NFT mounts shotgun as Red Bull Racing closes F1 season

Red Bull Racing will cap off a successful Formula 1 season with an NFT featuring both drivers' vehicles at the Abu Dhabi Grand Prix.< /p> New

Cryptocurrency and blockchain technology companies continue to feature in the world of Formula 1, with a non-fungible token (NFT) making its mark on Red Bull Racing vehicles to close out the 2022 calendar.

Red Bull Racing dominated the F1 season, topping the constructors' standings, while Max Verstappen closed the drivers' standings for a second consecutive season. With the curtain closing on the 2022 racing schedule in Abu Dhabi on November 20, the team's cars will feature an NFT on their livery in what is being called an F1 first.

Red Bull Racing entered into an agreement with cryptocurrency exchange Bybit as the team's lead partner in February 2022, one of the few cryptocurrency companies sponsoring Formula 1 teams. swap logo will feature alongside Lei the Lightning Azuki, an anime-inspired NFT illustration and character from the Azuki collection.

The original Lei Azuki NFT is one of 10,000 NFTs in the collection. #8494 is currently listed on OpenSea and is valued at around 9 Wrapped Ether (wETH), or $11,100 at the time of writing.

Related: Merchandise and Fragrance: Formula 1 Trademark Filing Paves the Way for F1 NFTs

Red Bull Racing's Lei the Lightning Azuki will be a limited edition version of #8494 and is expected to be minted on the Tezos blockchain and available on Bybit's NFT Market.

A statement from Red Bulls Racing Team Principal Christian Horner highlighted the ongoing exploration of Web3 use cases through the sports partnership

"In many ways, this has opened our eyes to the vast opportunities that Web3 has to offer. This unique project is the perfect combination of creativity, innovation and passion that matches our philosophy on the track. "

The sport of Formula 1 has been a big proponent in the cryptocurrency space. Crypto.com has signed a major s...