Formula One racing doesn’t seem to know that bitcoin and many of its altcoin cousins are crashing and burning at the time of writing. This is because many of the vehicles featured in the racing franchise have bitcoin and other crypto-related logos and emblems plastered all over them.
Formula One and Crypto… A Perfect Match?
Eight of the ten racing teams in the present Formula One racing schedule have crypto-related sponsors. One of the big ones is Crypto.com, which has also done quite a bit for the Ultimate Fighting Championship (UFC). It had multi-year naming rights for a recent race in Miami, and it has also partnered with the Aston Martin Formula One team.
Other digital currency companies taking part in racing sponsorships include OKK, a popular and leading digital currency exchange. Not long ago, Haider Rafique – global chief marketing officer of the exchange – stated in an interview:
We’re not just putting our logo on McLaren cars. We’re helping McLaren with NFTs and the metaverse.
McLaren Racing CEO Zak Brown also threw his two cents into the mix, claiming he was rather excited about having crypto’s presence be so big in the races. He’s confident the space is going to grow heavily over time and commented:
Crypto is a massive industry. It is clearly here to stay and is a big part of the economic future. Crypto fans are savvy, technology-focused consumers.
One of the big things that’s driving these sponsorships are young drivers. As it turns out – and Live Bitcoin News has talked about this before – many younger generations, including millennials and Gen Z, feel far more confident with digital currencies than they do with stocks or more traditional assets. Perhaps this is a result of growing up during the Great Recession, but the fact that so many young drivers and viewers love crypto has allowed the space’s presence in the Formula One racing community to grow.
In addition, Formula One has become more popular thanks to a new racing series on Netflix called “Drive to Survive.” The show has attracted several young viewers who have seemingly become fascinated with the world of fast-driving cars.
Lou Frangella – vice president of partnerships at FTX.US – stated:
There has been an exponential increase in interest in the sport. I’m a Netflix F1 adoptee, so for us, it was a simple decision to get involved with a team… We are trying to make the partnerships fun and engaging.
Some Worries Abound
Despite all the glory being brought to racing tracks, it appears there are concerns about crypto’s environmental impact (surprise, surprise) and how much overspending is likely occurring in the industry. Frangella stated:
Sustainability is important to us, and we’re all looking for improvement. From a crypto perspective, we are very conscious of that, and we have these conversations with the Mercedes team.