According to reports, the Ferrari racing business has terminated multi-year partnership agreements with Qualcomm and the Velas Blockchain. Prior to the 2023 Formula One season, the Italian team is predicted to lose a total of $55 million as a result of the partnership’s demise.
Through NFTs and other joint projects, the Ferrari-Velas cooperation attempted to boost fan involvement. However, a source close to both sides claims that the Ferrari team disregarded the provisions allowing Velas to produce NFT photos.
Ferrari Cuts Ties with Crypto Sponsor Ahead Of 2023 Formula One Season