Long before racing NFTs were conceived the industry for motor sports or motorsports collectibles had been going strong for many decades. It includes clothing, replica cars, trading cards, video, car brand memorabilia, and even the tobacco industry got in on the act with some heavy sponsorship until more recently they have been banned from advertising in most motor racing events. The biggest player in the industry is F1 (Formula One) which began in 1947 in the United Kingdom, but the Grand Prix is now a worldwide phenomenon with all of the top luxury car brands involved. It is a multi-million-dollar industry with revenue coming from sponsorship, investments, tickets and merchandise sales, advertising, and broadcast media. So, merchandise has always been part of the mix but now there is a new way to digitize merchandise and branding to benefit from the increasingly digital world we live in. Of course, Formula One is not the only motorsports event that can get in on the racing NFTs action. There is also other big rands like Le Mans, Nascar, Indianapolis 500, Daytona 500, Dakar Rally, Monte Carlo Rally, and motorbike events like Isle of Man TT, to name just a few. So, there is a huge worldwide following for motorsport, so it makes perfect sense to go digital with the collectibles with racing NFTs.
When did racing go digital?
Launching in 2021 Formular one has its own game on the Ethereum blockchain. Red Bull Racing and Aston Martin also entered the fray in 2021. McLaren is working with the Tezos blockchain to allow fans to assemble a digital MCL35M car with each part represented by an NFT. So, racing NFTs are now becoming an integral part of the racing scene. Nascar has also partnered with GigLabs to allow fans to buy, sell and trade Nascar-themed racing NFTs on the RaceDayNFT.com platform. These are just some of the teams that are getting into racing NFTs.
Fantasy Motorsport
Another way that racing NFT's can be used is the first fantasy motorsport league was launched by AnteFame and first announced in 2021, the first races will begin in early 2022. Players can compete in F1, F2, F3, F4, and Karting races with prices up to £1 million per season. Winners also have the opportunity to drive a real Formula One, F2, and F3 car. The races are broadcast live on Podium eSports Twitch Channel.
Why is the racing NFTS a better way to collect?
With the world becoming increasingly digital, and the enormous popularity of online virtual events it only makes sense to make the merchandising digital as well. This was driven home even more during 2020 and 2021 with the COVD-19 crisis putting a dampener on in-person live racing meetings. And although live events are back now it has helped to increase the interest in virtual events and merchandising. Of course, motorsport racing NFTs are not the only sport to embrace NFTs as a new way to engage with fans and generate revenue. They have now been widely adopted by Football, Soccer, Hockey, Golf, and many other sports. So, racing NFTs are here to stay and there is an increasingly wide range of choices for collectors, players, and investors alike.
Best motorsport and racing NFTs and platforms?
The choice is increasing all of the time, but it is still very early days with many brands yet to launch, this is a selection of some of the early adopters of racing NFTs and platforms you can trade racing NFTs right now.
OpenSea
- This is a general NFT trading platform with a wide range of assets, but you will find motorsport and racing NFTs traded here also.
Singularifty
- Specializing in sporting and racing NFTs this platform allows you to buy and sell NFTs on the Ethereum blockchain along with a range of other crypto services.
Sweet
- Includes collectibles from McLaren Red Bull Racing and other racing NFTs.
Red Bull
- Red bull Digital collectables website
Nascar
- This is for speedway fans with a selection of racing NFTs and collectibles.
Antefame
- Fantasy motors sport and racing NFT collectibles.
How City
- Motorbike racing NFT game in the Metaverse. Buy tickets, motorbikes, accessories, and characters to play in the game.
DeLorean
- Buy DMC DeLorean NFTs and memorabilia.
Monster Racing League
- A fun NFT racing game that lets you buy trucks, and monsters and even breed them to inherit visual and performance traits from parents to improve your gameplay. Choose from Mountain, sky fire, and river tribes.
How does the buying process work?
Each platform is different, and each will depend on what blockchain it is on. As with all NFT investments you will first need to buy the underlying token, in most cases, this will be Eth for the Ethereum blockchain but not in all cases. If you are going to buy high-value NFTs you may need to consider using an OTC trading desk like the one provided by NextHash. This will mean that you get a fixed price for all the tokens you buy and the simplicity of having a professional trading desk deal with your order. For smaller orders, you may want to use Nextinter exchange to convert your fiat currency to crypto before you start trading.
Join the racing revolution, join Singularifty
NextHash provides a range of crypto trading and investment services. Our NFT trading platform Singularity is one of the early adopters of the racing NFTs and collectibles marketplace. We offer low transaction fees and a suite of other services that complement each other. With Nextinter exchange and our OTC trading desk for high-value high volume cryptocurrency orders. Speak to NextHash today and open an account to get started trading racing NFTs and collectibles. Join the revolution by being an early adopter of racing NFTs and collectibles as the market for them explodes in 2022.