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The Formula One season is now underway, and F1 teams such as Oracle Red Bull Racing are increasing their involvement in the NFT area in order to increase fan interaction.

The Oracle Red Bull Racing team is off to a great start. Max Verstappen of Red Bull leads the drivers' standings with 25 points.

Red Bull leads the constructors' standings, ahead of Ferrari, with Sergio Perez in third place.

The NFT Collection is Being Launched by Oracle Red Bull Racing During the Monaco Grand Prix

Oracle Red Bull Racing announced the release of their second NFT collection on Friday.

The newest NFT launch from F1's premier squad, minted on Tezos (XTZ) and listed on Bybit, aims to bring the F1 world closer to fans.

For the first time, the NFT brings together two significant Team partners.

"The second season of Oracle Red Bull Racing's NFTs will link fans to the Team and unforgettable events via a series of limited-edition pieces of digital memorabilia, each highlighting a unique facet of Oracle Red Bull Racing's history, present, and future," according to the press announcement.

The 2022 NFT collection will be launched with the unveiling of a one-of-a-kind collection during the Monaco Grand Prix.

The NFT collection will be auctioned off during this weekend's GP. For their collection, the highest bidder will get a digital replica of the one-of-a-kind seat. In addition, the winner will be given the opportunity to claim the one-of-a-kind Playseat from the Monaco Energy Station.

Over the weekend, the one-of-a-kind Monaco-edition Playseat simulator gear will be on exhibit.

"The second season of our highly-prized digital collectibles continues our aim to put at the heart of Oracle Red Bull Racing – on track, in the garage, and at the factory," said Team Principal and CEO Christian Horner. Each limited-edition artwork depicts a pivotal event in the Team's history in spectacular detail, and they're meant to immerse fans in our world, in our desire for triumph, and in memorable moments from the team's past."

"It's thus logical that we introduce the current collection here in Monaco," Horner said. We can provide limited edition pieces of future F1 legacy to our fans throughout the globe in an immersive, accessible, and affordable manner because to our cutting-edge collaborations with Bybit and Tezos, pioneers in the intriguing digital asset field."

F1 Oracle Red Bull Racing inked a five-year contract with cryptocurrency exchange Bybit in February. The club developed the relationship in order to increase fan involvement via the distribution of Fan Tokens.

Fans of Formula One may bid on the auction at the Bybit NFT marketplace until 11:59 BST on May 31, 2022.

NFTs Help Formula 1 Racing Teams form Strong Bonds with Their Fans

Red Bull Racing debuted their first NFT collection in November, just in time for the Mexican Grand Prix.

Sergio Perez's debut race for Red Bull Racing in his native nation of Mexico was remembered in the 2021 collection, which was released on the Sweet marketplace.

Mercedes-AMG Petronas joined Red Bull Racing in the NFT space. Mercedes-AMG Petronas teamed up with FTX to debut a new NFT collection for the first Miami Grand Prix earlier this month.

F1 racing team McLaren, on the other hand, was the first to enter the NFT area. The McLaren Racing Collective started an NFT collection in October 2021, allowing fans to gather 22 digital 3-D photos in order to construct an MCL35M F1 vehicle.

McLaren followed up the 2021 debut with a January introduction of a second NFT.

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