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Lamborghini-Backed Vincenzo Sospiri Racing To Use NFTs For Authenticating Car Parts

Lamborghini-Backed Vincenzo Sospiri Racing To Use NFTs For Authenticating Car Parts

A Lamborghini-backed GT team, the Vincenzo Sospiri GT team, has announced that it would be using NFTs to certify and authenticate factory car parts. The move to use NFTs is part of a larger pilot scheme by Go2NFT, an NFT-generator platform. 

Lamborghini-Backed GT Team To Use NFTs 

The Lamborghini Squadra Corse GT racing team, Vincenzo Sospiri Racing, has announced that it will be using non-fungible tokens (NFTs) to certify and authenticate factory car parts, according to a statement by the team on Tuesday. The move comes as part of a pilot scheme by Go2NFT that specializes in creating NFTs for businesses and corporations. 

Former racing champion Vincenzo Sospiri stated that the team would create NFT certifications for their race cars in partnership with Go2NFT, and the blockchain platform Skey Network, enabling them to monitor and ensure quality when it comes to car parts. He further explained, 

“This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”

Program Could Extend To Other Products 

The company added in a statement that the rollout could also be extended to authenticate other merchandise and official products. Back in March, the company had also announced that it had received a $5 million investment from blockchain ecosystem Skey Network. Chief Business Officer for Go2NFT, Boris Ejsymont, stated, 

“We know that provenance, accountability, and quality control are key challenges for superbrands wanting to protect their IP, and we believe that NFT utility can help create more trust and transparency for brands and their fans. This project with VSR is just the start of many such co-operations for beloved brands across the globe.” 

Racing And Crypto 

The world of racing and the crypto space have become quite entwined during the ongoing year. In February, Formula 1 racing team Red Bull Racing announced a $150 million partnership with cryptocurrency exchange ByBit. In an interview, the founder of ByBit, Ben Zhou, stated that the partnership allowed the exchange to reach a market audience that was fairly new to the crypto space. 

Aston Martin’s Formula 1 team announced a partnership with Crypto.com just a month after the Red Bull announcement. The deal saw Aston Martin’s F1 cars display advertisements for the Crypto.com exchange during races. This and several other partnerships between car manufacturers and crypto exchanges have allowed companies such as Aston Martin to understand the crypto space better. Lamborghini had itself announced its first NFT collection back in January after a collaboration with Swiss artist Fabian Oefner. One of the most famous Lamborghini-related NFT collections is that of the artist Shl0ms, who had protested against the get-rich-quick culture of the crypto space. German sports car manufacturer Porsche has also made its foray into the NFT space, giving customers a unique opportunity to purchase an exclusive design sketch as an NFT. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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