Lamborghini-Backed GT Racing Team To Validate Car Parts Using NFTs

Vincenzo Sospiri Racing (VSR) is a team that is backed by the Lamborghini Motorsport department. The team has confirmed its partnership with the nonfungible token (NFT) platform Go2NFT to unleash a program that certifies racing car parts.

NFTs and cryptocurrencies are rapidly revolutionizing the whole world. The crypto space is popular for focusing on decentralization and globalization. In that essence, it is not a wonder that now several crypto firms are leading in sponsoring racing teams like Lamborghini amid the highly popular Formula 1 (F1) racing season, striving to increase audiences globally.

In an official announcement sent to reporters, former racing champion Vincenzo Sospiri from the VSR said that the move will enable them to monitor and guarantee the quality of their car parts. He also confirmed that their team will create an NFT certification for their race cars in partnership with Go2NFT and blockchain platform Skey Network. This will enable them to monitor and guarantee the quality of the car parts.

Sospiri added:

“This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”

Besides the car parts, VSR is also seeking to expand the NFT certification program to official merchandise and its other products available in the market too. Based on the team. It will give the fans peace of mind when buying branded goods.

One executive at Go2NFT, Boris Ejsymont, stated that their team understands the challenges that most brands face when it comes to protecting their intellectual property. The Lamborghini team believes that NFTs can offer a viable long-term solution. Ejsymont added:

“We believe that NFT utility can help create more trust and transparency for brands and their fans. This project with VSR is just the start of many such co-operations for beloved brands across the globe.”

Other F1 Teams Have Invested Before Lamborghini

The racing world and crypto have been colliding repeatedly in 2022. In February, Formula 1 racing team Red Bull Racing secured a $150 million partnership with Bybit crypto exchange. In a recent interview, the Bybit founder Ben Zhou stated that the partnership enabled its team to reach people who are new to the cryptocurrency industry.

In March 2022, Crypto.com announced that it had partnered with car manufacturer Aston Martin’s Formula 1 team. With that deal, the brand’s F1 cars will showcase clear advertisements for the exchange. One executive at Aston Martin, Jefferson Slack, noted that the latest move will enable Lamborghini to understand the crypto industry further.