For next weekend's Miami Grand Prix, you'll be able to have a number of Lewis Hamilton's or George Russell's F1 cars using FTX's NFT. The inaugural Formula 1 Miami automobile race will occur next weekend. And given Miami's growing reputation as a crypto city, it's no surprise that NFTs are going to be present. during this case, the offer isn't totally digital: some NFTs contain an element from a trueFormula 1 car.

FTX and so the Mercedes-AMG Petronas F1 team announced today that they'll release a variety of NFT collectibles at the Miami automobile race. Last September, FTX and Mercedes-AMG Petronas announced a long-term partnership.

FTX will produce 1,000 "free-to-demand" edition NFT ticket stubs for the Miami auto race and next races this season. Each of those are going to be manufactured in Solana and distributed via the FTX NFTs marketplace. This season, certain races will disclose as many as 2,500 free NFT stub souvenirs. Each race's free NFT stub are different, and FTX is looking into ways to form the NFTs more useful to profit holders.

For the Miami event, FTX and Mercedes-AMG Petronas have collaborated with renowned artist Mad Dog Jones. He create ten edition pieces of Ethereum NFT artwork which will be auctioned off. Two of these limited-edition art NFTs will include physical race rear wing endplates from the Mercedes cars driven by Lewis Hamilton and George Russell. In fact, each rear wing will have Mad Dog Jones artwork which will be visible on the racetrack.

An NFT establishes ownership of a digital item, which might be artwork, profile pictures, sports collectibles, or other items. in keeping with DappRadar data, the broader NFT market will reach $25 billion in trading volume in 2021. FTX will open bids at the auctions on May 6, the day practice for the Miami automobile race begins, and can allow them to run until May 13. the corporate will founded a physical NFT gallery at the event in order that attendees can see the artwork in the flesh, possibly after catching it on the runway.

"I believe that seeing this design on the car, on the track, will really open everyone's eyes." "People will turn their heads, like, 'What's that?'" said Avi Dabir, FTX's vice chairman of business development. "We liked the flashy aspect of this partnership, yet because theundeniable fact that Mercedes are bold here with us."