Tokenizing the Parts of Racing Beasts: Vincenzo Sospiri Racing and Go2NFT Ink a Deal
Blockchain companies and racing teams already have a good record of cooperation and partnership. And it got expanded further with the deal between Vincenzo Sospiri Racing and Go2NFT.
Table of contents:
- Vincenzo Sospiri Racing opens the doors for NFTs
- This is only the first lap
Vincenzo Sospiri Racing opens the doors for NFTs
Almost every day we hear about new use cases for non-fungible tokens (NFTs). From fine art to beer serving, these tokens are promptly establishing a foothold in our lives. Car racing is one of the areas where NFTs have been present for quite a while, though they were used mostly in racing games to signify the ownership of a virtual car or made into some reward for winning a race. But now, it appears that non-fungible tokens have made their way to the real world and real racing cars.
An Italian auto racing team Vincenzo Sospiri Racing (VSR), the winner of the 2019 GT Cup Open Europe and a number of other titles, announced the partnership with the recently emerged NFT platform that goes by the name Go2NFT. The deal stipulates the launch of a unique program where tokens will be used to certify racing car parts. And not any cars but those of Lamborghini since VSR has the full support of its entire motorsport department. According to Sospiri, a special certification program is to be developed in collaboration with Go2NFT and another blockchain firm called Skey Network, which is based in Poland and works on merging the Internet of Things (IoT) with blockchain and non-fungible tokens. The former racing driver explains that the main purpose of this initiative is to ‘ensure that (they) can securely authenticate and audit every part of the racing fleet to monitor the performance and ensure provenance.’
This is only the first lap
It appears that the certification program is only the start of much broader cooperation as VSR aims to incorporate NFTs into its merchandise department and beyond. The goal here is to have the racing fans rest assured that they would be acquiring genuine branded merch, not some counterfeit. Go2NFT’s chief executive Boris Ejsymont says that his company is fully aware of existing challenges within the racing industry, especially those related to safeguarding intellectual property. Naturally, he reckons that non-fungible tokens will be of immense help in resolving these and many other issues.
‘NFT utility can help create more trust and transparency for brands and their fans.’
Ejsymont is certain that the partnership with Vincenzo Sospiri Racing marks the beginning of many other collaborations between sports brands and blockchain projects where Go2NFT will be in the driving seat. And he’s not wrong to assume that since car racing and crypto have been mingling for quite a while. This year alone, we saw the conclusion of a grand partnership between Red Bull Racing and ByBit, worth $150 million, along with Crypto.com’s deal with another Formula 1 team, Aston Martin.