NFT Startup Partners With Others To Launch The First NFT-Funded Motorsport Team

NFT startup (Unblocked), German GT driver Laura-Marie Geissler (LMG), and creative agency Amsterdam Berlin have collaborated to launch a motorsport team – the first of such anywhere worldwide. Aptly called LMG using Geissler’s initials, only NFT sales would be used to sponsor the driver’s race season without any funding from external sponsors.

Hence, her fans will be the sole determinant of the amount she would need to for next season’s race. During the SXSW events in Austin and the Porsche unseen installation event, Geissler and her team made the announcement. LMG plans to drop its first NFT series within the next week.

About The NFT Series

Geissler said, “my performance wasn’t my unique selling point. We did this to show that women in our sport can sponsor themselves without requiring funding from sponsors who often seek transaction relationships because of the funds they’re providing. Apart from myself, I know others too who struggle with this challenge. We want sponsors to like us as racers and not because we’re women or have beautiful looks.”

Supporting Geissler’s point, Moritz Grub (Amsterdam Berlin’s creative director) said, “most of the sponsors in the motorsports entertainment industry are male, which explains why most drivers are male.” “However, there would be a more female base (viewers, fans, and racers) in this industry assuming there are enough female sponsors,” he added.

Grub also explained the reason the team chose NFTs as a solution to combat this menace. He said, “despite the interesting aspects of this technology, it is still grossly underused at this moment. For instance, most NFT PFP-built projects are probable Ponzi schemes.” “However, crowdfunding represents one simple and effective way to optimize the use of NFTs. Also, they are a better option to sponsorship contracts in which the driver must behave in a certain way to avoid her contract terminated or not renewed for the new season.”

To release this NFT series, Geissler and Amsterdam Berlin had to partner with Unblocked (a US-based NFT firm), and all the series would be sold on the OpenSea NFT marketplace. Some of the NFTs among these series include an auction of the digital version of Geissler’s race car.

Incentives For The Winner

The auction winner will have their name inscribed on the car and receive an ARAI GP-6 helmet autographed by Geissler. Part of the announcement for this auction from the team states that this design is a reminder of Porsche’s “pink pig” model and the “X” inscription is reminiscent of the masks used by plastic surgeons in the operating room.

It is there as a reminder that female drivers experience intense pressure before they can appear on the race tracks. Also, the ‘X’ sign represents the push towards fairness and equity among male and female drivers in the motorsport industry. The remaining part of the NFT collection consists of 100 suits and one thousand helmets with varying themes and uniqueness. Interested buyers can get theirs through the Unblocked exchange. Other side benefits for anyone who buys any of the NFTs include exclusive content, meet and greet sessions, and autographed merchandise.

LMG disclosed that her car will still be from Porsche, and that’s the only contribution from the German auto manufacturer. All the earnings from these NFT sales will be used for Geissler and her team’s needs. Also, her partners have agreed not to collect any compensation for their services. Despite hoping for the best, Geissler’s team believes they can raise about 150K euros for the upcoming season.

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