Forget Lambo, Ferrari Is Launching Its Own Collection Of NFTs

NFTs no doubt got their big break in 2021 as non-fungible tokens had taken off this year. The space has been marked by some truly remarkable growth and adoption, and multi-million dollar purchases to boot. Given this success, companies and celebs have jumped on the wagon to profit off of this new way to make money. One of those is luxury automotive maker, Ferrari.

Ferrari Drives Into NFTs
Reuters reported that Ferrari had ventured into the NFTs space with a multi-year that it signed with Swiss technology firm Velas Network. During the course of this deal, the firm will create various digital content for fans of the brand. The announcement on Ferrari’s website noted that both companies will work together to issue “exclusive digital content” for cars of the automotive manufacturer.

Velas is a global player in the NFTs and blockchain sector. It owns the Velas NFT Marketplace where organizations, companies, and teams are able to develop NFTs for their user base. The firm will partner with Ferrari’s Formula 1 racing team as part of the multi-year deal, as well as be a Title Sponsor for the Ferrari Esports Series.

Mattia Binotto, General Manager and Team Principal for Scuderia Ferrari, expressed satisfaction with the deal, stating;

“We are pleased to start this collaboration with Velas Network AG, a company that makes innovation and performance the hallmark of technologically advanced products and services: these are all values that unite us and that led us to choose Velas as one of our Premium Partner.”

CEO and co-founder of Velas Network, Farhad Shagulyamov, also had positive comments for the deal. In an official quote, the CEO praises Ferrari as an icon of excellence, making it a natural partner for the Velas blockchain which is dedicated to sustainability and performance.

“Having built a next-generation blockchain that puts the emphasis both on sustainability and performance, it was natural to partner with another icon of excellence, which is Ferrari. Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport.” – Farhad Shagulyamov, CEO/Co-founder, Velas Network AG.

Velas Records Uptick
Following the announcement of the partnership, the Velas token, VLX, had seen a significant uptick in its price. Previously trending around $0.25, the digital asset had rallied to peak above $0.35.

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The partnership with Ferrari opens the blockchain firm to a whole new user base. Ferrari, which has made its mark as one of the leading luxury and sports car brands in the world, has a fanbase of millions. Its official Instagram account currently sits above 21 million followers, while its Twitter account has more than 3.3 million followers.