December 1, 2023

According to Benedetto Vigna, Chief Executive Officer of Ferrari, digital technologies such as NFTs, Blockchain, and web3 are areas the company is interested in. These areas can help to increase the company’s finances and profit margin. Also, it will strengthen Ferrari’s position at the top and assist in future developments.

The Chief Executive officer of the Italian company believes that these areas need attention, and as a result, the luxury car manufacturer will look at it in the future.

This revelation was made during the brand’s earnings call while the CEO was outlining through Q4 results of last year. As stated by the Vigna, the organization will strengthen its long-term relationship with its partner, Amazon Web Services, to be ahead in terms of web 3.0 and digital technologies. 

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Vigna also noted that the crypto community is evolving quickly, and some of its competitors are already in the crypto industry. So, it’s only expected that they do the same to keep their fans up to date with the latest technological advancements. 

Ferrari Partners With Velas to Release NFTs 

Towards the end of last year, the sports car producer entered the crypto industry by partnering with Velas Network. Velas Network is a Swiss tech organization. The purpose of the partnership was to create NFTs for Ferrari fans.

These NFTs will be open to the public to buy in March 2022. This is also when Formula one’s next season will begin.

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As described by the General Manager of Ferrari, Martin Binotto, Velas is a company that puts performance and innovation as its number one priority. The CEO of Velas, Farhad Shagulyamov, referred to Ferrari as a brand of excellence.

Also, another part of the agreement between both organizations is that Velas will be the title sponsor of the car’s ESports Series, team series, and the horse series. The ESports team will be competing in the Formula one championship. 

Car Manufacturers In The Crypto Industry 

The Italian giant is not the only company exploring the use of NFTs and blockchain technology. Other Car manufacturers such as Nissan, Tesla, and Lamborghini are also in the crypto industry. Recently, Lamborghini announced its upcoming NFTs, featuring one of their models.

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