Ferrari NFTs: A new race just started

With every passing day, you hear of a new brand climbing onto the NFT bandwagon. To name a few; big names like Nike, Louis Vuitton, Visa & Lamborghini have ventured into the world of NFTs.

The Ferrari x Velas NFts

Recently, the Italian luxury sports cars manufacturer Ferrari has partnered with the Swiss technology firm Velas Network. In this partnership, Velas will be delivering exclusive digital content for Scuderia’s fans.

In a statement, Ferrari said “In addition, Velas will be Title Sponsor of the Ferrari Esports Series, the online mono-brand series of the Prancing Horse, and of the Esports team that will compete in the F1 Esports Series, the official digital championship competed in by all teams participating in the FIA Formula 1 World Championship”

In this premium partnership Ferrari has ensured its association is as exceptional as the brand itself. Velas employs a diverse team of engineers, cryptographers, researchers & mathematicians. Adding to that the technology company is led by results-driven business leaders. The General Manager for Scuderia Ferrari stated that “We are pleased to start this collaboration with Velas Network AG, a company that makes innovation and performance the hallmark of technologically advanced products and services: these are all values that unite us and that led us to choose Velas as one of our Premium Partner.” and this is enough to infer the company’s satisfaction with this collaboration.

Adding to that, the CEO of Velas has referred to Ferrari as an ‘Icon of Excellence”.

“Having built a next-generation blockchain that puts the emphasis both on sustainability and performance, it was natural to partner with another icon of excellence, which is Ferrari. Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport.” – Farhad Shagulyamov – CEO Velas

One criticism that most crypto-related operations encounter is the inquiry about energy efficiency or in some cases allegations about affecting the planet’s health by intensive energy use. While it’s true that some of the most popular blockchains are energy intensive, that can’t be generalised to every other blockchain.

Keeping the energy efficiency effect in mind, Ferrari chose to partner with someone that tackles the ‘extreme energy use’ problem. As a result, they partnered with Velas. While the speed that Velas offers is a sufficient USP, the fact that it has a carbon-neutral operation makes it a perfect choice for someone who wants both; an advanced and eco-friendly technology.

On the day of the public announcement, the VLX token was priced at $0.35 and rallied to a high of $0.55 within a week. This is just the start & considering the massive following of Ferrari on the internet – over 21 million on Instagram and 3 million on Twitter– the VLX network should be expecting some traffic. We’ve just started.

NFTs: Just the beginning

On the consumption front, we’re barely touching the upper bound of the early adopters of the relatively new idea that is NFTs. It’s still in its early days and has managed to pull such attention and money that some would call it insane.

In 2021 alone the total sales volume of NFTs was calculated to be 25 billion. NFTs ranging from a fraction of a dollar to multi-million dollars have found a home in collectors digital wallets. And believe me, when I tell you, there are NFTs that have sold for more than 50 million dollars.

In the last month of 2021, the popular sports brand Adidas made a debut in the NFT space. Their NFTs- Into the Metaverse, sold for $23.5 million. In the meantime, Nike has managed to fill seven trademark applications as it ties its laces to enter the metaverse.

Extending to the digital asset world, the automobile manufacturer will open itself up to a whole bunch of customers willing to own the brand, Ferrari.