Speedway Motorsports Partners With GigLabs to Produce NASCAR NFTs

Speedway Motorsports Partners With GigLabs to Produce NASCAR NFTs


14 September 2021:  Per an interview organized by Eric Estepp with the Chief Strategy Officer of Speedway Motorsports, Inc, Mike Burch, it is stated that the racing venue operator will role out NFTs this week in preparating for the upcoming NASCAR event this Saturday night.  In the interview, Burch confirms that his company is working with GigLabs to produce a brand new line of NFTs set to be launched for the Bristol Motor Speedway race coming this weekend.  This article will provide the details of this arrangement to bring a new line of NASCAR NFTs to the market.

 

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NASCAR Joins in on NFT Craze

Speedway Motorsports Incorporated (SMI) is a major facility owner of eight different racing facilities across the United States.  Among these facilities is Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Kentucky Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma Raceway, and Texas Motor Speedway.  The operating company SMI, in an effort to continually innovate their produce and face experience, have decided to jump into the world of NFTs alongside other major US sporting leagues such as the NBA & NFL.

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Through their website called Raceday NFT, shown above, SMI is offering exclusive NFT collectibles to fans prior to the NASCAR playoff race Saturday night.  They are commemerative of Bristol, one of SMIs most popular facilities.  The first NFT, a commemorative ticket for the event, is already sold out.  The two remaining NFTs go on sale September 16th and September 17th respectively, one of which is actually free and only has 2,500 units.

 Mr. Burch stated in his interview that "Race fans have always been big on collectibles, so as we moved into a new realm of digital ticketing... NFTs have become a much more popular idea of creating a new collectible."  He went on to compare their idea to the NBAs top shot line of NFTs.  SMI and NASCAR haven't backed down from potentially integrating blockchain technology, and this move shows their enthusiasm to joining other major brands in adopting NFTs.

With this move, NASCAR and SMI become the latest players to see value in the integration of blockchain technology even if it is just in the form of NFT collectibles.  The NFT market has seen considerable growth over the past year with no signs of it slowing down.  This has been fueled by quick, accelerating mainstream adoption and institutional investment into NFTs.

 

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Summary

Even through widespread speculation about the future value of the NFT market, mutliple major brands, sports, and celebrities are flooding right into the market.  Digital ticketing utilizing NFT technology is become wildly popular as are collectibles and commemorative NFTs.  NASCAR and Speedway Motorsports join a growing list to adopt and utilize NFTs within their business models.  It is safe to say this trend shows no signs of cooling off or simply becoming a fad.

Check the NFTs out here: Raceday NFT


 

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zacharias
zacharias

Writer, Thinker, & Philosopher | Founder of RekTimes, Future Humanity


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