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Ferrari removes crypto sponsor from partner list as NFTs in F1 continue to fall
Ferrari removes Velas from its partner list.
Scuderia Ferrari has removed Velas from its list of partners, spelling another negative development for cryptocurrency - which continues to lose its footing in F1.
The Italian squad announced their partnership with Velas at the end of 2021, at a time when F1 teams seemed enthusiastic about reaching agreements with crypto companies.
The landscape has changed significantly in the last twelve months, with cryptocurrency and blockchains losing their value at a substantial rate.
Mercedes' official crypto partner, FTX, filed for bankruptcy at the end of 2022 - serving as the most obvious example of the volatility and insecurity of cryptocurrency sponsors in Formula 1.
Even without a cutting-edge understanding of the crypto and NFT world, it seems fairly uncontroversial to say that things are looking bleak.
Last year, the majority of the F1 grid had some form of crypto agreement or sponsorship.
Although this is still the case, the trend seems to be moving quite unequivocally in one direction.