Portion – a cryptocurrency project which aims to be the leading “marketplace for digital and physical art and collectibles” – is set to join the F1 grid as a team sponsor in 2022, Formula1News.co.uk can exclusively reveal.
The crypto company is currently in talks with two teams over a potential sponsor deal, and they are reportedly looking for a multi-year collaboration.
As part of the deal, Formula 1 non-fungible tokens (NFTs) will be auctioned via Portion’s platform, while their branding will be displayed on the team’s cars.
Portion already has partnerships with a number of high-profile artists and creators, including American rapper Wiz Khalifa.
It is understood that the crypto project recently completed a fresh round of fundraising, with the majority of the funding earmarked for marketing and influencer collaborations.
Portion’s native token (PRT) is currently trading at $0.0123, with a market cap of just under $4 million.
Numerous crypto companies have already flocked to Formula 1 to build brand awareness and promote their projects to the hundreds of millions of F1 fans across the globe.
This includes Crypto.com – one of the largest cryptocurrency exchanges in the world – and Tezos (XTZ) and Bitci.