In addition to an official partnership with WAX, NASCAR just announced a series of limited-edition NFT drops during the Daytona 500. As a result, WAX will work closely with NASCAR to bring motorsports fans into the NFT space.
WAX has already made a huge impact in the sports NFT space. Last year, it transformed Major League Baseball into NFT trading cards. What’s more, it also joined Blockchain Brawlers with iconic WWE wrestler, Ric Flair.
On Thursday 17th, 500 NASCAR ticket holders were eligible to claim 1 NFT per wallet holder. Prior to the annual event, NASCAR sent 25K Daytona 500 ticket holders an email announcing the news. This gave them a 24-hour notice to sign up for their WAX wallet to participate in the competition. Afterward, 500 NFT winners were automatically drawn to win 1 of 5 autographed NASCAR driver helmets.
Why did NASCAR choose WAX?
NASCAR chose WAX as its main partner so that as many people as possible could participate in this draw. WAX is known as the “King of NFTs” for a reason: it is the most used and transacted blockchain ecosystem in the world for NFTs, dApps, and video games.
Its wallet is one of the most used NFT wallets. This gives motorsport fans who might just be getting into the NFT space access to a safe and secure wallet. In addition, the WAX token – WAXP – has several real-world applications that benefit both brands and customers. When WAXP is staked, it increases the scarcity of tokens, and the user earns rewards over time. Moreover, users can use WAXP to purchase NFTs on the WAX NFT marketplace.
Why did NASCAR get involved in the NFT space?
According to Deloitte, NFTs for sports media will generate more than US$2 billion in transactions in 2022. By the end of the year, around 4 to 5 million sports fans worldwide will have bought or received an NFT sports collection.
The collectible nature of NFTs also appeals to sports fans. Sports have long been associated with trading cards and memorabilia. NFTs are therefore the 2020s version of this decades-old tradition.
Tim Clark, NASCAR Chief Digital Officer, commented on the memorabilia aspect of this drop: “There’s unprecedented excitement heading into the 2022 Daytona 500, and we want to thank our fans for their continued dedication to the sport by gifting ticket holders with a free digital collectible to commemorate the Great American Race. Fans want to engage with brands in new and unique ways and this is another step in that process.”
In addition to bringing additional revenue to sports leagues, NFTs are also an opportunity to engage with fans. NFT holders typically get access to exclusive fan experiences. This enhances loyalty to the brand, team or athlete.
NASCAR joins the list of other sports companies joining the NFT space. This includes the NBA, the NFL and WWE – to name but a few. Motorsports fans will be pleased to learn that NASCAR is planning to release additional NFTs throughout the season. This shows that NFTs are part of NASCAR’s long-term marketing and fan engagement strategy.