Crypto.com, a new cryptocurrency exchange platform that is in development, has announced plans to produce an e-sports tournament using blockchain technology and digital tokens (NFTs) during the 2019 Formula 1 racing season. The company’s president recently told Forbes that their goal with this project is “to show how NFTs can be used for more than just trading.”
Crypto.com is a company that will be producing NFTs based on each lap of the Formula One race. These tokens can be used to purchase merchandise and other items from the website.
F1 has long prided itself on providing once-in-a-lifetime fan experiences via the sheer speed, noise, and excitement generated by its unrelenting races. However, having a bit of its core, like many other sensations, is simply too abstract to fathom. Fortunately, Crypto.com, the official title sponsor of the upcoming Miami Grand Prix, is on a mission to break down these barriers by creating a collection of NFTs that depict the sound, speed, and data of each of the race’s laps in a unique way.
Crypto.com will install sensors around the renowned circuit to capture the speed, sound, and data of each vehicle in real time, transforming the features of each lap (which are normally only conveyed via pundit commentary). Such information will be transmitted back to the company’s on-site NFT gallery, ‘Kinetica,’ which will combine it with an artistic algorithm to create one-of-a-kind, lap-specific NFT artworks.
Because the race has 57 laps, the offering will include 57 dynamically produced NFTs, each of which may be won by fans who establish a Crypto.com account and express their interest by 11:59 p.m. EST on May 8th (i.e. race day). A commemorative ‘Miami Race-Day’ NFT will be given to each successful submitter.
Eight local artists have each been allocated a portion of the circuit as inspiration for an unique piece of art to celebrate the inaugural and first of nine ‘Crypto.com Miami Grands Prix.’ Each artist will impose their creative skills onto their individual piece of track outline, with the eight portions subsequently assembled to form a varied and fluid collection of art works linked by the medium of a single race track.
All spectators visiting the Formula 1 Crypto.com Miami Grand Prix will be able to see the artwork on display at Kinetica during the race weekend (May 6-8).
NFTs are a new type of token that is based on the Ethereum blockchain. They are created by “Crypto.com” and they will be generated based on each lap of the F1 race. Reference: what are nft tokens.
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