Quick take:
- Williams Racing will display six NFTs on its cars during the US Grand Prix in October.
- The Formula One team has collaborated with the crypto exchange company Kraken to allow fans to vote on their favourite NFTs to be featured.
- Only the NFTs listed on Kraken’s native NFT marketplace are eligible for selection.
Williams Racing is expanding its partnership with the crypto exchange company Kraken to bring blue-chip NFTs to Formula One. The UK-based F1 racing team will adorn six NFTs voted for by the fans on its cars during the US Grand Prix in October.
Kraken has launched a crowdsourcing campaign allowing the fans to submit their NFTs and vote for their favourite characters to be displayed on the cars.
This announcement comes nearly ten months after Bybit collaborated with Oracle Red Bull Racing and Chiru Labs to create a limited edition NFT collection “Lei the Lightning Azuki” which was emblazed on both Max Verstappen and Sergio Perez race cars for last year’s season finale in Abu Dhabi.
Kraken’s and Williams Racing’s collaboration is slightly different in the sense, that beginning August 1st, it will allow any NFT holder whose asset is listed on the Kraken NFT marketplace to submit their NFTs for a contest that will see fans vote for their favourite characters.
Williams and Kraken will select the top 20 entries by August 18. Kraken will then welcome its community from August 28 to 31, to vote for the final six NFTs to be displayed on Williams Racing Team’s Formula One cars.
Just like last November when Bybit collaborated with Red Bull Racing, Kraken and Williams are hoping to bring attention to both brands and the NFT market as a whole.
The NFT industry has been on a decline for the better part of the last twelve months, signified by falling NFT floor prices, lower market caps for leading blue-chip NFT collections, and a reduction in funding for web3 projects.
Commenting on the collaboration, Lou Frangella, Head of Brand Partnerships at Kraken said: “NFTs are an essential part of the cryptocurrency ecosystem, and I think they represent many different things – they are ownership for some people, and there are very engaged communities in a lot of cases.”
“Whenever we have the opportunity to lift up the crypto community, we want to use our platform to be able to do that,” Frangella told CoinDesk.
The two companies have been in an ongoing partnership since March this year when Kraken signed a sponsorship deal with Williams Racing to become the Formula One team’s crypto and blockchain knowledge provider while gaining exposure to millions of F1 fans around the world.
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