Tuesday 16 August 2022
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Lamborghini-backed GT racing team to authenticate car parts using NFTs

Vincenzo Sospiri Racing (VSR), a GT racing team backed by Lamborghini's motorsport department, has announced its partnership with nonfungible token (NFT) platform Go2NFT to launch a program that certifies racing car parts.

In an announcement sent to Cointelegraph, former racing champion Vincenzo Sospiri from the VSR mentioned that their team will build NFT certification for their race cars with Go2NFT and blockchain platform Skey Network. This will allow them to monitor and ensure the quality of the car parts. He explained that:

“This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”

Apart from the car parts, VSR is also looking to expand the NFT certification program to official merchandise and its other products as well. According to the team, this will give fans peace of mind when purchasing branded goods.

Related: Animoca drives into crypto racing games with latest acquisition

Boris Ejsymont, an executive at Go2NFT, mentioned that their team understands the challenges that brands face when it comes to protecting their intellectual property, and they believe that NFTs can provide a solution. Ejsymont said that:

“We believe that NFT utility can help create more trust and transparency for brands and their fans. This project with VSR is just the start of many such co-operations for beloved brands across the globe.”

The world of racing and crypto has been colliding well in 2022. Back in February, Formula 1 racing team Red Bull Racing scored a $150 million partnership with the crypto exchange platform Bybit. In a Cointelegraph interview, Bybit founder Ben Zhou said that the partnership allowed its team to reach people who are new to the crypto space.

In March, Crypto.com partnered with car manufacturer Aston Martin's Formula 1 team. With the deal, the brand's F1 cars will showcase advertisements of the exchange. Jefferson Slack, an executive at Aston Martin, noted that the move allows the car manufacturer to understand the crypto space more.

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