NASCAR has launched its own NFT marketplace, along with thousands of free souvenir NFTs.
The automotive industry is another industry that is setting its sights on a cryptocurrency-filled future. NASCAR, one of the world’s premier car racing and operating companies, is the latest example. The company is known for its extensive ties to collectibles, and NASCAR fans love them all.
The next step for NASCAR, however, is collectibles in the meta-universe.
Speedway Motorsports, which owns eight NASCAR tracks, recently partnered with GigLabs to create a new NFT marketplace. raceDayNFT.com is the first NASCAR-focused NFT marketplace. It launches Monday at 1 p.m. ET a week before the Cup Series playoffs at Bristol Motor Speedway.
Mike Burch, chief strategy officer at Speedway Motorsports, commented on this new development. “Collecting has always been a big part of NASCAR fandom, whether it’s the press molds or the people who collect our event programs – all kinds of stuff,” he said.” So [we] were thinking, ‘How can we bring it into our world, our business?
Based on fan reaction, Birch called the opportunities for the future “endless.” That could include NFTs with other NASCAR entities, such as the IndyCar series or NHRA.
When the new RaceDayNFT marketplace opens, 10,000 commemorative ticket NFTs for the next Bristol race will be available for free. Of those, 500 will randomly include golden tickets. According to Burch, these NFTs feature audio or sound effects.
There are four games, so there are four components to the digital collection, of which commemorative tickets are one. Anyone attending the event can scan the QR code, which opens up the possibility of more NFTs.
Crypto coins and cars
For now, NASCAR has experienced an infusion of cryptocurrency into the industry. Earlier this year, NASCAR driver Landon Cassill was the first person to be paid entirely in cryptocurrency by the company. The company launched a digital ticket and race program that received a positive response from fans.
Cassill himself commented on the impact of non-replaceable tokens in the industry.” If a NASCAR entity can create an understandable, non-intimidating, meaningful way for those fans to have ownership of what they love – the drivers, the teams, the tracks they love – I think it can absolutely work, as long as it strengthens the community and empowers those race fans.”
Indeed, these NFTs have played a huge role in connecting fans with the race and the drivers like never before. The rarest NFTs in the series are two winner’s edition NFTs as digital coins. One is given to the winner of the race and the other is given to the highest bidder.
According to Douglas Dimola, CEO and co-founder of GigLabs, “[The coin] has the track on one side and the winner and the date on the other side. So the person who wins the auction basically gets an NFT that they share with the winning driver.”
Last summer, another auto industry giant, BMW, launched its own NFT line. It focuses on digital collectibles of iconic models of its cars. Now, with NASCAR’s own marketplace and NFTs, the industry continues to embrace cryptocurrency.