F1 has used sports agency Creative Artists Agency to agree on an F1 cryptocurrency sponsorship that kicked in on July 17 2021, one day before the 2021 British Grand Prix. This year has seen some of the most significant crypto sponsorships so far. These include sponsorship of the TotalEnergies African Cup of Nations (AFCON 2021) tournament in January, the support of Argentina’s FA, and the collaboration with the Alpine F1 Team in creating a platform where fans can purchase Non-fungible Tokens (NFTs).
Mercedes, Red Bull, Aston Martin, Alpine, and Formula One itself have all been involved with crypto-exchanges, Alfa Romeo has an association with a scheme to create NFT tokens, AlphaTauri, McLaren, Alpine, and Ferrari are working with blockchain platforms, while Aston Martin and Alfa Romeo are working with a platform to trade fan-to-fan tokens. Teams receive a percentage fee for every token sold and a portion of trading fees generated by the purchase and sale of fan tokens either on major exchanges such as Binance or through a cryptocurrency platform called Chiliz. Fan tokens are cryptocurrencies tied to a specific team or league and are used for trading values related to a group, like purchasing tickets, voting on issues related to the club, offering discounts on merchandise, and fostering fan community engagement.
Os Tokens Fan Membership is a form of cryptocurrency that gives holders access to fan-related member benefits like voting on club decisions, rewards, merch designs, and unique experiences. Sports clubs, music fans can use fan tokens, and other organisations to democratise and organise affairs, build leadership within the clubs, and much more. In addition to fans being able to purchase and exchange (and earn from) fan tokens digitally in a conversation, it has opened up the doors to direct participation via token holders officially voting in certain club decisions.
More Fan Tokens Coming With New Deal Between Formula One Team, Alpine, Crypto Trading Giant Binance in the 2022 Season The Formula One Team, Alpine Crypto Trading Giant Binance is set to become a token fan partner of Formula One Team, Alpine, ahead of the 2022 Season. Red Bull has signed a multi-year deal with crypto trading exchange Bybit Crypto trading exchange Bybit in what Red Bulls Formula One says is the most significant yearly crypto agreement so far in the international sport.
Last year’s driver’s champion Red Bull, announced the $150 million sponsorship deal with Bybit In February 2022, making the exchange the largest crypto-sponsorship in sports history. The deal with Red Bull means that crypto exchange Bybit becomes the exclusive crypto trading partner for Red Bull. The two biggest teams this season in Formula One, Red Bull and Ferrari, announced new crypto sponsorship deals over the last couple of months.