This past weekend Formula 1 came to America’s crypto hub of Miami, for the first-ever Miami Grand Prix, and along with it all of the event’s crypto sponsorships.
With a major emphasis on globalization in the crypto space, it’s fitting that a global, technology driven sport such as F1, would have major sponsorships from crypto companies. If you live in the united states you may be wondering what F1 even is or why it’s so popular, after all ‘racing cars in circles’ is stupid right?
Well if you are one who agrees with the census that F1 is a “dumb” sport, there is a good chunk of the global population who would likely disagree. In research conducted by global analytics company, Neilson Sports, Formula One is projected to reach 1 billion people in 2022, and furthermore, a majority of that audience is between the ages of 16 and 35, the prime age demographic to be interested in the innovation of crypto.
With the previous Data in Mind, crypto companies are jumping on board the traveling motorsport giant which is to visit 21 different countries in its 23 races this season. There are 10 F1 Teams, 8 of which have sponsorships from crypto companies, whether they be networks, tokens, or exchanges.
Igneus Terrenus, head of communications at Bybit, a Sponsor of Redbull Racing F1 Team, Told Cointelegraph of his optimism for Bybits Redbull partnership, pointing out that the final nail-biting race of 2021s battle between Redbulls Max Verstappen and Mercedes Lewis Hamilton “Attracted an audience of 108 million. Whereas Super Bowl 2022 between the Rams and Bengals drew an audience of 101 million.”
To give some perspective on actual numbers, Bybit Has a three year partnership with Redbull racing for $50 million per year, while back in 2021 F1 signed a $100 million deal with crypto.com for its “Sprint Series”.