The inaugural Miami Formula 1 Grand Prix is taking place this coming weekend , and given Miami’s growing status as a crypto city, it’s no wonder the organizers have decided to release the NFT. In this case, the upcoming NFT launch will not be entirely digital, as some of the tokens will come with parts from a real Formula 1 car.
Major cryptocurrency exchange FTX and Formula 1 team Mercedes-AMG Petronas will take part in this initiative. As part of the collaboration, they will release a range of collectible digital items for both the Miami Grand Prix and other races through the end of the 2022 season. Despite the fact that the collaboration was announced back in September last year, the launch of the collection is scheduled only for the upcoming racing season.
Read More: Minecraft Developers Shared A Plan For Interacting With NFT
This season, the exchange will release 1,000 free limited NFTs, which are digital ticket stubs for the Miami Grand Prix and other races, each minted on Solana and issued on the FTX NFT marketplace.
Selected other races this season will offer up to 2,500 free collectible NFT ticket stubs. Each free NFT will have a unique design, and FTX is currently exploring ways to add the potential utility of NFTs to owners.
For the Miami race, the F1 team and the FTX exchange have also teamed up with renowned artist Mad Dog Jones to release 10 limited-edition NFT artworks that will be up for auction. Two of these one-of-a- kind NFTs will come complete with physical rear fenders taken from Mercedes cars driven by Lewis Hamilton and George Russell, respectively. Moreover, these details will be painted by artist Mad Dog Jones.
“We really wanted to do it in Miami and combine art, culture and Formula 1,” said a spokesman for the FTX exchange.
All proceeds will go to the Ignite charity , which the Mercedes-AMG Petronas team co-founded with the Mission44 Hamilton Foundation to promote diversity in motorsport.
Trading will open on May 6 and close on May 13. On the day of the races, the exchange will also open a real gallery with tokens so that visitors can see the works of art in person – perhaps after they streak past on the track.
“We liked this eye-catching element of partnership, as well as the fact that Mercedes is going to be daring with us,” concluded the representative of the exchange.
