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Sport sponsorships are being disrupted by NFT-funded racing

Laura-Marie Geissler’s future as a GT driver will be based on a decentralized sponsorship model designed to level the playing field for motorsport talent.

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Laura-Marie Geissler, a German GT driver, teamed up with Amsterdam Berlin, a creative firm, and Unblocked, a nonfungible token (NFT) business, to form the first NFT-funded motorsport team. The LMG racing team has decided to fund Geissler’s race season entirely through NFT sales, rather than relying on external sponsors. Whether she raises enough money to race in the future season is entirely up to her followers.

Geissler and her collaborators first launched their campaign to in-person visitors of the Porsche Unseen installation space during the first weekend of South by Southwest, or SXSW, in Austin, Texas. LMG’s inaugural NFT collection is expected to launch in a week. Cointelegraph spoke with Geissler about her motivations for participating in this experiment and the risks she is taking by risking her career.

Laura-Marie Geissler. Source: Amsterdam Berlin.

Traditionally, practically all drivers in motorsports rely on outside firms to sponsor their races, and success is determined by performance and effective marketing. Her performance, according to Geissler, was not her key selling point.

“It’s difficult for women to ask for money because it turns into a transactional relationship. It was challenging for me to strike a balance and persuade others to admire me because of how I drive, rather than just because I’m a woman or because I have a specific appearance.”

Moritz Grub, the founder and creative director of Amsterdam Berlin, stated that motorsports is a very male-dominated and “macho” industry, with part of the reason being that the majority of sponsors are male. “Perhaps if more female-led businesses and companies funded racing, we’d see more female fans and watchers,” he speculated.

“It’s an interesting technology that isn’t being used well at the moment,” Grub remarked when asked why they chose NFTs as a possible solution. He views the NFT-based crowdfunding model to be an alternative to “having to behave the way my sponsors want me to behave so that my sponsorship contract gets renewed every year,” believing that most NFT PFP-based initiatives are “schemes.”

Geissler and Amsterdam Berlin teamed with Los Angeles-based NFT firm Unblocked, also known as The Non Fungible Token Company, to construct the NFT collection on the Flow network. A 1:1 360° render of the LMG GT No.1 race car, which was auctioned on OpenSea, is included in the collection. The winner’s name will be engraved on the automobile, as well as a physically signed Arai GP-6 helmet.

The LMG GT No.1 design, which is reminiscent of a Porsche “Pink Pig” model, features the “X” marks used by plastic surgeons during procedures, according to the manufacturer. It’s designed to represent the physical strains placed on female racers and to fight for gender equality in the racing scene.

LMG GT No. 1 top shot. Source: Amsterdam Berlin.

A set of 1,001 digital helmets and 100 digital race suits are also available for fixed rates on the Unblocked exchange, with varied varieties and rarities. For their money, NFT collectors will get meet-and-greets, signed goods, and unique content.

Porsche will equip her with a car, but the German automaker will not be involved in the initiative, according to Geissler. The proceeds of the sale will go entirely to the LMG racing team’s needs, with compensation waived by both Amsterdam Berlin and Unblocked. While the target for the 2022 season is to raise at least 150,000 euros, Geissler “hopes for the best.”

ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

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Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

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ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

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Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

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ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

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In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

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