CortDAO Racing W Series Team launches NFTs
The CortDAO Racing W Series Team today announces the launch of its first series of NFTs, giving fans a unique opportunity to financially support driver development and their favourite W Series team in exchange for purchasing the digital fan memorabilia.
Launching on 30 June – the week of the fourth race of the 2022 W Series season at Silverstone, UK – a total of 10,000 NFTs (non-fungible tokens) depicting two bespoke CortDAO Racing assets (5,000 NFTs of each design with a unique identifier from 1 to 5,000) will be issued. The two designs will be 3D virtual depictions of the limited-edition racing helmets of Marta Garcia (21, ESP) and Fabienne Wohlwend (24, LIE). The CortDAO Racing W Series Team's drivers will debut their helmet designs at Silverstone, where the international single-seater motor racing championship for women will support the Formula 1® Lenovo British Grand Prix 2022. Team Quantum Punks have created the NFTs.
One-third of the proceeds from the sale of each NFT will go towards sponsorship of the CortDAO Racing W Series Team, while two-thirds of the proceeds will go towards CortDAO’s investment in W Series at the last traded price. The initiative, therefore, gives purchasers of the digital collectables the confidence to know that their investment directly benefits women's motor racing as it will be reinvested in W Series.
Community Owned Race Team DAO (CortDAO) is built around a community of motorsport fans and cryptocurrency pioneers who want to drive social change, including the promotion of women in motorsport. CortDAO is W Series' first internet-based team, appealing to the Web3 community and operating as a DAO – a decentralised autonomous organisation – which is controlled by its members. Its financial transactions are maintained on a blockchain.
Catherine Bond Muir (Chief Executive Officer, W Series) said:
"A community-owned team with equality at its heart, CortDAO chimes perfectly with W Series' wider mission. W Series exists to show young women and girls all around the world that there is a place for them in the motorsport industry and a pathway to careers in the upper echelons of our sport, both in and outside of the car, as drivers, engineers, mechanics, or team owners, to name just a few possible roles. The CortDAO Racing W Series Team's NFT launch is a landmark moment as it brings fans on that journey with us by enabling them to invest in our drivers' development and women in motorsport."
Michael Livingston (Founder, CortDAO) said:
"This is an exciting new opportunity for both motorsport and crypto fans. Launching our first NFTs ahead of W Series' home race at Silverstone is the perfect time to promote the opportunity and appeal to motor racing fans big and small. Purchasers of our NFTs will not only be brought closer to the racing action, but they will also have a sense of pride knowing that their money will be reinvested in W Series to help fund future generations of women in motorsport. For me, this is a new way of crowdfunding in sport and a very simple way to support women."
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