Ferrari announced on Monday that it has reached an agreement with Velas Network, a Swiss technology startup, to develop non fungible tokens (NFT) for its supporters. Through the blockchain network that underpins cryptocurrencies, NFTs allow users to hold uncommon digital objects. NFTs can be used to own all types of art, tweets, music, GIFs, and other digital goods. The options for purchasing and selling digital assets are limitless.
Velas, a developer of digital products and services, will join Ferrari’s Formula 1 racing team as a partner beginning next season. The multi-year arrangement calls for the Scuderia to provide exclusive digital material for its fans.
“Moreover, Velas will be the Title Sponsor of the Ferrari Esports Series, the Prancing Horse’s online mono-brand series, as well as the Esports team that will compete in the F1 Esports Series, the official digital championship competed in by all teams participating in the FIA Formula 1 World Championship,” Ferrari said in a statement.
According to Google Trends, a tool that tracks the most popular Google searches, people are searching for “NFT” more than ever before, and “crypto” is no longer the most popular search term.
Thousands of people are bidding on these artefacts, and some are even selling for millions of dollars. According to a recent study from Cointelegraph, consumers have already spent over $9 billion on NFTs, with total sales likely to reach $17.7 billion by the end of 2021. According to the study, NFT sales increased from $41 million in 2018 to $2.5 billion in the first half of 2021, a 60-fold increase in three and a half years.
Adidas Originals made $23.5 million just a few weeks ago by selling 30,000 of its “Into the Metaverse” non fungible tokens (NFTs) in just a few hours after they went on sale Friday.
According to Bloomberg, Adidas rival Nike has filed seven trademark applications as it prepares to enter the metaverse. The company stated in the application that it intends to create and sell virtual branded sneakers and clothes.