Ferrari has signed a contract with blockchain organization Velas Network AG

TL; DR fault

  • The headquarters of the Italian manufacturer of supercars in Maranello has unveiled its new partnership with Velas AG.
  • Velas Network AG is an organization dealing with NFT and blockchain technology.

DEC. 27. 2021, headquarters Ferrari manufacturers found that they had partnered with Velas AG. Blockchain company will help supercar manufacturers in their offer to make NFT.

Ferrari announces a joint venture with Velas

Ferrari is a manufacturer of supercars in Italy made by Enzo Ferrari in 1939. The well-known company has announced its efforts to join the creation of digital content through NFT. This announcement came from the Scuderia Ferrari racing subsidiary that it has entered into an important partnership with Velas AG. Their announcement explained that Velas will help create NFT and sponsor the Ferrari Esports Series.

Velas is a Solana-based protocol with a built-in EVM and became functional in 2019. According to its officials, Velas has a fast enough EVN chain to be able to match Ether 2.0. Velas network AG is headquartered in Switzerland, and Ferrari considers them good leaders in NFT innovation. In addition, he also expects Velas to work flawlessly with his team.

Director at Scuderia Ferrari, Mattia Binotto, pointed out that his team is happy about the upcoming adventure with Velas. He said the technological and innovative aspect of Velas is a benchmark for other companies. Therefore, because of such an achievement, his team decided on Velas as the best partner in the upcoming adventure.

Velas CEO Farhad Shagulyamov hinted at successful talks with Ferrari two days earlier. Since their blockchain is perfect in terms of sustainability and efficiency, he believes it was easy to naturally connect with Ferrari. He concluded that his team had already developed pioneering innovations to be applied in the motorsport sector.

Institutional adoption of cryptocurrencies continues through the NFT

Although Ferrari’s announcement of a joint venture does not promote any NFT, it mentions Velas, which sponsors their Esports series. The carmaker is following several other carmakers joining the cryptosphere through NFT. In June 2021, German luxury carmaker Porsche also joined the cryptosphere through NFT, and in SEP. In 2021, the Mercedes-AMG Petronas F1 began a joint venture with the FTX.

The Ferrari team was also preceded by other motorsport teams such as McLaren and Ferrucio Lamborghini in search of NFT. Mc Laren has a special unit dealing with NFTs, while Lamborghini has an entire museum project for its NFTs.

Other institutions like Adidas and Nike are also in the crypto sphere far from the motorsport industry. These two sports equipment manufacturers joined The Cryptosphere through joint ventures with NFT companies. Nike has already built some projects and bought the RTKFT studio to meet its production needs. Other companies such as the PWC subsidiary in Hong Kong have also joined the cryptosphere by purchasing virtual land in the metaverse.

This development signals the continued institutional adoption of cryptocurrencies; however, how it will progress over time remains to be seen.

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