How F1 has become a battleground in a new digital space
The business world is alive to the appeal of cryptocurrencies and other blockchain-enabled assets – and F1 teams are taking advantage of the land grab. MARK GALLAGHER looks at why the cryptocurrency exchange providers are desperate for market share, and how F1 is cashing in
If 2022 did not already feel like a new era in F1, spare a thought for us sponsorship watchers. I’m talking about the tidal wave of blockchain, cryptocurrency and non-fungible token (NFT) deals that have been announced in recent months.
Blockchain, the underlying technology behind the rise of cryptocurrencies, takes a little explaining. So strap yourselves in. It’s a decentralised ledger – a collection of financial transactions – held across a peer-to-peer computer network. The key word here is ‘decentralised’ meaning that there is essentially no need for a central clearing authority, such as a bank. It also requires a cyber-secure currency to be created – hence the birth of cryptocurrencies.
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