Crypto.com plans release of Formula 1 Miami Grand Prix NFTs

Crypto.com, one of the largest cryptocurrency exchange platforms globally, has announced the launch of the first-ever non-fungible token (NFT) collection for Formula 1. This collection was produced in real-time, and it will offer access to speed, sound and data related to the Formula 1 Crypto.com Miami Grand Prix.

Crypto.com releases NFTs

Through this NFT collection, it will be possible for enthusiasts to have an opportunity to be part of the Formula 1 race. Fans will get a chance to be part of the “visual expressions capturing the kinetic energy released by each of the 57 race laps.”

This recent announcement comes shortly after Crypto.com was announced as the official title sponsor for the Formula 1 event in Miami. The event followed a nine-year-long partnership between Crypto.com and F1.

The NFTs will contain the real-time metrics within the race. Data will be collected using the sensors positioned within the track. The F1 race data will be used to create unique generative art that will offer a high level of rarity and value. The data will be minted into NFTs that will feature at the Kinetica: The Crypto.com NFT gallery within the Formula 1 Crypto.com Miami Grand Prix Race Day on May 8 this year.

Additionally, by creating an NFT account on the Crypto.Com platform and registering on the exchange for the Miami Grand Prix event, fans of F1 can win one of the 57 limited edition NFTs that are on the giveaway. Moreover, every successful submission will come with a commemorative NFT unique to the submissions made onsite and those made offsite.

The deadline for making the submissions has been set for May 8 2022. The commemorative and limited-edition NFTs to be minted during this race will be awarded within a week after the race is complete.

Crypto.com expresses enthusiasm over NFT drop

Crypto.com also went to Twitter to express the buzz of this NFT drop. The exchange released a 22-second video about this event, and so far, this video has garnered around 30,000 views.

The founder of Crypto.com, Kris Marszalek, also expressed his positive thoughts regarding this NFT drop. Marszalek said that offering unique and innovative ways of boosting engagement with Web3 technology was one of the core missions at Crypto.com.

“Our activation at the Formula 1 Crypto.com Miami Grand Prix is truly groundbreaking in bringing the technology, engineering, and experience of the race to life by creating unique NFTs from data and energy sources in real-time. We are so excited to give fans and NFT enthusiasts the opportunity to win a most unique piece of art, sport, and technology history,” Marszalek said.

The Grand Prix event has also invited the participation of eight local artists. Each of these artists was given a part of the track used to create the original piece. The pieces would then be showcased on Kinetica: The Crypto.com NFT Gallery. The display will be available from May 6 to May 8.