Crypto Meets the F1: Kraken Set to Unleash the Power of NFTs to Attract Motorsports Fans

The F1 race circuit is about to get a whole lot more exciting as cryptocurrency exchange Kraken prepares to unleash the power of NFTs and attract motorsports fans. Starting this weekend, the Kraken logo will be exposed to millions of users due to the exchange’s partnership with F1 team Williams Racing. This marks Kraken’s first global partnership and allows them to further their presence in next year’s races.

The partnership will have the Kraken logo seen on the halo and rear wing of the Williams Racing FW45 race car driven by Alex Albon and Logan Sargeant. Fans at the Grand Prix events will also get the chance to see limited edition caps with the Kraken logo.

This is not the first time a cryptocurrency company has gone into F1, with 100% of teams having at least one crypto sponsor last year. However, that all changed in the aftermath of the crypto winter and multimillion-dollar scams that left their mark on the ecosystem.

Williams Racing’s Commercial Director James Bower said he was thrilled with the partnership and that “[it] allow[s] us to engage with both Kraken’s and Williams’ global communities and showcase the impact and life-changing potential of Crypto and Web3.”

Kraken is aiming to boost cryptocurrency adoption in the motorsports sector and has announced that holders of its top NFT projects will have their collectibles displayed on the Williams Racing rear wing alongside Kraken at certain Grand Prix events.

Kraken’s Marketing Director, Mayur Gupta added that this partnership will show what is possible when brands combine innovative thinking with excellence, disruptive performance and innovation.

However, entering the F1 circuit can be risky business and many companies have had sponsorships fall apart, such as FTX with F1’s Mercedes-AMG Petronas or Animoca Brands’ Ethereum NFT game F1 Delta Time that shut down in March 2022.

Despite this, there are still a plethora of crypto sponsors in the race today, such as McLaren’s partnerships with Tezos and OKX, Alpine’s deal with Binance, Haas’s agreement with OpenSea and Red Bull Racing’s $150M deal with Bybit, which was signed in February of this year.

It remains to be seen how Kraken’s sponsorship agreement with Williams Racing will fare, however, the partnership is an exciting way to demonstrate the future possibilities of crypto and Web3 to the motorsports and wider investment community.

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Steve Gates
Steve shows his dedication by holding 90% in cryptocurrencies, 10% to pay the bills.