The organizers of the Formula 1 Grand Prix will launch the first collection of Non Fungible Tokens (NFT’s) to celebrate its 50th anniversary in September 2022.
This collection would have a limit of 5050 tokens, and in turn provides rights to physical and digital benefits that will only correspond to the holders of such NFT, which for the moment have not provided more information about it from the organization. The public is waiting for them to be announced in the days prior to the start of the launch.
The NFTs will bear the name GP do Brasil: The 50 Years Collection. These tokens will have various types of rarities, designs, and thus, there will be a great diversity of value among them. Each buyer will receive a driver NFT and a Formula 1 with the number 50 for the commemoration of the collection.
The launch of the collection will be divided in 5 lots, which will be of 1010 NFT per lot. This modality of launching by lots, with limited quantity, and diversity of initial values, is being used frequently in new NFT products, as is the case of the recent project that was announced for the new product to be launched by the candy company M&M; which has reached an agreement with one of the most famous NFT collections in the world called Bored Ape Yacht Club (you can see the note with more information in the following link…).
* First lot, each NFT will have a value of US$70;
* Second lot, each NFT will have a value of $120,
* Third lot, each NFT will have a value of $170;
* Fourth lot, each NFT will have a value of US$220;
* Fifth lot, each NFT will have a value of $270.
This collection will be the kick-off for the Sao Paulo Formula 1 to enter the Web3. But there is a difference with other teams: McLaren and Red Bull Racing Honda (to mention a few examples), use the Tezos Blockchain, while the Brazilian GP will use the Ethereum Blockchain.
This is not the first time that the Formula 1 sector has taken advantage of the advance and massive adoption of cryptocurrencies and NFT’s. Previously we have seen the Crypto.com exchange become a global F1 sponsor. Also, Horner and Red Bull have signed an agreement with the ByBit platform.
The launch or start of the Minteo will be between September 9 and 10, through the F1 São Paulo NFT platform. Then the resale will take place through one of the largest NFT marketplace in the world, Open Sea.
Of the 5050 NFT that will be released in the 5 lots in total, there will be about 50 that will be reserved for personalities that have marked the history of F1 in Brazil.
F1 Delta Time – NFT Game
The year 2019 saw the release of F1 Delta Time, one of the most high profile NFT and crypto racing games. It was one of the first officially licensed NFT games.
One of the most expensive NFT’s sold in all of 2019 was a car from this game, which sold for over u$s 100,000. It is one of the first cases where you can see the combination of a play to earn game, together with an official F1 license.
Mercedes AMG NFT
The Mercedes AMG Petronas F1 Team launched its own NFT collection, with its exchange partner FTX US.
The designs are race-inspired and were created by a series of artists throughout 2022 from the start of the May 6 races. The collection is divided into 2 categories: free collectible “ticket stubs” from each race, and others that will be auctioned.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express.