Ferrari lost $55M after terminating collaboration arrangements with Velas Blockchain.
The team was not in accordance with the provisions that allow Velas to produce NFT.
The Ferrari racing division, known as Scuderia Ferrari, has severed ties with its cryptocurrency sponsor, joining a growing number of Formula One racing teams doing so. Ferrari lost $55 million after terminating its multi-year collaboration arrangements with Velas Blockchain and chip manufacturing giant Snapdragon in preparation for the 2023 season.
Ferrari and Velas’ $30 million annual cooperation which started in 2021 focused on boosting fan interaction with the use of non-fungible tokens (NFTs) and other joint projects. However, RacingNews365 reports that the team was not in accordance with the provisions that allow Velas to produce NFT.
In November 2022, when the cryptocurrency exchange FTX filed for Chapter 11 bankruptcy, Mercedes also lost $15 million when it decided to halt its cooperation with the company. Te
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