THELOGICALINDIAN - n-a
Crypto and cars accept had a continued relationship. “When Lambo?” is a catechism that speculators again ask in Telegram groups; a tokenized amusing media belvedere has adjourned and produced a blur on Lamborghini; and Volkswagen (which now owns the sports car manufacturer) has formed a affiliation with IOTA, application its abstracts administration technology in an free cartage program.
Perhaps surprisingly, we haven’t yet apparent a Formula One car with a cryptocurrency logo emblazoned on the rear addition – but the action of amalgam these two fast-moving worlds has begun.
Last month, the Williams F1 Team formed a affiliation with the British-based blockchain company, Omnitude, to analyze whether their technology could action a aggressive advantage.
Later this month, a crypto car rally is accepted to booty abode in Lithuania, which will accompany abstracts from the worlds of crypto and motorsport calm beneath one roof.
And accustomed the able demographic synergy amid fast cars and agenda asset investing, cryptocurrency Formula One cars may not be far away.
Why Would Crypto Sponsor Formula One?
Formula One is a cher affair. Major teams like Ferrari, McLaren and Red Bull anniversary absorb about $320m every year to compete. Although winners accept banknote prizes, teams await on deals with big firms to pay for people, equipment, and biking costs on a approved basis.
Sponsorship deals are in no agency belted to Formula One, however, as the bulk of advocacy deals in added sports has declined, the bulk spent on Formula 1 has increased by a billion dollars in the aftermost six years: why?
Companies sponsor F1 in allotment to access the public’s acquaintance and sponsors accept their brands on their team’s cars and uniforms, as able-bodied as featured on the chase tracks. However, one of the capital appeals is additionally to accumulation their articles and accessories for the race.
This is acutely advantageous for the auto and oil industries, which anon accord to the achievement of the car itself. However, over the accomplished decade, F1 teams accept amorphous to attending appear technology for means to defended advantages over their competitors.
During races, computers accomplish abrupt and absolute abstracts assay on the car’s performance, with the abstracts beatific wirelessly from the clue to the computer. The faster this action happens, the faster a aggregation can appraise their car’s achievement and advance new approach for the driver.
In adjustment to advice teams win this advantage, BT has sponsored the Williams F1 Team, while AT&T has sponsored Red Bull Racing. They use their networks to alteration the racetrack data, and Williams has estimated that BT’s ascribe has baldheaded tenths of abnormal off their racetrack time: a acute advantage in a action area bordering time differences absolutely do count.
Cryptocurrency Formula One: A bout fabricated in heaven?
Formula One advocacy would be a advertise for cryptocurrency. Like AT&T and BT demonstrating the acceleration of their networks, crypto companies would be afforded the befalling to authenticate the allowances of their technology both to the teams themselves and the added audience.
Crypto offers bright opportunities for F1 teams. IOTA’s Tangle could able-bodied acquisition a bright use-case in managing and processing the abstracts calm from the chase track. As the action is an all-embracing event, with 21 countries hosting a Grand Prix this year, teams could use VeChain to adviser and analysis on the accessories – like the car – actuality beatific in transit.
And as for crypto… admitting the protestations of those who chase it closely, it still exists in a bubble. The baddest few who accept the technology generally accept a adamantine time in communicating its abeyant to the alfresco world.
A cryptocurrency Formula One advocacy accord could abode this. This advertisement has already accent the accent that branding can comedy for crypto companies in aggravating to coin an character and a loyal abject of followers. Considering that F1 is watched by over a billion bodies every year, advocacy would accord abounding of these companies acute all-embracing exposure.
Sponsorship isn’t bargain of course: but some crypto companies accept affluence of disposable cash. Those that captivated acknowledged ICOs or that accept the abetment of above corporations, such as Ripple, could see Formula One captivation as an befalling to aggrandize the brand.
Although on the rise, cryptocurrency acquaintance amid the accepted citizenry is still low. With its address and following, Formula One affords crypto the befalling to drive into the limelight.
A able advocacy accord could be a above accelerator for a crypto brand… what are the allowance of seeing it during the abutting F1 season?
Images courtesy Adam Grist and the blockchain business aggregation at Searched.io
Disclaimer: The columnist is not invested in any cryptocurrency or badge mentioned in this article, but holds investments in added agenda assets.
