Ferrari’s New Deal with Blockchain Startup Velas Hints at NFTs

Ferrari’s New Deal with Blockchain Startup Velas Hints at NFTs
Photo by Håkon Sataøen / Unsplash

Ferrari will release exclusive digital content for its followers in partnership with Swiss blockchain firm, Velas. Ferrari, the Italian luxury sports car manufacturer, has entered the blockchain market through cooperation with Velas Network, a Swiss blockchain firm.

Ferrari stated on Monday that it had secured a multi-year deal with Velas to provide "exclusive digital content" for the Scuderia's fans. Velas will also serve as the primary sponsor for the Ferrari Esports Series, an online series that competes in the F1 Esports Series, the official digital championship for all teams racing in the FIA Formula One World Championship.

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Velas is described in the release as a prominent player in the digital asset and blockchain industries, with an emphasis on non-fungible tokens:

"A global player in the blockchain and NFT sector, Velas has distinguished itself through the performance and innovation of its services and technological leadership, characteristics that unite with the Maranello team."

Mattia Binotto, general manager of Scuderia Ferrari, explained that Velas was chosen as one of the company's premium partners because the two firms share values like innovation and performance of technologically advanced products and services.

Velas' co-founder and recently appointed CEO, Farkhad Shagulyamov, said it was logical to team up with "another icon of perfection, which is Ferrari."

Velas is an open-source blockchain network that seeks to merge the greatest aspects of both decentralized and centralized tools. As of October, the company had committed $100 million to firms built on the Velas blockchain, a considerable increase from its initial $5 million pledge.

Velas (VLX), the Velas blockchain's native token, has risen considerably. According to CoinGecko data, the cryptocurrency is up roughly 4% in the last 24 hours, trading at $0.346 at the time of writing. VLX has risen by more than 70% in the last seven days.

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