Ferrari Abandons Crypto Sponsorships After F1 NFTs Drop.

Ferrari in Formula 1 has ended its brief involvement in the cryptocurrency market after spending all of 2022 sponsored by one brand.

Ferrari is another Formula 1 automaker that has not renewed a contract with cryptocurrency companies in recent months.

After terminating its contract with Vela blockchain Ferrari exits the cryptocurrency market after sponsorship

Below the tokens, blockchain candles can still be seen stamped on the releases, apparently indicating a healthy assignment between the parties.

As of the end of 2021, Ferrari has announced a deal with Candles (VLX), Ethereum’s rival cryptocurrency.

According to Decal Spotters profile, which tracks sponsorship moves between brands, Velas Blockchain and mobile processor brand Snapdragon were already removed from the list of sponsors on Ferrari’s official website.

Ferrari announced a long-term partnership with Velas at the end of 2021 and a strategic partnership with Snapdragon in early 2022.

Scuderia Ferrari has not officially confirmed the end of the contract, nor has Velas Blockchain, which still claims to be the automaker’s sponsor in its description.

Vela’s price drops

On January 5, 2022, when VLX achieved its peak, each coin was worth $0.56.

It is worth remembering that fearing the cryptocurrency market, some Formula 1 company recorded problems with sponsorships.

It is unclear whether Ferrari pulled out of the market due to concerns or precautionary measures, but given the instability of cryptocurrencies, the main brand will not be sponsored by cryptocurrency companies in the 2023 season.