Ferrari signs deal with tech firm Velas to create digital products for fans

Ferrari has signed a multi-year accord with Swiss technology firm Velas Network to create digital content for its fans, the luxury sports car maker said on Monday.

From next season, Velas, a provider of digital products and services, will become a partner of Ferrari`s Formula 1 racing team.

"In addition, Velas will be Title Sponsor of the Ferrari Esports Series, the online mono-brand series of the Prancing Horse, and of the Esports team that will compete in the F1 Esports Series, the official digital championship competed in by all teams participating in the FIA Formula 1 World Championship," Ferrari said in a statement.

Velas is a leading provider of blockchain technology and non-fungible tokens (NFTs), cryptographic assets stored on a blockchain which have an identification code that makes them unique and have gained popularity as a way to sell digital art.