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The Oracle Red Bull Racing Velocity Series represents a groundbreaking collaboration between the high-octane world of Formula 1 racing and the revolutionary technologies of blockchain and NFTs. This partnership, spearheaded by Bybit and Oracle Red Bull Racing, seeks to redefine fan engagement by integrating the thrill of racing with the dynamic potential of digital collectibles. Through the introduction of the SPEED token and the DN-404 protocol, this series not only captivates enthusiasts of motorsports and crypto but also sets a new standard for innovation in both fields.
As we explore these technologies, we'll uncover how they blend the adrenaline of real-world racing with the expansive possibilities of the digital realm, offering unique opportunities for interaction and investment.
Key Takeaways:
The Oracle Red Bull Racing Velocity Series is a pioneering initiative from Oracle Red Bull Racing and Bybit that blends the excitement of Formula 1 racing with innovative digital art and NFTs.
SPEED is the official fungible token of the Oracle Red Bull Racing Velocity Pass 2.0, uniquely integrated with digital Velocity Pass NFTs.
The Oracle Red Bull Racing Velocity Series is a pioneering initiative from Oracle Red Bull Racing and Bybit, blending the excitement of Formula 1 racing with innovative digital art and NFTs.
Launched as a strategic collaboration between Bybit and Oracle Red Bull Racing, the Velocity Series aims to captivate both racing aficionados and digital art enthusiasts by merging these two worlds through blockchain technology. The series features unique digital artworks that draw inspiration from the racing team's performance and dynamic data generated by the iconic RB20 F1 car.
DN-404 is an Ethereum token standard that represents a novel approach to blockchain technology, specifically designed to handle the complexities of fractional NFTs. Created by Asterix Labs in February 2024, DN-404 aims to streamline the ownership and transacting of these unique digital assets by allowing them to be fractionally owned and traded, thus bridging the gap between non-fungible and fungible token operations.
The DN-404 protocol utilizes a sophisticated mint-and-burn mechanism to manage the relationship between fungible tokens and their corresponding NFTs. Purchasing a full token results in the minting of a linked NFT, while selling parts of the token leads to proportional burning of the NFT, thus maintaining a balance that supports fractional ownership and transferability. This process ensures that NFTs can be owned and traded more flexibly and with fewer complications as compared to traditional methods.
SPEED is the official fungible token of the Oracle Red Bull Racing Velocity Pass 2.0, uniquely integrated with digital Velocity Pass NFTs.
The SPEED token is limited to a total supply of 2,000, making it an exclusive element of the Velocity ecosystem. SPEED tokens are intricately linked to the ownership of Velocity Pass NFTs, which provide various benefits and privileges within the Oracle Red Bull Racing community. This means that if you’ve been airdropped a Season Two pass (Velocity Pass 2.0), or have bought one via the Dutch auction, you’ll have one SPEED token in your wallet.
The integration of SPEED with Velocity Pass NFTs ensures a cohesive and enriched user experience.
Velocity Pass NFTs are exclusive digital assets that offer holders a unique blend of experiences and benefits within the Oracle Red Bull Racing ecosystem. More than just digital collectibles, these NFTs serve as keys to a series of privileges and interactions that connect fans more closely with the world of Formula 1 racing. Owners of these passes gain access to special events, digital art drops and other unique experiences designed to enhance the fan engagement and community aspect of the racing series. Each NFT is tied to specific benefits and offers that vary depending upon the level of the pass and the events occurring within the racing season.
This year, the Velocity Pass has significantly expanded and enhanced its offerings. The collection introduced an appealing new design and doubled its number of total passes to 2,000. This expansion aims to enrich the overall experience, regularly introduce new surprises and expand the community, thus drawing more fans into the exciting world of Velocity.
Holders of the Velocity Pass 2.0 now enjoy exclusive privileges, though it's important to note that fractional ownership doesn’t qualify for these benefits. These privileges include access to three exclusive NFT artwork drops from top-tier artists in 2024, eligibility for various surprise elements and participation in raffles with outstanding prizes.
In terms of distribution, out of the total supply of 2,000 Velocity Pass 2.0 NFTs, 900 were made available through a rebate Dutch auction that started at 5 ETH and decreased to 0.5 ETH. Moreover, 1,000 passes were airdropped to original Velocity Pass NFT holders, determined by a snapshot taken on Apr 12, 2024 at 1PM UTC. The remaining 100 passes were reserved for promotional activities.
Ownership and actions associated with the SPEED token are intimately tied to the Oracle Red Bull Racing Velocity Pass 2.0 NFTs. Each SPEED token is linked to a corresponding NFT, and various transactions can alter the ownership status and privileges of these digital assets.
