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Ferrari forges a deal with blockchain organization Velas Network AG

Ferrari

TL;DR Breakdown

  • Italian supercar manufacturer’s headquarters office of Maranello has revealed their new partnership with Velas AG.
  • Velas Network AG is an organization that deals with NFTs and blockchain technology.

On DEC. 27, 2021, the headquarters of Ferrari manufacturers revealed that they had completed a partnership with Velas AG. The blockchain firm will help the supercar makers in their bid to make NFTs.

Ferrari announces joint venture with Velas

Ferrari is a supercar maker in Italy created by Enzo Ferrari in 1939. The renowned company has announced its push to join digital content creation through NFTs. This announcement came from the racing branch Scuderia Ferrari that it has forged an important partnership with Velas AG. Their announcement explained that Velas would help make NFTs and sponsor the Ferrari Esports Series.

Velas is a Solana-based protocol with a built-in EVM and became functional in 2019. According to its officials, Velas has a fast enough EVN chain to rival Ether 2.0. The Velas network AG has its headquarters in Switzerland, and Ferrari thinks of them as good leaders in NFTs innovation. Additionally, it also expects Velas to work seamlessly with its team.

The Principal at Scuderia Ferrari, Mattia Binotto, noted that his team was happy about the upcoming adventure with Velas. He said that the technology and innovation aspect of Velas is a benchmark for other firms. Therefore, such an achievement is why his team settled for Velas as their best partner in the upcoming adventure.

The CEO of Velas, Farhad Shagulyamov, had hinted about successful discussions with Ferrari two days earlier. Since their blockchain is perfect at sustainability and efficiency, he believes it was easy to naturally bond with Ferrari. He concluded that his team has already developed pioneering innovations that will apply in the motorsport sector.

Institutional crypto adoption continues through NFTs

Even though Ferrari’s announcement on the joint venture does not promote any NFTs, it mentions Velas sponsoring their Esports series. The automaker follows several other carmakers joining the crypto sphere through NFTs. In June 2021, German luxury carmaker Porsche also joined the crypto sphere through NFTs, and in SEP. 2021, Mercedes-AMG Petronas F1 started a joint venture with FTX.

The Ferrari team has also been preceded by other motorsport teams like McLaren and Ferrucio Lamborghini in pursuing NFTs. Mc Laren has a special unit dealing with NFTs, while Lamborghini has a whole museum project for its NFTs.

Other institutions like Adidas and Nike are also in the crypto sphere away from the motorsports industry. These two sports accessories manufacturers joined The cryptosphere through joint ventures with NFT firms. Nike has already built some projects and acquired the RTKFT studio to cater to its production needs. Other companies like PWC’s Hong Kong branch have also joined the crypto sphere by purchasing virtual lands in the metaverse.

This development signals the continuing institutional crypto adoption; however, how it will progress with time remains to be seen.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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