Ferrari Signs Multi-Year Deal with NFT Firm Velas Network

Ferarri has become the latest mainstream company to partner with Velas Network, which is known for creating digital products and works in the blockchain and non-fungible token (NFT) sector.

Announced on Monday, Velas has become a multi-year sponsor of Scuderia Ferrari, the sports team of the Italian car manufacturer, and gained the title of a Premium Partner.

“We are pleased to start this collaboration with Velas Network AG, a company that makes innovation and performance the hallmark of technologically advanced products and services: these are all values that unite us and that led us to choose Velas as one of our Premium Partners,” said Mattia Binotto, General Manager and Team Principal at Scuderia Ferrari.

Brand Promotion

Under the agreement between the two, Velas will be the Title Sponsor of the Ferrari Esports Series and also the Esports team that will compete in the F1 Esports Series. Moreover, the NFT developer will create some exclusive digital content for the sports team fans.

The Co-Founder and CEO of Valas Network, Farhad Shagulyamov, said: “Having built a next-generation blockchain that puts the emphasis both on sustainability and performance, it was natural to partner with another icon of excellence, which is Ferrari. Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport.”

The latest Ferarri partnership came days after the racing team signed a major deal with the Spanish lender, Barco Santander.

Meanwhile, crypto and blockchain companies have continued to put their brands on sports teams. Exchanges like Crypto.com and FTX inked some of the major deals in the industry, spending hundreds of millions of dollars.