GT racing team backed by Lamborghini to authenticate auto parts using NFT
Vincenzo Sospiri Racing (VSR), a GT racing team backed by Lamborghini’s motorsport department, has announced its partnership with non-fungible token (NFT) platform Go2NFT to launch a program that certifies car parts from race.
In an announcement sent to Cointelegraph, former racing champion Vincenzo Sospiri of VSR mentioned that their team will be building NFT certification for their racing cars with Go2NFT and the Skey Network blockchain platform. This will allow them to monitor and ensure the quality of auto parts. He explained that:
“It also comes with a great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”
In addition to auto parts, VSR is also looking to expand the NFT certification program to official merchandise as well as its other products. According to the team, this will give fans peace of mind when buying branded merchandise.
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Boris Ejsymont, executive at Go2NFT, mentioned that his team understands the challenges brands face when it comes to protecting their intellectual property, and they believe NFTs can provide a solution. Ejsymont said:
“We believe the 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 cooperations for beloved brands across the world.
The racing and crypto worlds collided well in 2022. In February, Formula 1 racing team Red Bull Racing entered into a $150 million partnership with crypto exchange Bybit. In an interview with Cointelegraph, Bybit founder Ben Zhou said the partnership has allowed his team to reach people new to the crypto space.
In March, Crypto.com partnered with automaker Aston Martin’s Formula 1 team. With the deal, the brand’s F1 cars will feature swap advertisements. Jefferson Slack, an executive at Aston Martin, noted that the move gives the automaker a better understanding of the crypto space.