Formula 1 has seen growth in TV audiences and on digital platforms with the season of new formats, new venues and very positively. According to a 2021 report by F1, it was the fastest growing major sport league on the planet in terms of followers growth, “...total video views across all digital platforms were up +44% vs 2020 to 7.04 billion, unique users were up +63% to 113 million and page views were up +23% to 1.6 billion…”. Furthermore, the digital share of total minutes consumed is outperforming others in the digital arena, which has grown to 16%. So is there any growth potential for F1 when NFT is applied?

Souce: Internet

Major cryptocurrency exchanges are becoming associated with Formula 1. In June 2021, Formula 1 announced Crypto.com, the fastest-growing crypto platform with over 10 million users worldwide, as the inaugural global partner of the F1 Sprint series. BWT Alpine F1 Team and Binance also revealed a partnership to launch new fan token to explore new branding opportunities to create more purposeful and intuitive fan engagement experiences, both on the physical and digital race track. FTX has partnered with Mercedes F1 Petronas AMG in a quest to reach a new target audience after signing an additional partnership with MLB. In addition, Aston Martin has made Blockchain Algorithms their new sponsor, while McLaren has partnered with Tezos.

What is Formula X NFT?

Formula X is a collection of 8888 unique Formula 1 NFTs designed in 4K hosted on the Ethereum blockchain. Each NFT will be displaying harmonious PANTONE colors and unique traits. The collection features exquisite and realistic helmets each with 200 unique traits and utilities among which 20 legendaries stand out in terms of rarity and utility and value.

The first ever NFT was introduced a dynamic rarity scale with the main premise to increase the value of NFT holders by exposing it to the world. Formula X is helping large brands become part of Web 3 by partnering up in the Rarity Race. It is a completely new feature which redefines the rarity of NFTs and introduces the first ever dynamic rarity scale, not seen in the NFT space yet. The race will provide NFT owners an opportunity to increase the rarity and value of their NFTs and hereby compete against each other.

Just like in F1, real brands can sponsor and bring incredible utility to the holders that creates synergy and value for both parties. The company Formula X is following the growth that aims to bridge F1 fans closer to the front lines of the fast-growing sport through its NFT collection.

Source: formulaxnft.com

10 teams will be dividing the collection into teams of 888 NFTs competing against each other individually and as a team. Different teams will unlock different utilities and rarity increase will affect sales value and hereby return of investment for the owners. The dynamic rare scale to determine the valued tokens and teams will be introduced as the X Score through a number of criteria:

  • Holding: X Score will increase at increasing speed the more day you hold.
  • Stack: the more NFT you have in wallet the faster your X Score will increase.
  • Favorite: the more favorites on OpenSea the higher the X Score.

Source: formulaxnft.com

Upcoming NFT Collection

A genesis collection called Formula X: Sprint Race, which is set to validate the asset standards, safety, marketplace, etc. The Sprint Race collection has a total of 500 NFTs, no team race allocation. The genesis can be seen as a beta launch, created primarily to allow both founder and all early bird holders to check and validate features, but also an opportunity to find tweaks and improvements, to test all functionalities in advance.

As the winner of a Formula 1 Sprint Race, they gain extra points and a “head-start” into the race. Likewise, Genesis Formula X collection owners will also be rewarded with the motivation to push ahead and win the Sprint Race for an extra edge before the Rarity Race season starts.

Utility

The holders will become part of 10 different teams, sponsored by racing-related companies delivering utility and perks to the team, thereby providing a unique opportunity for real-life companies to tap into the digital world of NFT technologies with their business. If you are a Formula X helmet holder, you are a Formula X Champion. All champions will gain access to all kinds of benefits including from 10 Constructors Sponsors.

  • F1 race discounts.
  • Formula X merch.
  • Weekly giveaways of F1 tickets.
  • Exclusive invitation to global Formula X VIP events.
  • All inclusive Formula X travel experience.

The lucky 10 champions will start a journey only few can imagine and will become team principals of the 10 Sponsored Formula X teams. As a team principal, champions will receive compensation and perks such as first class plane tickets, Paddock pass, partying with celebrities, super cars, 5 star hotels and a lot more VIP experiences.

Roadmap

As can be seen from the roadmap, there is an interesting plan of NFT integration with the Metaverse by wearing the helmets and race for the sponsored Formula X team. All Formula X helmets will be compatible with Gran Turismo 7 and EA F1 2022.

Is Formula X NFT a good investment?

When investing in Formula X, you invest in much more than just an NFT. Owning a Formula X NFT grants you access to the most exclusive sports community with the highest utility ever seen in the NFT space, which can be preferred back to the “Utility” section.

Besides, when helmet integration with metaverse and games is completed, a whole new user base, who are fans of the racing game genre could create a surge in demand for unique and stylish helmets.