Mercedes have partnered up with FTX and artist Mad Dog Jones to release an NFT collection that will be auctioned after the Miami Grand Prix.
10 limited edition pieces of artwork will be designed by Jones, and will be visible on the cars driven by Sir Lewis Hamilton and George Russell in the United States next weekend.
The NFT artwork will then be auctioned off, but the buyer will have more than just virtual artwork in their pockets, with a tangible prize in the form of a Mercedes rear wing end plate also coming with the purchase.
All the money generated from the sale will go to charitable causes.
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FTX’s VP of Partnerships Lou Frangella’s experience in the business world dates back to 2011 when he served as an Intern at MLB fan cave, and in recent years he has worked in the marketing and partnerships departments at American Express and Major League Baseball, before switching over to FTX last year.
He revealed on LinkedIn that he was sat with some members of the Mercedes team at the United States Grand Prix last year when he piloted the idea for NFTs to appear on a Formula 1 car.
“What if we put an NFT on the Mercedes car?” he wrote
“What if you’d be able to own part of the Mercedes car by owning an NFT?
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“What started as a casual conversation at dinner with Mercedes-AMG Petronas Formula One Team during the 2021 Austin Grand Prix quickly became one of the most exciting web3 projects we have worked on so far at FTX.
“In collaboration with renowned NFT artist Mad Dog Jones, a Formula 1 car will sport NFT artwork on the track for the first time in history, unveiling at the upcoming Miami GP.
“Those NFTs designed by MDJ will be up for auction on our NFT marketplace — and the winners of those auctions will take home the actual rear wing of Lewis Hamilton and George Russell’s cars that will blaze the track throughout the weekend. And of course, all proceeds will go to charity.
“I’m so proud to work with such incredible colleagues at FTX (s/o Avinash Dabir Kiernan Fitzsimons) to bring this first-of-its-kind NFT utility to life.
“It’s impossible to pull off without the vision and relentless push for innovation from our partners at Mercedes F1, and a big thank you to the Wasserman team for driving it all forward,” he added.
Mercedes themselves have confirmed that the proceeds from the sale will go to Ignite – a joint effort from the team and Hamilton’s Mission 44 charity that aims to push for greater diversity in motorsport.