"Maybe it's the crypto market's fault but maybe it's my fault too."
The declining cryptocurrency market has prompted Italy's Scuderia Ferrari, the Formula One (F1) racing team, to end all collaborations related to digital assets.
Earlier before the start of 2023, Ferrari suffered a loss of $55 million after acting to terminate its agreement with Veles Blockchain and chip maker Snapdragon.
It is explained that his agreement with Veles worth $30 million per year from 2021 is aimed at increasing the number of Ferrari fans through the collection of non-fungible tokens (NFT) and others.
But the opposite happened when Ferrari not only did not allow Velas to create any image of NFT but also to market it.
Apart from Ferrari, Mercedes suffered a similar fate when they suspended their partnership with FTX which filed for Chapter 11 bankruptcy in November.
According to Toto Wolff, the Chief Executive Officer (CEO) of the Mercedes-AMG Petronas F1 Team, he pointed out that other teams may face the same situation if the movement of the crypto market continues to weaken.
In the meantime, F1 filed a trademark last October to launch an online market based on crypto, metaverse and NFT but for now it is still uncertain whether the plan will go ahead or not.
