Ferrari Enters NFT’s, Signs Deals With Tech Firm Velas To Create Digital Products for Fans

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Since all big companies are chasing the digital era and their growing popularity, Ferrari is the latest to join the NFT craze and provide authentic Ferrari digital products for fans. NFT enables users to own rare digital artifacts through cryptocurrencies. The possibilities of buying and selling digital assets are endless in today’s e-market. The company has signed a multi-year accord with Velas Network- a Switzerland-based technology firm. 

Velas, a company that provides digital products and services will partner with Ferrari Formula racing 1 team from its next season. The multi-year agreement between Ferrari and Vela’s network provides for the creation of digital content for Scuderia fans. In a statement issued by Ferrari, they have said that Velas shall also be the title sponsor for the Ferrari Esports series, the online mono-brand series of the Prancing Horse. 

According to Google Trends, people are now more interested in searching for NFT’s and crypto which was one of most searches that have dropped significantly on the search engine. Today people are bidding thousands to own these collectibles and some are even selling for millions. As per a recent report by Cointelegraph, people have spent over 9 billion US dollars in NFT sales and the number of sales is expected to reach 17.7 billion dollars by end of 2021. Research states that NFT has seen a growth of 60- fold growth in three and a half years, which has grown from 41 million dollars in 2018 to 2.5 billion dollars in the first half of 2021.

Just a few weeks ago, Addidas earned 23.5 million dollars by selling ‘Into The Metaverse’ non-fungible tokens within a matter of hours of going into the sale. Rival Nike too has planned to enter metaverse and has reportedly filed seven trademark applications for the same to sell virtual branded sneakers and apparel. Whereas Vodafone sold the first-ever ‘Merry Christmas’ SMS for 121,000 dollars at an auction.