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Sponsorship of motorsport racing by NFT corporations

NFT firms are beginning to join the motorsport racing sponsorship market, and it appears that these companies are ready to disrupt the industry.

Laura-Marie Geissler Racing is a racing team founded by Laura-Marie Geissler.
Laura-Marie Geissler, a German GT driver, has teamed up with Amsterdam Berlin, a creative firm, and Unblocked, an NFT business, to create the world’s first NFT. The LMG racing team, named after Laura-Marie Geissler, will be the first NFT-funded motorsport team to compete.

The LMG racing team has made the brave decision to forego any external sponsorship, opting instead to fund Geissler’s whole race season entirely through the selling of NFTs. Geissler is currently putting her racing career entirely in the hands of fans and NFT enthusiasts.

During the first weekend of the South by Southwest (SXSW) festival in Austin, Texas, USA, Geissler and her team announced the debut of their campaign. “It’s hard for women to ask people for money because it becomes a very transactional connection,” Geissler told Cointelegraph when asked about her motivation for pulling off such an incredible feat. It was challenging for me to strike a balance and get people to like me for the way I drive rather than just because I’m a woman or look a certain way.”

An NFT campaign to fund a racing season is a thrilling approach to raise money that is nothing short of fantastic.

Berlin-Amsterdam

Amsterdam Berlin is one of LMG’s major partners for its NFT initiative, and Moritz Grub had a lot of intriguing and insightful things to say about the partnership. Grub expressed his views on the motorsports industry as a macho and male-dominated environment.

“Perhaps more female-led businesses and companies would fund racing, resulting in more female fans and spectators.” Here’s what Grub from Amsterdam Berlin had to say about the NFTs’ involvement in the project and why the team opted to go down this unorthodox road.

“It’s an intriguing technology that isn’t being used to its full potential right now.” Belief that the majority of NFT PFP-based projects are “schemes.” Using an NFT-based crowdfunding system for motorsport teams, according to Grub, provides riders and companies greater power over how they spend their money and make decisions.

The Web3’s Future Businesses in the Motorsports Industry

NFTs are gradually proving to be a tool for liberating places and industries; businesses and individuals across a wide range of industries are now using NFTs and other Web3 technology to access alternative funding sources. Motorsport fans have been wondering when the first large NFT-related project would be undertaken in one of the major leagues, and it appears that the moment has finally come. Through a partnership in 2019, Formula One became one of the first motorsports leagues to use NFTs, demonstrating that motorsports owners are forward-thinking professionals prepared to travel into uncharted and unproven territory.

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