Commenting on the partnership deal, Formula 1 CEO Stefano Domenicali said that he was pleased to have a deal with a cryptocurrency platform. “We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation,” he said.

Kris Marszalek, co-founder of Crypto.com said this strategic sponsorship deal is important and that they are “excited to partner with F1 in the development of exclusive NFTs, connecting fans to the sport in new and innovative ways.”

Cryptocurrency platforms and exchanges are now more and more actively sponsoring mainstream events.Such sposnosrship deals are crucial for overall popularity of cryptocurrencies as these sponsorships expose the digital assets to a wider audience. 

In the US several national level sports teams have been actively endorsing cryptocurrencies. Earlier in the year, a popular Basketball team confirmed accepting crypto payments for its ticket sales. Similarly a popular hockey event in the US now has a crypto token sponsoring their Umpire jersey.

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McLaren’s token will become the first of its kind within the Formula 1 environment. However, sports fan tokens have been around for some time. Users can trade fan tokens on a crypto exchange for sports Chiliz or on other exchanges where they have their listings. According to CoinPedia, football club fan tokens have seen growth this month.

From the recent news on football fan tokens, Manchester City partnered with Socios, a tokenization platform, to launch its fan token $CITY. Other football clubs such as Barcelona, Juventus, and AC Milan also used this platform for launching their fan tokens, according to the source.  

In addition, a few days ago Cristiano Ronaldo became the first football player to receive a reward in crypto. Ronaldo received 770 Juventus fan tokens $JUV.

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