F1 has seen a rapid increase in the number of Crypto sponsors in the recent past
Crypto-based companies are dominating Formula One and their emergence as sponsors has taken place rapidly in a short period of time. As many as six cars of the different teams are sponsored by cryptocurrency companies, including Binance, Bybit, Fantom, FTX, Crypto.com, Tezos and others. The breakthrough deal between F1 and crypto companies happened in 2021 when a five-year deal that totals more than $100 million was signed between Crypto.com and F1. Crypto.com is a platform that allows users to buy and sell cryptocurrencies.
Statistics show that around 80 per cent of F1 teams have at least one cryptocurrency partner, in addition to Formula One Group itself, which has its own $100 million deal with Crypto.com. Besides emblazoned logos across drivers’ uniforms and cars, F1 teams are also getting into cryptocurrency themselves. Several teams now offer fan tokens — team-specific cryptocurrency assets that can be earned, traded and used to pay for experiences or rewards assigned to individual car parts.
Fans react to the increase in involvement of crypto companies in F1
Most fans on Twitter believe that having crypto companies in F1 is an unethical practice and should be discouraged. Let us take a look at some of the reactions.
“Not sure how all of these sponsors are ethically more acceptable than alcohol or tobacco”, wrote a fan.
“Tell me you dont know what a bear and bull market is without telling me”, wrote another fan.
“Tobacco sponsorship was healthier, at the end of the day”, read a tweet.
“Crypto investments are for long time, besides that 2022 has not been a good year for crypto market.If you had done this in 2021, most of this tokens were in his ATH, so dont make people that dont know much about world get scared with non-sense posts”, tweeted another fan.
Another fan wrote: “The lesson here is don’t buy crypto shitcoins, buy only BITCOIN, and don’t leave crypto on exchanges, always transfer to your hardware wallet.”
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