Honda launched KEY NFTs in the run-up to last weekend’s Formula 1 Japanese Grand Prix. The digital collectibles will unlock access to perks at future events.
The NFTs were given away to fans who applied to purchase tickets to a Formula 1 Honda & Red Bull Welcome event as well as visitors to Honda’s booth at the Suzuka Circuit. Red Bull celebrated its second successive constructor’s title at the event.
A few months ago, Honda announced a collaboration with Animoca Brands, and this is the early stage initiative. Animoca is also pushing its Gryfyn wallet, a custodial solution for users to keep the Honda KEY NFT safe.
Additionally, GET Protocol, a web3 ticketing provider assisted Honda with the launch of a commemorative NFT. At the recent Dutch Grand Prix, it was involved in NFTs linked to tickets.
Meanwhile, Honda’s F1 client Red Bull has quite a bit of NFT experience. It first did a deal for NFTs with the Tezos protocol, and last year inked a $150 million sponsorship deal with the Bybit exchange.
This isn’t Animoca’s first F1 experience. Before it hit the big time with The Sandbox and other initiatives, in 2019 it launched the F1 Delta Time collectible game. It was one of the earlier examples of what happens to a digital collectible when a third party license (with F1) expires. In this particular case, the associated content was entirely taken offline. Animoca stepped in to offer compensation.
While Animoca is based in Hong Kong, last year it set up a Japanese subsidiary after Japan’s biggest bank MUFG invested $22.5 million in the subsidiary.
