Ferrari terminates its sponsorship with Velas for NFT production ahead of the start of the 2023 Formula One season.

Scuderia Ferrari, the racing team owned by luxury car maker Ferrari, has ended its sponsorship with Velas Blockchain and Snapdragon chipmaker, leaving the Italian team with a cumulative loss of $55 million ahead of the 2023 season.

cooperation between Ferrari-Velas Occurs from 2021, set at $ 30 million per year. It aims to increase fan engagement through NFT tokens and other shared initiatives. However, the team has not met the requirements that allow Velas to create the NFT image. according to informationof RacingNews365

In November 2022, Mercedes also suffered a $15 million loss after suspending its partnership with FTX as the exchange filed for Chapter 11 bankruptcy.

Red Bull Racing’s partnership with the Tezos Foundation suffered the same fate. Because blockchain companies have reportedlydecide toNot renewing the deal citing a mismatch in strategy.

Toto Wolff, Team Principal and CEO of the Mercedes-AMG Petronas F1 Team, warned that other teams could face similar situations.

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