Complete Sale of SPEED Tokens: If you choose to sell all of your SPEED tokens, you’ll forfeit the associated NFT.
Partial Sale of SPEED Tokens: Selling a portion of your SPEED tokens, such that your total falls below one SPEED, will also lead to the loss of the associated NFT, as you must hold at least one full SPEED token to maintain ownership of a corresponding NFT.
Transferring SPEED Tokens: When SPEED tokens are transferred to a different wallet, the linked NFTs will follow, moving to the new wallet as well. This ensures that the ownership of the NFTs remains consistent with the distribution of SPEED tokens.
Purchasing SPEED Tokens: Acquiring exactly one or more SPEED tokens entitles the buyer to a corresponding Velocity Pass NFT for each token purchased. This incentivizes maintaining or increasing token holdings to gain or retain specific NFT privileges.
Insufficient Purchase of SPEED Tokens: Purchasing less than one SPEED token doesn’t qualify a buyer to receive a Velocity Pass NFT, which emphasizes the requirement of whole token ownership for participation in certain aspects of the Velocity Series ecosystem.
These mechanisms ensure a dynamic interaction between the token and its corresponding NFT, mirroring the complex relationships within more traditional asset management, but with the added nuances of blockchain technology.
The following are among the multiple benefits of holding the SPEED token.
The SPEED token significantly enhances liquidity within the cryptocurrency market. Holders aren’t limited to waiting for a single buyer, but rather can engage in instantaneous transactions across multiple exchanges. This flexibility ensures that users can capitalize on market movements quickly and efficiently, reducing the potential for slippage and improving the overall trading experience.
SPEED tokens introduce a more flexible approach to participation within the Oracle Red Bull Racing Velocity ecosystem. Investors and fans have the liberty to decide the extent of their involvement, whether fully immersed or partially engaged. This flexibility allows for a more personalized interaction with the ecosystem, accommodating both casual enthusiasts and dedicated supporters.
By holding SPEED tokens, you become an early adopter of DN-404 technology in the blockchain space. This positions SPEED holders at the forefront of blockchain innovation, providing them with the opportunity to experience and benefit from the latest developments in blockchain technology and NFT integration.
Owning SPEED tokens also means becoming a part of an active and passionate community that’s composed of individuals who are enthusiastic about the latest advancements in blockchain technology, and are keen on exploring new possibilities within the NFT space. This communal aspect fosters a network of support and information exchange, enhancing the user experience and providing a foundation for collective growth and learning.
Purchasing and selling SPEED tokens is straightforward and can be done through decentralized exchanges that support this token. To engage in transactions, users can input the specific contract address of the SPEED token (0x1c72523eecade307c9bffd03953ff91c5b80be09) into the DEX, such as Uniswap or Bybit Web3 Swap, facilitating easy and secure trades.
For the below examples, we’ll assume a scenario in which the Buyer and Seller already have two DN-404 tokens each before trading.
Scenario | Buyer’s POV | Seller’s POV |
Scenario 1: Trading a Full/Whole Token | The Buyer’s token count increases from two to three DN-404 tokens. Consequently, the Buyer’s NFT count also increases from two to three. | The Seller’s token count decreases from two DN-404 tokens to one DN-404 token. Consequently, the Seller’s NFT count also decreases from two to one. |
Scenario 2: Trading Fractional DN-404 Tokens (Trading 0.5 Tokens) | The Buyer’s token count increases from two to 2.5 DN-404 tokens. There is no change in the Buyer’s NFT count as no new NFT is minted. This is because the increase didn’t result in a whole number transition that would typically trigger the minting of an NFT. | The Seller’s token count decreases from two to 1.5 DN-404 tokens. Consequently, the Buyer’s NFT count decreases from two to one. (A rounding down policy for fractional tokens is applied.) |
The Oracle Red Bull Racing Velocity Series, with its SPEED token and DN-404 protocol, exemplifies the innovative fusion of sports, art and technology. This initiative not only enhances the fan experience by offering a digital interactive dimension to the racing world, but also pushes the boundaries of what’s possible in the NFT space, paving the way for new forms of digital engagement and investment.
If you have any questions or require any clarification, you can ask for assistance on Bybit’s Discord and we’ll try to help you achieve the best possible SPEED and Oracle Red Bull Racing Velocity Series experience.
Disclaimer:This Community Guide is not intended as advice. It’s important to note that cryptocurrencies remain unregulated in many jurisdictions, including the U.K. Profits from cryptocurrency transactions may be subject to capital gains taxes or other financial obligations. Additionally, the value of cryptocurrency investments can fluctuate in value. Given that DN-404 is a new and evolving blockchain technology, prospective Velocity Series 2.0 participants are advised to seek independent advice before engaging with this platform.
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