According to the CEO of the Italian luxury car brand, Ferrari, blockchain technologies, Web3, and NFTs, could aid the brand’s future development and reinforce its position as a market leader.
The blockchain and NFT industries, according to Benedetto Vigna, Chief Executive Officer of Ferrari, are niches that “deserve some attention.” As a result, the executive intimated that the luxury sports vehicle manufacturer’s cryptocurrency efforts would continue in the future.
Blockchain and NFTs could benefit Ferrari
During a recent earnings call of its Q4 2021 results, Ferrari CEO Benedetto Vigna stated that the company’s future focus will be on Web3.
“We strengthen our relationship with leading-edge technological partners such as Amazon Web Services in Wales to be at the forefront of digital technologies and Web 3.0.”
Ferrari is interested in blockchain technologies, Web3, and NFTs, according to the top executive. These could aid the brand’s future development and reinforce its position as a market leader, according to Vigna:
“I think that as we said, it’s important that we look and we see how the new technologies can help our brand. For sure, the digital technologies, the web 3.0 technologies that they’re using the Blockchain and the NFT is an area that can be interesting for us, it deserves some attention.”
The CEO admitted that the bitcoin market is rapidly changing. He also mentioned that several of Ferrari’s competitors have already dabbled in the digital asset market, implying that “The Prancing Horse” should follow suit in order to keep up with the competition.
At the end of 2021, the Italian sports car maker took its initial steps into the crypto realm. It teamed up with Velas Network AG, a Swiss technology firm, to produce non-fungible tokens for its supporters back then.
From March 2022, digital collectibles will be available for purchase (when the next season of Formula 1 begins).
Velas is a company that “makes innovation and performance the hallmark of technologically advanced products and services,” according to Mattia Binotto, General Manager and Team Principal of Scuderia Ferrari.
The Swiss organization’s CEO, Farhad Shagulyamov, said partnering with Ferrari was a natural move because the Italian brand is an “Icon of excellence.”
Velas also became the Title Sponsor of the Ferrari Esports Series, the mono-brand series of “The Prancing Horse,” as well as the Esports squad that will compete in the F1 championship, as part of the arrangement.