F1 Team Scuderia Ferrari prematurely ends a multi-year deal with the Velas Network as FTX’s bankruptcy casts doubt on the future of crypto sponsorships.
Pasakojo šaltinis ScuderiaFans.com that Team Ferrari did not heed clauses related to Velas’ creation of nepakeičiamas tokens (NFTs), with Velas also reportedly in financial distress. Both companies are reportedly pursuing legal action to end the agreement.
Ferrari Takes $55 Million Hit From Early Contract Terminations
The F1 team pasirašė Velas as a premium partner in 2021 to help bring digital collectibles and unique experiences to fans. Velas’ logo appeared on the team’s F1-75 car and on the livery of its two drivers, Charles Leclerc and Carlos Sainz. The deal was reportedly worth about $30 million.
Ferrari has also reportedly dropped data analysis partner Snapdragon, cutting its revenue by another $25 million.
Source: https://beincrypto.com/sports-crypto-sponsorships-take-it-ferrari-drop-velas/