HomeNEWSFerrari seals deal with blockchain firm Velas; hints at NFTs

Ferrari seals deal with blockchain firm Velas; hints at NFTs


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Ferrari, the Italian luxury sports car manufacturer has sealed a deal with the blockchain startup in China, Velas. This deal has led to a series of speculations of Ferrari moving into the blockchain industry. The company has inked the deal with Velas to create non-fungible tokens (NFT) for its fans and followers.

Ferrari signs a multi-year agreement

In its official announcement on Monday, Ferrari said that it has signed a multi-year agreement with the Chinese startup to issue ”exclusive digital content” for the Scuderia’s fans. in addition to this, the Chinese startup is expected to also be the principal sponsor for Ferrari Esports Series.

Ferrari Esports Series is an online series competing in the F1 Esports Series. f1 Esports Series is an official digital championship combining all trams participating in FIA Formula 1 World Championship.

Where can the NFTs be used?

Non-fungible tokens are a unique and non-interchangeable unit of data, a form of digital ledger and stored on a blockchain. Non-fungible tokens can be used to own rare digital artefacts through the blockchain network. This network backs cryptocurrencies and the NFTs in this case can be used to own a wide range of art, tweets, music, GIFs and many more digital assets. Non-fungible tokens also open the opportunities to buy and sell an endless range of digital assets.

Ferrari makes an official statement

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

Scuderia Ferrari General Manager Mattia Binotto emphasised that the company chose Velas as its premium partner as Velas shares values like innovation and performance of technologically advanced products and services.

Velas is a leading platform of blockchain technology that works to provide an amalgamation of the premium features of centralized and decentralized tools.

Jahnavi Arora
Jahnavi Arora
Jahnavi is a freelance content writer.

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