Ferrari Is Launching Its Own Collection Of NFTs

Owning a Ferrari is a very expensive dream for most, but now with Ferrari’s new NFTs, that dream could be a lot closer for many racing fans.

NFTs, or non-fungible tokens, are a new type of digital asset that has been trending as big tech builds the Metaverse. Owning an NFT is like owning the real thing, only that the real thing is digital.

With prices ranging from $250K to up to $1.8 Million owning a brand new Ferrari is strictly for deep pockets. But now, to please its fan base, Ferrari will soon sell digital Ferrari NFTs.

They have signed a multi-year deal with Swiss technology firm Velas Network. During the course of this deal, the firm will create various digital content for fans of the brand. The announcement on Ferrari’s website noted that both companies will work together to issue “exclusive digital content” for cars of the automotive manufacturer.

Velas is a global player in the NFTs and blockchain sector. It owns the Velas NFT Marketplace where organizations, companies, and teams are able to develop NFTs for their user base. They are known internationally for their openness and leadership in blockchain, digital products, and services.

In 2022 when Formula 1 kicks off the iconic red Ferrari car will run with Velas name on it. Velas will also be the title sponsor for Ferrari’s Esports Series Team. The Esports series is a virtual championship where FIA Formula 1 World Championship teams compete digitally.

The partnership with Ferrari opens the blockchain firm to a whole new user base. Ferrari, which has made its mark as one of the leading luxury and sports car brands in the world, has a fanbase of millions. Its official Instagram account currently sits above 21 million followers, while its Twitter account has more than 3.3 million followers.

Velas says it makes sense for them to team up with Ferrari because they are the “fastest and most energy-efficient blockchains in the world” and Ferrari has the fastest cars.

Many have criticized blockchains running crypto trades and NFTs services due to massive energy use and the impact it has on the planet. But Ferrari chose Velas not only because of their speed. The company is a carbon-neutral operation. “They have revolutionized the world of blockchain by creating a pioneering, energy-efficient platform that operates at unparalleled speed,” Ferrari says.

It is still unclear what Ferrari digital products will Velas develop. The company could even go as far as creating its own crypto. It is only a matter of time until the natural evolution of the new digital economy becomes widely accepted by the automotive industry.

Tesla at some point accepted cryptocurrencies and will probably switch back to them. Velas hinted that they have a wide range of benefits and services for the Ferrari fan base. They added they will be “opening a new dimension for the sport and the brand.”

Following the announcement of the partnership, the Velas token, VLX, had seen a significant uptick in its price. Previously trending around $0.25, the digital asset has rallied to peak above $0.4.

Final Thoughts

Earlier this year, Lamborghini introduced its own NFT collection via Elysium Bridge in the form of an entire online museum. Ferrari and Lamborghini won't be the last to race into the NFT space, either. The intersection between crypto, blockchain, NFT technology, and the automotive industry is only just revving its engine. 

The future of NFTs within the automotive collector's market is very bright, there is a lot of potential here. The marketplace for memorabilia as well as the cars themselves is already huge, not just in North America, but globally."

While most may sigh in exhaustion at the thought of even more varied NFTs, it's true that the crypto-based art is only just unfolding and will continue to expand into many other areas over the next several years.