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Saturday, March 2, 2024

Ferrari Inks Deal with Blockchain Firm for Digital Content

  • Ferrari has signed a multi-year deal with Velas Network.
  • The Swiss blockchain firm will create digital content for Ferrari fans.
Ferrari: Scuderia Ferrari/Design: John Regula

Ferrari signed a multi-year deal on Monday with Switzerland-based blockchain firm Velas Network to create exclusive digital content for fans.

The deal also makes Velas the title sponsor of the Ferrari Esports Series and the Italian automaker’s esports team that will compete in the F1 Esports Series, a digital championship that includes every participant in the FIA Formula 1 World Championship.

Over the past year, Ferrari has continued to expand its reach and diversify.

  • In March, the company signed a clothing deal with Italian luxury brand Giorgio Armani to outfit its F1 drivers and team staff.
  • The luxury car manufacturer confirmed in April that it will race LMDh classified vehicles in 2023; its first all-electric consumer vehicle will debut in 2025.
  • Last week, it secured a multi-year partnership with Spanish bank Santander to advise its plans to become carbon neutral by 2030.

The End of a Strong Year 

Ferrari posted $1.24 billion in revenue in Q3 2021, up from $1.04 billion in the same period last year. 

The Italian automaker saw its sponsorship, commercial, and brands segment generate $100 million in revenue during the quarter, up 1.3% year-over-year, primarily due to F1 sponsorship deals.

Ferrari expects full-year revenue to reach $5 billion, up from $3.9 billion in revenue for FY2020.

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