NASCAR introduces its own NFT marketplace, as well as thousands of complimentary commemorative NFTs.
Another business that has its sights set on a crypto-based future is the car industry. NASCAR is the newest example. NASCAR is one of the world’s premier car racing and operations enterprises. The company is well-known for its wide collection of collectibles, which NASCAR enthusiasts like.
However, NASCAR’s next move will be metaverse collectibles. Speedway Motorsports, the company that owns eight NASCAR racetracks, recently collaborated with GigLabs to launch a new NFT marketplace. RaceDayNFT.com is the first NFT marketplace focused exclusively on NASCAR. It begins at 1 p.m. ET on Monday, one week before the Cup Series playoff race at Bristol Motor Speedway.
Mike Burch, Speedway Motorsports’ chief strategy officer, commented on the new development. “Collecting has always been a significant part of NASCAR fandom, whether it’s diecast cars or folks who collect our event programs — all sorts of things,” he explained. “So [we were] thinking, ‘How can we apply that to our side of the planet, to our business?'” Burch describes future potential as “limitless” based on fan reaction. This may involve non-disclosure agreements with non-NASCAR entities such as the IndyCar Series or the NHRA.
When the new RaceDayNFT marketplace launches, it will offer 10,000 complimentary commemorative tickets NFTs for the following Bristol race. 500 of those will feature golden tickets at random. According to Burch, the NFTs include audio or sound effects. There are four races, which means there are four components to the digital collectibles, one of which is the commemorative ticket. Any event participant can scan a QR code, which expands the NFT possibilities.
Bitcoin and Automobiles
NASCAR has already seen cryptocurrency injections into the sport. Earlier this year, NASCAR racer Landon Cassill became the company’s first employee to be paid completely in cryptocurrency. The corporation introduced digital tickets and racing programs, to which fans responded positively.
Cassill himself touched on the industry’s impact of non-fungible tokens. “If NASCAR entities can create a process that is understandable, non-threatening, and makes sense, and gives those fans ownership over the things they care about — the drivers, the teams, and the tracks — I believe it will succeed, as long as it strengthens the community and empowers those race fans.”
Indeed, these NFTs play a significant role in re-connecting spectators with the race and drivers. The most sought-after NFTs in this series are two Winner’s Edition NFTs available as digital currencies. One is awarded to the race winner, and the other to the highest bidder.
“[The coin] has the track on one side and the winner and date on the other side. So the person who wins the auction will essentially have an NFT that they share with the winning driver.”
Douglas Dimola
BMW, another automobile industry behemoth, launched its own NFT series this summer. It focuses on the digital memorabilia of their cars’ iconic models. Now that NASCAR has its own marketplace and NFTs, the industry is continuing to embrace cryptocurrency.
Also Read: Brian Shroder Appoint As New President Of BInance.US
Wallets