1 year ago
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Concluded Blockchain Partnership
Sui (Sui Network) announced on the 1st that it has become the official blockchain partner of the F1 team “Oracle Red Bull Racing”. It plans to use blockchain primarily in experiences that connect fans and teams.
Huge news: We’re officially teaming up with @redbullracing!
As the team’s Official Blockchain Partner, this multi-year partnership means that fans will have even more exciting ways to connect with Oracle Red Bull Racing. pic.twitter.com/7Gw8mbT3XH
—Sui (@SuiNetwork) June 1, 2023
Oracle Red Bull Racing has entered into a multi-year partnership with Sui’s provider, Mysten Labs. Team Principal and CEO Christian Horner explained:
Oracle Red Bull Racing has been one of the first F1 teams to embrace blockchain technology, seeing its potential to connect teams with fans around the world in a truly unique and forward-thinking way.
Partnering with Sui will improve the user experience, making it easier, safer and more engaging.
Mysten Labs CEO Evan Cheng also commented:
Blockchain technology has the potential to fundamentally change the way we transact, interact and communicate.
This partnership will allow us to demonstrate the true power of blockchain technology and build a community of fans around novel and groundbreaking experiences.
So far, no details have been revealed as to what kind of user experience will be available.
We’re working together over the coming months to build immersive digital experiences that fans all over the globe will enjoy. Stay tuned!
—Sui (@SuiNetwork) June 1, 2023
“In the coming months, we will be working with Oracle Red Bull Racing to create an immersive digital experience for fans around the world to enjoy,” said Sui’s official account.
“The partnership will demonstrate how Web3 enables human-to-human connection,” said Greg Siourounis, Sui Foundation’s operational director.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Cryptocurrency Glossary
Contract with virtual currency exchange Bybit
Oracle Red Bull Racing has been using crypto assets (virtual currency) and blockchain.
In February, it announced that it had signed a multi-year sponsorship agreement with virtual currency exchange Bybit. As a sponsor, Bybit will put the logo on the racing car, and will also carry out educational activities related to cryptocurrencies and improve sustainability and diversity in the STEM (science, mathematics, and technology) field.
He also explained that Bybit will be a partner company when Oracle Red Bull Racing issues Fan Tokens in the future.
connection: Oracle Red Bull Racing sponsors virtual currency exchange ByBit
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