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Ferrari pulled Velas off its list as a partner, marking a new negative for the cryptocurrency.
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The Italian team announced its partnership with Velas at the close of 2021.
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In a period when F1 teams were enthusiastic about negotiating with crypto-related firms.
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The market has drastically changed in the last 12 months, with crypto and blockchains losing value rapidly.
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Mercedes"official crypto partner, FTX, filed for bankruptcy on the last day of 2022.
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Serving as the most explicit instance of the volatility and uncertainty of cryptocurrency-related sponsors within Formula 1.
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Despite a lack of sophisticated knowledge of blockchain and the NFT world, it's pretty uncontroversial to state that things are not looking good.
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The year before, most F1 grids had some type of crypto-related arrangement or sponsoring.
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The number of NFTs and crypto-related businesses in F1 will decrease in the coming seasons.