First Formula 1 NFTs are created by Aston Martin F1 Team and Crypto.com. Fans have always collected memorabilia. In the United States, for example, baseball cards have been bought and traded for more than a century, with the rarest and most prized specimens trading hands for millions of dollars.
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There’s something about a collectable piece, its uniqueness, its rarity, its closeness to its original owner or creator, that makes it extra special.
In the digital space, it’s harder to create truly collectable memorabilia. That democratises the market, but it also offers the opportunity for creators to make new forms of unique digital content.
A unique or limited piece of digital content is called a non-fungible token (NFT), a unit of data stored on a blockchain, effectively a record of data. Purchasing an NFT enables you to own, display or resell that piece of digital content.
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Although NFTs are not new technology and have been around since 2015, they have recently emerged as an effective and powerful new medium for artists, celebrities, athletes and teams to connect with fans and collectors.
The Aston Martin Cognizant Formula One Team is the first Formula One organisation to enter into NFTs, working with our partner Crypto.com to create a series of limited, collectable assets commemorating Aston Martin’s return to Grand Prix racing after more than 60 years.
The series, proof-of-stake Formula 1 NFTs, which are more energy-efficient than traditional proof-of-work pieces, features dynamic video content of the reveal of the AMR21, Sebastian and Lance’s historic first runs in the new car, and a stunning slow-motion pit-stop feature.
As blockchain technology gathers pace, we’re working with Crypto.com to launch the series within their platform, and we’re also looking ahead to more releases in the future.
Jefferson Slack, Managing Director — Commercial & Marketing, Aston Martin Cognizant Formula One Team, said: “The collection of NFTs we’re making available capture the very first moments of our return to F1 after more than six decades.”