The Vincenzo Sospiri GT team, backed by Lamborghini, has announced that it will use NFTs to certify and authenticate factory car parts. The switch to NFTs is part of a larger pilot program run by Go2NFT, an NFT-generator platform.
NFTs to be used by Lamborghini-backed GT team
According to a statement issued by the Lamborghini Squadra Corse GT racing team on Tuesday, Vincenzo Sospiri Racing, the team will use non-fungible tokens (NFTs) to certify and authenticate factory car parts. The move is part of a pilot program by Go2NFT, a company that specializes in creating NFTs for businesses and corporations.
Former racing champion Vincenzo Sospiri stated that the team would develop NFT certifications for their race cars in collaboration with Go2NFT and the blockchain platform Skey Network, allowing them to monitor and ensure the quality of car parts. He went on to say: This also entails a significant amount of responsibility to ensure that we can securely authenticate and audit every component of our racing fleet in order to monitor performance and ensure provenance.
Program Might Expand To Other Products
According to the company, the rollout could be expanded to authenticate other merchandise and official products. The company also announced in March that it had received a $5 million investment from blockchain ecosystem Skey Network. Boris Ejsymont, Go2NFT’s Chief Business Officer, stated, We understand that provenance, accountability, and quality control are key challenges for superbrands looking to protect their IP, and we believe that NFT utility can help brands and their fans create more trust and transparency. This collaboration with VSR is just the beginning of many such collaborations for well-known brands around the world.
Racing And Cryptocurrency
During the current year, the worlds of racing and cryptocurrency have become increasingly intertwined. Red Bull Racing announced a $150 million partnership with cryptocurrency exchange ByBit in February. Ben Zhou, the founder of ByBit, stated in an interview that the partnership enabled the exchange to reach a market audience that was relatively new to the crypto space.
Just a month after Red Bull’s announcement, Aston Martin’s Formula One team announced a partnership with Crypto.com. During races, Aston Martin’s F1 cars displayed advertisements for the Crypto.com exchange. This and other collaborations between car manufacturers and cryptocurrency exchanges have helped companies like Aston Martin better understand the crypto space.
Lamborghini debuted its first NFT collection in January, following a collaboration with Swiss artist Fabian Oefner. One of the most well-known Lamborghini-related NFT collections is that of the artist Shl0ms, who protested the crypto space’s get-rich-quick culture. Porsche, a German sports car manufacturer, has also entered the NFT space, offering customers a one-of-a-kind opportunity to purchase an exclusive design sketch as an NFT.
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