December 5, 2022

In order to develop a program that certifies racing car parts, Vincenzo Sospiri Racing (VSR), a Lamborghini-backed GT racing team, has announced a partnership with NFT platform Go2NFT on blockchain platform Skey Network to launch NFT certification for their race cars. This will allow VSR to monitor and ensure the quality of the car parts. They explained that:

“This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”

Aside from car parts, VSR wants to expand the NFT certification program to include official merchandise and other products. The team claims that this will give customers confidence when buying branded goods.

According to Boris Ejsymont, an executive at Go2NFT, their team is aware of the difficulties that companies experience in securing their intellectual property and thinks that NFTs can offer a solution. Ejsymont said that: 

“We believe that NFT utility can help create more trust and transparency for brands and their fans. This project with VSR is just the start of many such co-operations for beloved brands across the globe.”

In 2022, the worlds of motorsport and cryptocurrency have already collided. In February, the cryptocurrency trading platform Bybit announced a $150 million collaboration with Formula 1 racing team Red Bull Racing. Furthermore, in March, Crypto.com announced a partnership with Aston Martin’s Formula 1 team. The deal includes advertisements for the exchange of the brand’s F1 cars. Aston Martin executive Jefferson Slack stated that the move allows the car manufacturer to get a better understanding of the crypto space.

Summited by HotQA