Ferrari Cuts Ties with Crypto Sponsor Ahead Of 2023 Formula One Season

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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.

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Ferrari Cuts Ties with Crypto Sponsor Ahead Of 2023 Formula One Season

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