NFT: Lamborghini-Backed GT Racing Team To Authenticate Car Parts Using NFTs

Lamborghini’s motorsport department has announced its partnership with the nonfungible token (NFT) platform Go2NFT to launch a program that certifies racing car parts, according to Vincenzo Sospiri Racing (VSR), a GT racing team.

iexclusivenews reports that former racing champion Vincenzo Sospiri from the VSR said in a message sent to Cointelegraph that their team will develop NFT certification for its race vehicles using Go2NFT and blockchain platform Skey Network.

This online news outlet understands that this will allow them to monitor and ensure the quality of the car parts. He explained that: 

“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.” 

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In addition to the auto parts, VSR wants to extend the NFT certification procedure to its other items, including official apparel.

The team claims that this would offer customers confidence when buying branded items.

According to Boris Ejsymont, an executive at Go2NFT. His team is aware of the difficulties that companies experience in securing their intellectual property and thinks that NFTs can offer a solution? Ejsymont stated

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“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 collaborations for beloved brands across the globe. “ 

What You Need To Know

In 2022, the worlds of motorsport and cryptocurrency have already collided. The cryptocurrency trading platform Bybit, in February announced a $150 million collaboration with Formula 1 racing team Red Bull Racing.

Meanwhile, iexclusivenews Nigeria reports that in an interview with Cointelegraph. Ben Zhou. The creator of Bybit, stated that the alliance helped his company connect with individuals who were unfamiliar with the cryptocurrency industry.

Aston Martin’s Formula 1 team and Crypto.com joined together in March. The exchange will have adverts on the company’s F1 vehicles as part of the agreement.

Jefferson Slack, Aston Martin CEO stated that the action enables the automaker to better comprehend the cryptocurrency area.