Ferrari’s new partnership with blockchain startup Velas suggests the use of NFTs

Ferrari (NYSE: RACE), an Italian luxury sports car manufacturer, has entered the blockchain industry through a partnership with Swiss blockchain startup Velas Network.

Ferrari officially announced Monday that it had signed a multi-year agreement with Velas to produce “exclusive digital content” for Scuderia fans. Velas will also be the primary sponsor of the Ferrari Esports Series, an online series competing in the F1 Esports Series, the official digital championship for all FIA Formula 1 World Championship teams.