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$13.3 Billion Worth NFT Giants Land Haas F1 in Trouble as the American Team Hunts for Much Needed Financial Support

Published 11/04/2022, 8:15 AM EDT

Apart from winning races, the most difficult aspect of Formula 1 is sustainability. It takes millions to sustain in F1 and the Haas F1 team has been struggling with it for a few seasons now. So gaining a cash-rich sponsor for the 2023 season should count as a win for the American team. However, Haas’s title sponsor for the 2023 season is also bringing some unwanted backlash as a variable to the deal.

Most F1 fans are sympathetic to the financial struggle of the American team. However, that did not last after Haas celebrated their partnership with OpenSea. OpenSea is an American marketplace company for NFTs. Haas announced OpenSea as their Official NFT Marketplace Partner, a company worth a whopping 13.3 billion dollars.

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After gaining mainstream popularity in the last couple of years, NFTs became the talk of the town. However, the collectibles soon became a negative aspect of everyday life. Especially with damaging effects on the environment, which has worsened the public perception of these tokens.

Most F1 teams have an NFT and or a Crypto partner on board. Haas’s collaboration with an NFT marketplace is in sync with the rest of the grid. However, the American team’s concentrated efforts to bolster its financial situation still gathered backlash.

The fans showcased their disappointment in the collaboration with the negative aspects of NFTs and the market’s volatility. Let’s hope Haas, in the coming years, can acquire a healthy number of sponsors to sustain in F1.

Although, despite a plethora of suitable sponsors, striking a deal is not a walk in the park. Safe to say, Haas has learned this lesson the hard way with their previous sponsors Uralkali.

The untimely divorce of Haas and Uralkali as the title sponsor due to geo-political reasons

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The American team had to cut ties with their title sponsor soon after Russia and Ukraine’s situation. The news hit the paddocks and Haas moved fast to cut ties with their Russian sponsors.

Speaking to ESPN, the team’s boss explained their decision. “We had really good relations with Nikita and Uralkali. We really tried to make this thing work. But when you saw the media pictures of people just being bombed and shot at, this wasn’t going to work.”

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WATCH THIS STORY: Big Trouble for Stewart-Haas Racing, But Delight for Michael Andretti With Russian F1 Development

First the Russian company and now the NFT marketplace, Haas cannot catch a break with their sponsorship deals.

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Written by:

Mahim Suhalka is an F1 Author at EssentiallySports. This Sports Management post-graduate is an ardent supporter of the Mercedes AMG Petronas F1 team and their lead driver, Lewis Hamilton. The fact that Lewis dominated one of the most expensive sports in the world for all these years, despite his humble beginnings, has been a huge inspiration for Mahim and has made him a tenured fan of the competitive sport itself.

Edited by:

Rohini Kottu

$13.3 Billion Worth NFT Giants Land Haas F1 in Trouble as the American Team Hunts for Much Needed Financial Support

The untimely divorce of Haas and Uralkali as the title sponsor due to geo-political reasons

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