Ferrari enters the NFT space, joins Nike, Adidas, H&M in the NFT race

Ferrari has recently entered the non-fungible token (NFT) space. It's expected that more brands will follow suit after the New Year.

Ferrari and the Swiss Blockchain Startup Velas announce a joint venture to create an non-financial transfer protocol around sports memorabilia.

Last Monday, Ferrari announced it has signed a multi-year agreement which will result in the production of digital collectibles. This season, these tokens will be available to fans.

Velas will become the Title Sponsor of both the Ferrari Esports Series and the Formula 1 Esports Series Ferrari team. 

 The agreement also covers competitive events for a new online mono-brand series - "Prancing Horse" - led by Velas.

Ferrari has signed a deal with Swiss blockchain developers to issue digital collectibles and sponsor their Esports Team.

Ferrari is the latest luxury powerhouse to enter the Blockchain-enabled NFT space. The Maranello team signed a binding contract with blockchain developer Velas Network AG.

Nike also bought RTFKT a NFTs and Sneakers maker for Metaverse

Adidas sold $23 million in their first NFTs drop

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