In the ever-evolving world of blockchain, another exciting partnership has just emerged on the fast track. The Formula 1 arena is once again buzzing with crypto energy as Web3 infrastructure firm Mysten Labs teams up with Oracle Red Bull Racing.
Founded by former Facebook professionals, Mysten Labs developed layer-1 platform, Sui, which launched its mainnet in early May 2023. Red Bull Racing, featuring star drivers Max Verstappen and Sergio Perez, has an exceptional track record with six victories in this year's six races.
Mysten Labs' co-founder and Chief Product Officer, Adeniyi Abiodun, shared his enthusiasm about this collaboration, stating that it would help introduce the potentials of Web3 technology to a brand-new audience.
The partnership aims to leverage the global fan base of Red Bull Racing, creating an optimal scenario for community engagement through Mysten Labs' decentralized technology. Fans will even have the opportunity to delegate staked tokens to support their favorite team via a Red Bull Racing-branded validator operating on the Sui network.
Exciting "immersive experiences" are expected to be announced in the near future. Red Bull Racing Team Chief Christian Horner expressed his anticipation, stating that the collaboration would allow for a deeper, more rewarding connection with the team's supporters.
This new alliance comes in the wake of other recent crypto and racing partnerships. Last weekend, an NFT ticketing system made its debut at the Monaco Formula One Grand Prix, another thrilling instance of the collision of crypto and racing worlds.
Crypto.com took the pole position as the first crypto sponsor of Formula 1 in 2021, with a hefty deal reportedly worth $100 million. They later became the title partner for Formula One’s Miami Grand Prix race in 2022. Following suit, crypto exchange OKX announced a multi-year partnership with McLaren Racing worth "hundreds of millions" in May 2022.
This continual intersection of crypto and racing suggests an exciting future where blockchain technology might become a standard part of the racing world's ecosystem.
