Ferrari ends partnership with Velas Blockchain and Snapdragon
Scuderia Ferrari, the racing division of luxury carmaker Ferrari, has ended its partnerships with Velas Blockchain and Snapdragon, resulting in a loss of $55 million for the team ahead of the 2023 Formula One season. The partnership with Velas, worth $30 million per year, was intended to increase fan engagement through the use of non-fungible tokens (NFTs) and other shared initiatives. However, the team reportedly failed to meet the clauses that allowed Velas to create NFT images. Mercedes also suffered a loss of $15 million in November 2022 after ending its partnership with FTX, which filed for Chapter 11 bankruptcy.