Lamborghini-Backed Vincenzo Sospiri Racing To Use NFTs For Authenticating Car Parts

The Vincenzo Sospiri GT Team, Lamborghini’s GT team, announced it would use NFTs for certifying and authenticating factory car parts. This pilot program by Go2NFT (an NFT-generator platform) is part of a larger scheme.

Lamborghini-Backed GT Team to Use NFTs

According to a statement made by Vincenzo Sospiri racing on Tuesday, the Lamborghini Squadra Corse GT race team has stated that it will use non-fungible tokens to authenticate and certify factory car parts. This is part of a pilot program by Go2NFT, which specializes in creating NFTs to businesses and corporations.

Vincenzo Sospiri, an ex-racing champion, stated that the team would create NFT certificates for their race cars with Go2NFT and the blockchain platform Skey Network. This will enable them to monitor and assure quality when it comes car parts. He explained that he was also a former racing champion Vincenzo Sospiri.

“This also means that we have to take great responsibility in ensuring that every component of our racing fleet can be securely audited and authenticated to monitor performance and ensure provenance.”

Program could be extended to other products

In a statement, the company stated that it could extend the rollout to authenticate official merchandise. The company also announced in March that it had received $5 million from the blockchain ecosystem Skey Network. Boris Ejsymont is the chief business officer for Go2NFT.

“We are aware that superbrands must be accountable and provenance is key to protecting their IP. We believe NFT utility can increase trust and transparency for their fans and brands. This collaboration with VSR is only the beginning of many more for beloved brands around the world.

Racing and Crypto

In the past year, racing and crypto have been closely intertwined. Red Bull Racing, a Formula 1 racing team, announced a partnership of $150 million with ByBit cryptocurrency exchange. Ben Zhou, founder of ByBit, said that the partnership enabled the exchange to reach an audience that was relatively new in the crypto space.

Aston Martin’s Formula 1 team announced a partnership agreement with Crypto.com a month following the Red Bull announcement. Aston Martin’s Formula 1 cars displayed advertisements for Crypto.com during races. Aston Martin and other car manufacturers have formed partnerships with crypto exchanges to better understand the crypto market. Lamborghini announced its first NFT collection in January, following a collaboration with Fabian Oefner (Switzerland). The most well-known Lamborghini-related NFT collection is that of Shl0ms. He had protested against crypto’s get-rich-quick culture. Porsche, a German sports car manufacturer, has also entered the NFT space. Customers have an unique opportunity to buy a design sketch as an NFT.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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https://cryptodaily.co.uk/2022/07/lamborghini-backed-vincenzo-sospiri-racing-to-use-nfts-for-authenticating-car-parts