Animoca Brands Japan, in partnership with Honda, Gryfyn, and GET Protocol, has announced the release of limited edition NFTs at the FORMULA 1 Honda & Red Bull welcome event taking place in Japan this week.
As part of the initiative, Honda will be distributing ‘Honda KEY‘ NFTs to participants in a raffle for a chance to win tickets to the F1 Japanese Grand Prix 2023 in Tokyo. Fans who attend the live event will also receive a commemorative NFT airdropped to their ticket-holder accounts after the event. Furthermore, people who visit the Honda booth at the Suzuka Circuit can redeem Honda Key NFTs for special rewards.
The NFT launch is part of Animoca Brands‘ and Honda‘s long-term strategy to increase fan engagement at live motorsports events using Web3 technology. The welcome event sponsored by Honda and Red Bull will be take place tomorrow, September 20th, in Zepp Shinjuki, Tokyo.
With the move, Animoca Brands continues its mission to help Japanese IP and content owners like brands, publishers, sports teams, and gaming companies transition into Web3.
Gryfyn, a subsidiary of Animoca Brands and Web3 custodial wallet, will help facilitate the Honda Key NFTs. GET Protocol, an NFT ticketing company, will also be assisting event organizers in integrating NFT capabilities and developing sports collectibles.
In the past, GET Protocol collaborated with the Dutch Grand Prix to create digital collectibles linked to event tickets, and has worked with a myriad of artists, including Louis C.K., Gucci Mane, and Ne-Yo for NFT ticketing. In July, the company, which aims to transform the traditional ticketing industry, secured $4.5 million in a funding round.
As for Honda, this is not the carmakers first foray into Web3. In July of last year, Honda announced the ‘Hondaverse,‘ a virtual metaverse experience in the popular game Fortnite. Its first activation is called the ‘Honda Parkour World,‘ designed around the 2023 Honda HR-V.
Animoca Brands Continues to Make Moves in Web3
Animoca Brands is a Hong-Kong based game software and venture capital company that launched in 2014. In recent years, the company has pivoted to make Web3 its main focus, and despite the bear market, it continues to gain steam. In July 2022, the company was valued at $5.9 billion, and since then it only appears to be growing.
At Rarity Sniper, we’ve written several stories about Animoca Brands successfully raising funds for Web3 projects, forming new partnership, and launching Web3 activations with some of the top Web2 and Web3 companies in Asia and around the globe. Here are some of the headlines about Animoca Brands this year:
- September 2023. Animoca Brands Raises $20M for Mocaverse Project
- July 2023. Animoca Brands Invests $30M Into Crypto App ‘hi’
- July 2023. Animoca Brands Backs Weebox’s ‘San FranTokyo‘ Metaverse
- December 2022. Animoca Brands Announces $2B Metaverse Fund
- November 2022. Animoca Brands’ TinyTap Sells Out Publisher NFTs
- October 2022. Cool Cats Secures Gaming Partnership with Animoca Brands
Time will tell if fans at the 2023 F1 Japanese Grand Prix in Tokyo will embrace NFTs the way Animoca Brands, Honda, and their collaborators are hoping. But considering the reputation of the companies involved in the project, we think there’s a good chance it will be successful. At Rarity Sniper, we’ll be following up on any updates to the story.