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Ferrari joins Mercedes in dropping crypto sponsor as NFT market collapses

Ferrari joins Mercedes in dropping crypto sponsor as NFT market collapses

Mercedes broke ties with its crypto sponsor FTX, prompting Ferrari to cut ties with crypto sponsor Velas. The Maranello team is also rumored to have severed ways with premium sponsor Snapdragon, a chip manufacturer. The loss of two sponsors has cost him a total of $55 million.

Velas signed a long-term deal with the team that will last until 2021. His name will be displayed on the car’s wing. A report from Racing News 365 says that after two seasons with the team, the two sides may soon end up in court. As for Snapdragon, the report says that both sides agreed to end their contract.

Racing News 365 reports on Ferrari and Velas: “A source close to both companies has indicated that Ferrari has not complied with clauses that allow Velas to create NFT images, while the latter is said to be a financial breach. According to sources, legal action by the parties is being considered.”

Before this, in November, Mercedes got rid of its crypto sponsor FTX and all of the branding that went with it. The Brackley team is said to be owed about $15 million by FTX, which filed for bankruptcy in December. Due to the unstable nature of the cryptocurrency market, teams will continue to stay away from any other crypto sponsors in the future.

The appointment of Friedrich Vasser as the new Ferrari team principal generated rumors that Charles Leclerc will receive preferential treatment because to their strong relationship at Sauber.

Carlos Sainz, on the other hand, is not concerned and is assured in his position on the team. Regarding the scenario, the Spaniard told : “No [I’m not worried], because I don’t feel like I’m starting from zero. I’m sure I’ll get on well with him and he’ll be happy with me when he sees me working, with the team and my relationship with Charles. I think his well-established relationship with Leclerc will also be of great help to everyone in expediting the adaptation here.”

After a terrible 2022 season, the Prancing Horse has undergone a number of changes, including a rearrangement of the management staff, which makes their future even more precarious.

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Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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