Red Bull Formula 1 team drops NFTs after dominant season

With two drivers atop the 2023 Formula 1 standings, Red Bull’s racing team is dropping a collection of digital collectibles to commemorate its dominant year.

Drivers Max Verstappen and Sergio Pérez ranked number one and two this year respectively, which also made Red Bull the clear leader among all other teams. The team is issuing NFTs to help fans remember the successful year.

“The launch follows the most successful year in history for Oracle Red Bull Racing who set records for most championship points in a single season,” Red Bull said in a statement. “The collectibles will feature unique art designed by Automobilist, an award-winning design studio with individuals passionate about creating designs and art around all things motorsport. The NFTs will be available via Bybit.com.”

Sports lovers have for several decades collected memorabilia and collectibles that they either treasure or perhaps later sell. In recent years, the push to bring the pastime into the digital age has attracted a lot of big name sports leagues and players within web3, including NBA Top Shot from Dapper Labs and Candy Digital’s Major League Baseball NFTs.

Seeing ‘real’ value

Red Bull’s NFTs are being minted on Sui, the blockchain developed by Mysten Labs. The Formula 1 racing team and Mysten Labs forged a partnership earlier this year.

“It is important that we continue to engage and connect with fans around the world in new and innovative ways,” Dan Mitchell, senior marketing manager at Oracle Red Bull Racing said in a statement. “We see real value in using Web3 technologies such as NFTs in the form of digital collectibles.”