Ferrari terminates partnership with cryptocurrency sponsor

The partnership started between Ferrari and the cryptocurrency company Velas in 2021 has come to its logical conclusion. The estimated value of such a contract was $30,000,000 per year. The goal of the collaboration was to attract new fans through NFT tokens.

Ferrari has decided to terminate its partnership before the start of 2023 not only with Velas Blockchain, but also with Snapdragon chip maker. Thus, due to the termination of two contracts, the car company lost about $55,000,000 before the start of 2023.

Recently, several acts of termination of cooperation between automotive companies and cryptocurrency figures have been noticed. In November 2022, after the collapse of FTX, Mercedes terminated the agreement with the American cryptocurrency exchange, as a result of which the company was left without $15,000,000.

Another racing team, Red Bull Racing, has also terminated their partnership with their cryptocurrency partner Tezos Foundation. In this case, the blockchain company initiated the termination of cooperation. They cited the agreement's inconsistency with the company's strategy as the reason.

Now it's Ferrari's turn with Felas. Although Ferrari wanted to attract new fans through the implementation of non-fungible tokens, they subsequently abandoned such an undertaking due to the fact that Velas, apparently, did not live up to the expectations of the car company.

The 'Velas' logo on the rear fenders of Ferraris in Formula 1 is now a thing of the past.