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Mercedes F1 team to launch NFTs with FTX on May 6
The Mercedes AMG Petronas F1 team will launch a non-fungible token (NFT) collection with its cryptocurrency exchange partner FTX US beginning May 6.
Throughout the 2022 racing season, a series of artists will create race-inspired graphics.
The collection will be separated into two categories: free 'ticket stubs' collectibles for each race, and auctioned items. Most races will offer 2,500 free NFTs for ticket stubs, however, five events will only offer 1,000 digital assets.
Because the season has already begun, NFTs for previous races will be distributed at random on May 6.
In addition to ticket stubs, the project will oversee some NFT auctions in conjunction with tangible items. Mercedes drivers Lewis Hamilton and George Russell's car rear wing endplates will have the artwork of the series' first collaborating artist, Mad Dog, in the next Miami event. On the FTX US marketplace, the rear wings will be auctioned alongside the NFT artworks.
The collection's various levels of scarcity and accessibility will allow a larger spectrum of fans to participate in the project while also providing Mercedes with data on consumers' willingness to pay for digital assets. The auction NFTs will most certainly appeal to a wealthier clientele, which may or may not represent the majority of Mercedes F1 fans.
The majority of the NFTs will be on the Solana blockchain, but some – including the rear wing – will be on Ethereum.