Last month, F1 Oracle Red Bull Racing signed a 5-year deal with cryptocurrency exchange Bybit. Following in the footsteps of the world's most famous football clubs, including Barcelona, Red Bull Racking is looking to build fan engagement by issuing tokens for Oracle Red Bull Racing fans.
Cryptocurrency exchange Bybit follows the largest platforms in the world, including Binance, Cronos, Bitcoin system and FTX, in raising brand awareness through sport.
Red Bull files the brands related to the Metaverse
Today, brands attorney Michael Kondoudis announced Red Bull's plans to go NFT and enter virtual reality on Twitter.
The trademark application indicates several virtual offers, including:
- Multimedia with NFT
- Cryptocurrencies + virtual
- Clothing, drinks and sports equipment
- Virtual environments
- Financial exchange services
Extensive documentation suggests a possible Red Bull zone in the Metaverse, where fans can purchase drinks, clothing and equipment and engage in Red Bull-sponsored adrenaline-pumping sports activities.
Red Bull fans entering the Metaverse may have access to a Red Bull cryptocurrency to purchase goods and services. As we have seen elsewhere, NFT holders may be able to redeem NFTs for real-life events and attend concerts and sporting events virtually.
In sport, Red Bull is a major sponsor in conventional sports, including F1, NASCAR, basketball and football.
While conventional sports have become a mainstay, Red Bull has been synonymous with extreme sports. BMX and skateboarding, cliff diving, freestyle skiing and mountain biking are part of Red Bull's annual extreme sports calendar.
For sports enthusiasts, the Metaverse would allow fans to interact with athletes and be present at events and even be virtually active in Red Bull's most extreme sporting events alongside cliff divers and freestyle skiers.
Red Bull follows other big brands in the Metaverse
Since the end of 2021, the Metaverse has become more than just a consumer dream. As borders reopen in the wake of the COVID-19 pandemic, the Metaverse offers an alternative to in-person entertainment.
The increase in investments in NFTs and the Metaverse means that consumers no longer need to be in person at events. Art, fashion, films, music, sports and more have taken a step forward to enter virtuality. The opportunities are endless. Proper regulatory oversight could change the shape of the world as we know it.