Cryptocurrency exchange Kraken, a cryptocurrency exchange, has announced that it is partnering with Formula One team Williams Racing to advertise NFTs on six Formula 1 cars in the 2023 U.S. Grand Prix. The cryptocurrency trading platform tweeted about the contest in anticipation of the race. During the US Grand Prix, scheduled for October 22nd, the British F1 racing team will sport six NFTs voted by the public. The race car decals will be crowdsourced by the exchange, with users submitting their NFTs and voting on their favourites.
Starting on August 1st, Kraken will accept entries for a fan-voted contest from NFT holders whose assets are listed on the Kraken NFT marketplace. By August 18, Williams and Kraken will have chosen the top 20 submissions. The Kraken community will then have the opportunity to choose the final six NFTs that will be featured on Williams Racing Team’s Formula One vehicles from August 28 through 31.
Kraken has been working with the Williams Formula One team as its crypto and blockchain expertise provider since March of this year when the two companies struck a sponsorship deal. The collaboration between Kraken and Williams mirrors the partnership between Formula One champions Red Bull and Bybit exchange, signaling crypto’s steadfastness in sponsoring elite sports post-FTX collapse. In February, the Red Bull racing team established a partnership with the cryptocurrency exchange Bybit, signing a $150 million partnership agreement.
Kraken is hoping that its marketing will help it increase its user base in the United States and build on its recent success. The company reported last month that its U.S. trade volumes had increased by more than 100% over the previous 18-month period. With the crypto market running into regulatory headwinds in the US in recent weeks, such a high stakes advertisement is a strong statement of intent from the company.
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