Cryptocurrencies and their link to the Formula 1 World Championship
Analyzing the price runs of the main cryptocurrencies by market capitalization, I came across information on another type of races but not on bullish or bearish price projection, but on international motor racing specifically the Formula 1 World Championship competitions.
Checking the whole scenario that is currently developing around the cryptocurrency market, I found information that reveals that despite the plummeting prices experienced by cryptocurrencies, the sponsorship of the companies that are part of the Formula 1 World Championship is still in force and even new sponsors continue to be added.
A super important fact is that out of the 10 teams participating in the world motorsport championship specifically in the high profile international series (Formula 1) 8 of those teams have a sponsor related to cryptocurrencies.
It is noteworthy that the sponsorship that Formula 1 teams give to cryptocurrencies has achieved a positive effect for these teams, as most have received a big boost in audience in recent years.
It is worth mentioning that one of the major exchange houses such as Crypto.com has a multi-year naming rights agreement for the Formula 1 race, while other teams are also making the leap to cryptocurrencies, this if we take into account that McLaren has a long-term agreement with OKX.
For Zak Brown top executive figure of McLaren Racing, cryptocurrencies are a massive industry, it is clear that it is here to stay and is a big part of the economic future, additionally he has said that cryptocurrency fans are smart, tech-focused consumers.
SOURCES CONSULTED
CNN Business Bitcoin is imploding. But you wouldn't know it from checking out Formula 1 races. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Moeara
Hello @lupafilotaxia, Formula 1 is a large-scale industry almost comparable to the football industry in Europe, it is not surprising that it has integrated the "cryptocurrency" factor into its financial axis and business model some time ago, considering that Formula 1 exists and it will exist by itself without the need for extra support beyond the sponsoring staff that we already know. Certainly the new Cryptocurrency-Formula 1-Blockchain formula will give the best results, it is my opinion
Hi @tocho2
Somehow the publicity we observe in formula 1 racing in favor of cryptocurrencies be of great impetus for other sports sectors to join the blockchain world.
Best regards, be well.
It is adorable that cryptocurrency is now making its way into the sport industry. This reminds me of how Binance was part of the sponsors of the last African Nations Cup. This is exactly what we need for the global adoption of cryptocurrency.
Excellent read buddy
Hi @samminator
That's right, this kind of advertising in motor racing are of great impetus for other sports sectors to join the blockchain world.
Best regards, be well.
It is so refreshing to see that blockchain and cryptocurrency are slowly beginning to gain widespread adoption in various industries such as sports and entertainment. The formula 1 does not need any introduction as it is one of the top names when it comes to the sports industry, and for cryptocurrency to be associated with as massive player in the sports industry like the formula 1, it is huge for the whole blockchain and cryptocurrency space in general.
Hi @chimzycash
I agree with you, it is very exciting to see this kind of advertising, let's hope that other sports sectors will join the blockchain world, indeed this will be a good option we have to go towards mass adoption.
Best regards, be well.
The sports industry has a huge fan base all over the world, and it is interesting to see crypto being adopted by sports giants like Formula 1.
I even heard that the Tron Foundation is trying to make partnerships with some soccer clubs during the upcoming World Cup, which makes them more optimistic about it.
Thanks for sharing :)
Hi @qsyal
It will be great to see in the soccer cup advertising about the cryptocurrency market, it will be something that will end up giving a good boost to cryptocurrencies.
Best regards, be well.
Hi @lupafilotaxia it is amazing to see how crypto is getting more and more mainstream.
how I wish the price took the increasing path yet I believe it is time to accumulate and reap the rewards over time
Hi @thetimetravelerz
As sponsorship develops our strategy should be to accumulate more and more, of course and execute trades to take profits in volatile phases experienced by the market.
Best regards, be well.
Hello dear friend, wow, how interesting, I find it very good, no doubt cryptocurrencies are reaching everywhere and this can give them another focus and can attract new investors. Greetings, excellent information.