Ferrari cuts ties with crypto sponsor ahead of 2023 Formula One season
Feb 16
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The Ferrari-Velas partnership from 2021 — set at $30 million a year — was aimed at increasing fan engagement through nonfungible tokens (NFTs) and other shared initiatives.
Ferrari exited its multi-year partnership deals with Velas Blockchain and chip manufacturing giant Snapdragon, resulting in a cumulative $55 million loss for the Italian team ahead of the 2023 season 💰
📌 In November, Mercedes, too, bore a loss of $15 million after suspending its partnership with FTX.
📌 Red Bull Racing’s partnership with th Tezos Foundation suffered a similar fate as the blockchain platform decided not to renew its agreement.
Amid a bear market, Web3 projects have taken up the lead to strengthen engagement between fans and sports leagues.
