In recent years, there has been an increasing presence of crypto companies in formula one. You might have already noticed that. I was surprised when one of my friends asked me; does every F1 team have a crypto sponsor today?
To be honest, i did not have a ready answer for this question.
However, I promised to research and provide him with an in depth analysis of the crypto situation in formula one.
Cryptocurrency is with us. It is part of the conversation today as the world adopts decentralized finance.
Today, crypto trading platforms are playing a role in F1. This is taking place through sponsorship to the sport.
I know you might be wondering; does every F1 team have a crypto sponsor today?
When it comes to formula one, sponsorship deals play a big role in increasing revenues. F1 teams also generate or make money through sponsorship.
The increasing presence of crypto trading firms in F1 is part of teams expanding their sources of income.
In this article, I will look into how cryptos and NFTs are supporting formula one racing.
You will also understand why F1 teams are seeking crypto trading platforms as sponsors.
In conclusion, securing a sponsorship deal is one of the ways formula one teams make money in the sport.
Actually, F1 also seeks partners and sponsors to increase overall revenues.
As you have seen, cyrptocurrency is gaining traction across the world of formula 1.
Teams have secured sponsorship deals from crypto trading firms. These are companies that have crypto trading platforms.
While over 8 F1 teams have crypto sponsors, there are two teams that are yet to secure a deal with a crypto or NFT provider.
The two F1 teams without crypto sponsors are Haas and Alfa
In an era of budget cost caps, sponsorship money from crypto firms is a welcome addition to an F1 team’s revenue base.
Over time, it is possible there will be an increase in crypto firms supporting formula 1 teams.