The Mercedes AMG Petronas F1 team is about to launch a non-fungible token (NFT) collection with its cryptocurrency exchange partner FTX US. The designs will be race-inspired and created by a series of artists throughout the 2022 race calendar starting May 6.
The collection will be divided into two categories, free ‘ticket stubs’ collectibles for each race and others that will be auctioned. For the ticket stubs, most races will have 2,500 free NFTs, but five races will be limited to 1,000 digital assets. Given the season has already started, NFTs for past races will be randomly allocated on May 6.
Apart from the ticket stubs, the project will also manage some NFT auctions in conjunction with physical items. In the upcoming Miami race, Mercedes drivers Lewis Hamilton and George Russell’s car rear wing endplates will feature the artwork of the first collaborative artist of the series, Mad Dog. The rear wings will be auctioned alongside the NFT artworks on the FTX US marketplace.
“Finding new and innovative ways to engage with our global fanbase is a key priority for the team,” said Richard Sanders, Commercial Director of the Mercedes-AMG Petronas F1 Team. “Collecting memorabilia has always been a huge part of following your favorite sports team and we’re excited to create these genuinely cool digital collectibles that will also unlock new ways for fans to be closer to the Mercedes-AMG Petronas F1 team.”
The different levels of scarcity and accessibility in the collection will enable a wider range of fans to get involved with the project as well as provide data for Mercedes on consumers’ willingness to pay for digital assets. The auction NFTs will likely attract a wealthier audience that does not necessarily represent the majority of Mercedes F1 fans.
The majority of the NFTs will be on the Solana blockchain, but some are on Ethereum – the auctioned ones that include the rear wing.
Other Formula One teams that have also dropped NFTs include McLaren, Red Bull, and Aston Martin. McLaren and Red Bull launched their collections in partnership with blockchain Tezos. Aston Martin launched a collection this year in partnership with FTX competitor Crypto.com. Meanwhile, Scuderia Ferrari partnered with Velas blockchain at the beginning of the year and will likely launch an NFT collection before the end of the upcoming race calendar.