Scuderia Ferrari, the racing division, has entered into a multi-year agreement with Velas Network AG, a Swiss technology company, to generate non-fungible tokens (NFTs) for its supporters. While other Formula 1 rivals have already taken early moves, this is the racing team's first involvement with the digital asset industry.

This racing division is Formula 1's most successful team. "The Prancing Horse," as it is known among its admirers, has won a record 16 Formula One constructors' championships and 15 driver's championships during its existence. Ferrari and the NFT-affiliated company will provide fans with the opportunity to purchase digital collectables from the next season in 2022. Farhad Shagulyamov – CEO and Co-Founder of Velas Network AG – stated his company has built a "next-generation blockchain that puts the emphasis both on sustainability and performance." The executive concluded that Partnering with Ferrari, an "icon of excellence," comes naturally.

McLaren Racing, Ferrari's bitter rival, has already announced the launch of its non-fungible tokens platform, through which fans and digital art collectors can purchase digital collectables built on the Tezoz blockchain. The company also gifted the first 5,000 fans who joined the campaign the first digital portion of the MCL35M race car.

F1 racing has already been involved with bitcoin by partnering with CryptoCom, a popular digital asset exchange. It is as well as the Official Cryptocurrency Sponsor and NFT Partner, in June of this year. As part of the agreement, the cryptocurrency platform's logo will be displayed at every race for the rest of the season