NASCAR launches its very own NFT marketplace, along with thousands of free commemorative NFTs.
The automotive industry is yet another with its sights set on a crypto-filled future. NASCAR, one of the world’s premiere auto racing and operating companies, is the latest example. The company is known for its extensive relationship with collectibles and NASCAR fans are all about them.
However, the next step for NASCAR is collectibles in the metaverse.
Recently, Speedway Motorsports, the corporation which owns 8 NASCAR tracks, partnered with GigLabs on a new NFT marketplace. RaceDayNFT.com is the first NASCAR-centric NFT marketplace. It launches on Monday at 1 p.m. ET a week prior to the Cup Series playoff race at Bristol Motor Speedway.
The chief strategy officer for Speedway Motorsports, Mike Burch, commented on the new development. “Collecting has always been a big part of NASCAR fandom, whether it’s die casts or people who have collected our event programs — all kinds of things,” he said. “So [we were] thinking, ‘How can we bring that over into our side of the world, our business?’”
Depending on the reaction from fans, Burch calls future opportunities “limitless”. This may 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 following Bristol race will be available for free. Of those, 500 will randomly include golden tickets. The NFTs feature audio or sound effects according to Burch.
There are four races and therefore four components to the digital collectibles, with the commemorative ticket as one. Any attendees of the event can scan a QR code, which opens up more NFT possibilities.
Crypto and Cars
Already, NASCAR experienced crypto infusions into the industry. Earlier this year NASCAR driver Landon Cassill was the first in the company paid entirely with crypto. The company introduced digital tickets and race programs which garnered positive responses from fans.
Cassill himself commented on the impact of non-fungible tokens in the industry. “If NASCAR entities can create a way that’s understandable and is not intimidating and makes sense and gives those fans ownership over the things that they love — the drivers, the teams, the tracks that they love — I think it could definitely succeed, as long as it strengthens the community and empowers those race fans.”
In fact, these NFTs play a large role in connecting fans with the race and drivers like never before. The rarest NFT available in this series are two Winner’s Edition NFTs as digital coins. One goes to the winner of the race, the other to the highest bidder.
According to Douglas Dimola, GigLabs CEO and co-founder, “[The coin] has the track on one side and the winner and date on the other side. So the person who wins the auction will essentially have an NFT that they share with the winning driver.”
This past summer another automotive industry giant, BMW, launched its own NFT series. It focuses on digital collectibles of iconic models of their cars. Now with NASCAR’s own marketplace and NFTs, the industry continues its crypto acceptance.