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Friday, December 2, 2022

Lamborghini-backed GT racing team to authenticate car parts using NFTs

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Vincenzo Sospiri Racing (VSR), a GT racing team backed by Lamborghini’s motorsport division, has introduced its partnership with nonfungible token (NFT) platform Go2NFT to launch a program that certifies racing car parts.

In an announcement despatched to Cointelegraph, former racing champion Vincenzo Sospiri from the VSR talked about that their team will construct NFT certification for his or her race automobiles with Go2NFT and blockchain platform Skey Network. This will permit them to monitor and make sure the high quality of the car parts. He defined that:

“This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”

Apart from the car parts, VSR can be wanting to increase the NFT certification program to official merchandise and its different merchandise as effectively. According to the team, this may give followers peace of thoughts when buying branded items.

Related: Animoca drives into crypto racing games with latest acquisition

Boris Ejsymont, an govt at Go2NFT, talked about that their team understands the challenges that manufacturers face when it comes to defending their mental property, and so they consider that NFTs can present an answer. Ejsymont mentioned that:

“We believe that NFT utility can help create more trust and transparency for brands and their fans. This project with VSR is just the start of many such co-operations for beloved brands across the globe.”

The world of racing and crypto has been colliding effectively in 2022. Back in February, Formula 1 racing team Red Bull Racing scored a $150 million partnership with the crypto trade platform Bybit. In a Cointelegraph interview, Bybit founder Ben Zhou mentioned that the partnership allowed its team to attain people who find themselves new to the crypto space.

In March, Crypto.com partnered with car manufacturer Aston Martin’s Formula 1 team. With the deal, the model’s F1 automobiles will showcase commercials of the trade. Jefferson Slack, an govt at Aston Martin, famous that the transfer permits the car producer to perceive the crypto area extra.