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Cryptocurrency16 hours ago (Mar 22, 2022 02:40PM ET)

NFT-funded racing aims to disrupt sports sponsorships

German GT racer Laura-Marie Geissler, creative agency Amsterdam Berlin and NFT startup Unblocked partnered up to launch the first nonfungible token, or NFT, funded motorsport team. Named after the driver, herself, the LMG racing team has decided to forgo external sponsors to fund Geissler’s race season by way of NFT sales. Whether she earns the necessary amount to race in the upcoming season will depend solely on her fans.

Geissler and her partners originally announced their campaign during the first weekend of South by Southwest, or SXSW, in Austin, Texas to in-person visitors of the Porsche Unseen installation space. One week later and LMG’s first NFT collection is set to drop. Cointelegraph spoke to Geissler about the motivations behind this experiment and the risks she is undertaking by putting her career on the line.

Laura-Marie Geissler. Source: Amsterdam Berlin.
LMG GT No. 1 top shot. Source: Amsterdam Berlin.

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