new F1 Sprint formats. FTX.com is also partnering with Mercedes F1 Petronas AMG to expand its reach after signing other partnerships with MLB.
F1 does not only have an exchange. Aston Martin is the F1 team’s new sponsor. McLaren has also partnered with Tezos, Bitci and Bitci. It’s not known if the companies use F1 names as associations or if they implement blockchains. Additionally, AlphaTauri’s Pierre Gasly tweeted that he partnered with Fantom Foundation, thus increasing the number of blockchain partnerships in the industry.
What is the reason you should care?
Blockchain’s entry into the F1 space comes as no surprise as both industries can complement each other. Formula 1 could be a way for cryptocurrencies to get mainstream attention, and blockchain can act as a lab of research and development for any new technologies that can be implemented by the FIA.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7]
With just one click, you can unsubscribe at any time.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.
[ad_2]