Kraken, a cryptocurrency exchange, has partnered with Formula One team Williams Racing to feature non-fungible tokens (NFTs) on six Formula 1 cars during the upcoming 2023 U.S. Grand Prix.
These NFTs will be sourced directly from artists worldwide who participate in the competition. A jury and the public will assess the NFTs based on their creativity and aesthetic qualities. Submissions will be accepted until August 18, with the announcement of the six winners among the 20 finalists on September 6.
The winners will have the honor of seeing their NFTs displayed on the rear wing of both Williams Racing cars throughout the Formula 1 Lenovo United States Grand Prix 2023 weekend in Austin, Texas, from October 20 to 22.
Kraken has been serving as the crypto and blockchain expertise provider for the Williams Formula One team since March of the current year, following a sponsorship agreement between the two companies.
In related developments in the Formula One space, in October 2022, Formula One filed eight trademark applications associated with NFTs, metaverse, and crypto. Moreover, in May 2023, Platinium Group, the primary ticket issuer for Formula 1 events, introduced NFTs for race tickets, starting with the prestigious Monaco Grand Prix.
As for Kraken’s NFT platform, it successfully concluded its beta testing phase in June and officially launched, integrating Polygon and providing a selection of over 250 NFT collections.
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