Almost every F1 team had a crypto sponsor last year, but many of them are gone this year
1/ Notice anything different about this year's Mercedes F1 car? It doesn't have the FTX logo anymore.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
Almost every F1 team had a crypto sponsor last year, but many of them are gone this year.
Here's what happened to the crypto-F1 partnerships (plus, the new 2023 cars) ?️ pic.twitter.com/slFGUSaEkl
2/ In 2022, Mercedes-AMG PETRONAS F1 Team planned to launch a special series of NFTs together with the FTX to engage the fans.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
But soon after the FTX collapse, Mercedes suspended the partnership taking a $15M USD loss.
(Picture: 2022 Mercedes) pic.twitter.com/ViHfd34IyO
3/ Ferrari has ended its multi-year partnership with Velas Blockchain.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
The deal was worth $30M a year, aiming to increase fan engagement through NFTs.
Apparently, Velas failed to comply with clauses that allowed them to create NFT images. pic.twitter.com/uhLnhpQF0s
4/ The Tezos logo is gone from this year's Red Bull car.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
Tezos decided not to renew their partnership, saying it "was no longer in line with its current strategy."
I'd guess, RB sponsorship is costly.
Yet, Bybit's logo is still here – they've been partners since early 2022. pic.twitter.com/7BOKR7Yb8k
5/ Tezos is still sponsoring McLaren, though.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
In 2021, McLaren said they would build NFT platform on Tezos.
OKx is also sponsoring McLaren since last year to revolutionize the racing team’s digital collectible and metaverse strategy. pic.twitter.com/x3y5U9dvsA
6/ Binance is sponsoring the French Alpine F1 team as of early 2022.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
To connect fans with brands, Binance launched an Alpine F1 Fan Token (ALPINE).
It allows voting rights or special perks like meeting Alpine drivers in Brazil.$ALPINE trades at a $35M market cap ($125M FDV). pic.twitter.com/RxVBSKMTNU
7/ A meme coin, $FLOKI, sponsored the Alfa Romeo team in 2022.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
The goal was to "reach a Chinese audience where restrictions mean we can’t promote the project with traditional methods," thanks to the 1st Chinese F1 driver, G. Zhou.
The logo is gone this year (2023 car below). pic.twitter.com/oG5jmwUM2J
8/ Fantom sponsored Scuderia AlphaTauri in 2022.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
Pierre Gasly said, that "I was overjoyed by the success of my first NFT drop, which I did with Fantom last year and opened my eyes to a completely new way of fan engagement."
The logo is gone this year. pic.twitter.com/eDMhMBqbVj
9/ Crypto[.]com was a major sponsor for F1 and especially the Aston Martin team last year.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
However, due to budget cuts (and employee reductions), the company has had to downsize from many partnership deals.
The logo is still there on the 2023 Aston Martin. pic.twitter.com/2GiTiTUvxp
10/ Only Williams and Haas didn't have a crypto sponsor.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
This year, Haas has a new crypto sponsor – Opensea.
Their goal is to "help fans get closer to the team and bring exciting and differentiated collections to the NFT community." pic.twitter.com/NNRVf1I04b
11/ The new Williams F1 car.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
No crypto sponsor this year as well. pic.twitter.com/2qbhgrDKmE
12/ The major bankruptcies and crashes of 2022 have put a bad shadow on our industry.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
Singapore has even banned crypto ads altogether. pic.twitter.com/NPSyClMCOO
13/ The cost of sponsoring an F1 team varies greatly from $500k – $750K for smaller companies to millions for larger corporations.
— Ignas | DeFi Research (@DefiIgnas) February 28, 2023
With token prices down so much, it’s no wonder some crypto companies are backing down.
Visa won’t end crypto support
1/ This story is inaccurate as it pertains to Visa, here’s the reality ??https://t.co/oAEaj7MsX0
— Cuy Sheffield (@cuysheffield) February 28, 2023
2/ We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way.
— Cuy Sheffield (@cuysheffield) February 28, 2023
3/ Despite the challenges and uncertainty in the crypto ecosystem, our view has not changed that fiat backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem
— Cuy Sheffield (@cuysheffield) February 28, 2023
4/ This is the time to build! Anyone building at the intersection of crypto and payments please reach out. We’d love to work with you!
— Cuy Sheffield (@cuysheffield) February 28, 2023
Was January the start of the bull market?
January was massive for Bitcoin, not just because price went up a lot. I believe it was the start of the bull market for Bitcoin for these 9 reasons:
— Charles Edwards (@caprioleio) February 28, 2023
1. We exited a period of multi-month deep value as defined by many on-chain metrics, including trading at its electrical cost for 2mths ending. Historically this is the global price floor for Bitcoin and was the 2nd longest time spent at the electrical cost in Bitcoin’s history.
— Charles Edwards (@caprioleio) February 28, 2023
2. We eclipsed the price collapse of a top 3 fraud in human history in just 2 months. This proved there are very few marginal sellers left, and the level of deep value was too much to maintain prices that cheap for long, regardless of such negative news and financial damage.
— Charles Edwards (@caprioleio) February 28, 2023
3. We saw a major technical price confirmation at the most important price level on the Bitcoin chart.
— Charles Edwards (@caprioleio) February 28, 2023
The $20K breakout represents:
– The 2017 all-time high
– The FTX collapse price
– Critical order block level
– Round number support
– The price mining becomes unprofitable
4. We witnessed a 40% short squeeze with identical characteristics to the 2021 China mining ban Bitcoin price bottom.
— Charles Edwards (@caprioleio) February 28, 2023
5. We entered a new regime of upward momentum, confirmed by multiple long-term moving averages commonly referenced in traditional markets crossing bullishly. Take your pick, almost all daily averages are curving up now.
— Charles Edwards (@caprioleio) February 28, 2023
6. We are at optimal halving cycle timing where Bitcoin typically bottoms (Q4 2022 and Q1 2023). Like clockwork, Bitcoin has bottomed in the window 12-18months prior to every halving in the past.
— Charles Edwards (@caprioleio) February 28, 2023
7. The Bitcoin cycle drawdown hit typical 80% levels in late 2022. These level of discounts don't come often and represent a significant period of economic pain and washout in the industry.
— Charles Edwards (@caprioleio) February 28, 2023
8. At the end of 2022, sentiment was at its worst, and market hedging at its highest on record. As I tweeted in December, most major metrics for sentiment across crypto and equities were showing their worst, or 2nd worst, readings in history.
— Charles Edwards (@caprioleio) February 28, 2023
9. We are approaching a macroeconomic regime change. 2023 will likely see a Fed rate pause and change of policy. Rates have trended down every time inflation has dropped as fast as it is today in the last half century.
— Charles Edwards (@caprioleio) February 28, 2023
