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F1 Team Utilizes OpenSea for the Racing NFT Marketplace, Cross Promotion

F1_Team_Utilizes_OpenSea_for_the_Racing_NFT_Marketplace,_Cross_Promotion

The Haas F1 team has tapped OpenSea for a fresh NFT expansion as sports collaborations continue to be a rich ground for crypto businesses.

Haas F1 Team, the only American-owned team in the FIA Formula One World Championship, has revealed a cooperation with OpenSea, the largest NFT trading platform by trading volume.

The new agreement will involve the development of a range of branded NFTs as well as cross-promotion at racing events where the OpenSea logo will be shown on the Haas F1 Team VF-22 series vehicles.

NFTs are cryptographically distinct tokens tied to digital and physical information that serve as proof of ownership for products like as artwork, music, mementos, and video game items.

“NFTs have the incredible power to unlock new experiences and give us a canvas to bring people together around the things they love in new ways,” said Shiva Rajaraman, VP of Product at OpenSea, in a statement. “We’re looking forward to bringing innovative collections to life with the Haas F1 Team, building new experiences for their community of dedicated fans, and providing new ways for everyone to get even closer to the action.”

Crypto’s sporting obstacles

Haas’ partnership with OpenSea is the most recent example of sports leagues — and racing brands in particular — utilizing Web3 technology to expand their reach and brand recognition. In April, the cryptocurrency exchange FTX and F1 team Mercedes-AMG Petronas revealed a series of racing NFT collectibles centered on the Miami Grand Prix and the 2022 racing season.

Tezos, which has previously teamed with Red Bull Racing, confirmed a collaboration with F1 team McClaren Racing in June 2021.

However, sports partnerships in Web3 have been inconsistent, with only a few successful projects.

FTX stated in June 2022 that it has withdrawn from discussions to sponsor a jersey patch with the Los Angeles Angels, it did not align with their marketing objectives. They stated that the choice had nothing to do with the recent market decline.

Different talks Crypto.com’s sponsorship deals with sports leagues ran into trouble in August 2022, when it broke a $495 million deal with the European Champions League (UEFA). After Russia invaded Ukraine earlier this year, UEFA’s previous sponsorship deal with Russian natural gas company Gazprom was canceled. This led to the deal with Crypto.com.

But Guenther Steiner, Team Principal of Haas F1 Team, is sure that the team’s partnership with OpenSea will work out well.

“We’ve waited to find the right partner in the NFT space, and in OpenSea, we’ve found exactly that,” Steiner said, “It’s going to be exciting for us to take our first steps into the NFT environment and engage with OpenSea’s passionate community.”

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