According to online news sources, the automobile giant, Ferrari, is reportedly partnering with Velas Network to launch its own non-fungible tokens (NFTs) for the fans of the Ferrari cars. Velas Network is a tech company based in Switzerland which essentially deals in providing digital services and products. The announcement regarding the NFTs was made on 27 December 2021. Through this move, Ferrari will be exploring the endless possibilities offered in the world of digital assets.
It has been found that Velas Network will be collaborating with the Formula 1 racing team of Ferrari from next year onwards. The agreement has reportedly been hashed for multiple years. Velas Network will be entrusted with the creation of a special kind of digital content for the fans of the Scuderia Ferrari team. Besides this, the Velas Network will also be sponsoring the Ferrari Esports Series. This series will feature Prancing Horse and Esports team, who will be competing in the official championship of F1 Esports Series.
Crypto assets and non-fungible tokens (NFTs) have gained widespread popularity in the recent years. According to some research, NFT is usually trending as the most popular search on the Google search engine. People have become quite enthusiastic about bidding on these digital collectibles. Many NFTs are also being sold for millions of dollars. A Cointelegraph report states that more than $9 billion have been spent on the sale of non-fungible tokens (NFTs) so far. In 2018, the sales amounted to around $2.5 billion. Thus, the present figures indicate the sale of NFT has seen 60-fold growth in the past few years.