Start your engines, ladies and gents, because non-fungible tokens are coming to the U.S. Grand Prix. The development comes courtesy of a partnership between cryptocurrency exchange Kraken and Formula 1’s Williams Racing, historically one of the best teams on the circuit. Starting on August 1st, holders of NFTs on Kraken’s marketplace will be able to submit the NFT of their choice for a month-long contest.
Want to see your favorite NFT at 200+ mph in front of millions of racing fans?
Enter NOW for a chance to feature your NFT on Alex Albon & Logan Sargeant’s race cars at the @F1 #USGP @WilliamsRacing #RearWingTakeover
👉 https://t.co/I3qROtt9SK pic.twitter.com/LL8yIJEo3P
— Kraken Exchange (@krakenfx) August 1, 2023
The four winners will see their NFTs plastered on the side of Williams Racing vehicles during the event, a win for both the NFT community and a way to capture the attention of a more mainstream audience. It works like this:
- Starting yesterday, users were able to submit the NFTs of their choosing to take part in the contest. The submission window will remain open until August 18th.
- After, Kraken will shortlist the top 20 NFTs, which the community will then vote on. The top four entries from that list of 20 will be featured on the Williams Racing vehicles.
- Finally, the Williams Racing drivers — Alex Albon and Logan Sargeant — will select an additional two NFTs to place on their cars, bringing the total of NFTs to be featured to six.
The move to democratize the selection process will likely draw more eyeballs to Kraken’s NFT marketplace, which launched this year. Currently, the marketplace is home to countless NFT collections, including top sets like Yuga Lab collections and Pudgy Penguins. Certainly, the chance for a holder to get their NFT featured on a race car is exciting and will generate some enthusiasm in the bear market.
Kraken and Williams Racing initially inked their partnership in March of this year. Williams Racing commercial director James Bower said at the time that the team was excited to get the partnership underway and offer its fans more crypto and Web3 experiences. Kraken, on the flip side, would gain exposure through the brand deal and access to Williams Racing’s network.
Kraken Builds During Bear Market
A cryptocurrency exchange that was founded in 2011, Kraken has seen many bear markets, including ones much deeper than this. So it may come as no surprise that it has responded in a way that OGs typically do: build. Here are three stories involving Kraken in the past seven months, from partnerships to its NFT platform.
First, two months ago, Kraken’s NFT marketplace graduated from beta mode. It offers many perks that separate it from competitors, including no-gas trading, the ability to pay in cash and cryptocurrency, and access to top-flight collections.
Next, four months ago, Kraken inked a deal with F1’s Williams Racing, one of the most successful teams in the history of the league. The multi-year deal is Kraken’s first major sponsorship within F1 and will see the exchange’s logo placed on the halo and rear wing of Williams Racing vehicles.
Lastly, seven months ago, Kraken launched its NFT platform in beta mode. It came with all the perks listed above, as well as rarity rankings, 24/7 customer support, and creator earnings, making it different from some of the NFT marketplaces that had already launched at the time.
As these stories show, Kraken continues to fulfill its mission and build in the bear market. This month’s contest is a unique opportunity for holders of NFTs to feature their assets on vehicles, creating exposure for them and the space at large. Rarity Sniper has reached out to Kraken about this initiative and will update this article when it responds.