Crypto.com Drives Fan Engagement at Miami Grand Prix Through NFTs
Bob Mason
4 min read
Key Insights:
Crypto.com delivers fans an F1 experience at the Miami circuit.
Sports continues to be a key focus area for Crypto.com, which is looking to become a top-20 brand name.
Mercedes-AMG Petronas and Crypto Exchange FTX also partnered with an NFT drop at the Miami Grand Prix.
This year, crypto exchanges have ramped up activity across a number of sporting disciplines, with Crypto.com among the most active. Other exchanges targeting sport to build brand awareness and gain access to a wider customer base include Binance, Coinbase, and FTX.
With the 2022 Formula 1 season in full swing, the glitz and glamour of F1 reached the shores of Miami over the weekend. Amidst the glitz and glamour, there was also no shortage of crypto presence.
Crypto.com drives fan engagement at the Miami Grand Prix circuit
On Sunday, the inaugural Crypto.com Miami Grand Prix took place, with Red Bull’s Max Verstappen taking the chequered flag.
As the official title partner, Crypto.com delivered on fan engagement. The crypto platform provided a number of opportunities for fans to walk away with non-fungible tokens (NFTs) and more.
Crypto.com offered F1 fans a commemorative Miami race-day NFT via Crypto.com/Miami by signing up to Crypto.com NFT. For those who signed up, there was also “a chance to win a limited-edition NFT of one of the 52 laps from the race.”
Crypto.com announced the chance to win a limited-edition NFT on Twitter.
For fans unable to attend the inaugural Miami Grand Prix, Crypto.com also offered a pair of Paddock Club tickets to F1 Aramco United States Grand Prix 2022 in Austin, Texas.
Crypto.com didn’t stop there, however. There was a Crypto.com #MiamiGP AR filter on Instagram and for fans attending the race, Kinetica.
Crypto.com described Kinetica on Twitter as:
“Kinetica, the world’s first NFT gallery powered by the energy unleashed during the race.”
In February, Miami Grand Prix announced Crypto.com as the official title partner in a nine-year deal.
While Crypto.com enjoyed the first year of its nine-year relationship with the Miami Grand Prix, other crypto platforms were also present on race day.
Crypto exchange FTXpartnered with Mercedes-AMG Petronas to deliver Web3 to the Miami Grand Prix.
Despite the success of the Miami Grand Prix, Crypto.com’s native token, Cronos (CRO), faces the prospect of a fifth consecutive day in the red.
CRO price action
At the time of writing, CRO was down 1.76% to $0.2517. A mixed start to the day saw CRO rise to an early morning high of $0.2582, before sliding to a low of $0.2494.
CRO tested the First Major Support Level at $0.2499 early on.
Daily Chart shows a bearish trend embedded.
Technical indicators
CRO will need to move through the $0.2608 pivot to target the First Major Resistance Level at $0.2670.
Broader market sentiment would need to improve to support a return to $0.26.
In the event of an extended rally, CRO should test the Second Major Resistance Level at $0.2779 and resistance at $0.28. The Third Major Resistance Level sits at $0.2950.
Failure to move through the pivot would bring the First Major Support Level at $0.2499 back into play. Barring another extended sell-off throughout the day, CRO should avoid sub-$0.24. The Second Major Support Level at $0.2437 should limit the downside.
Failure to move through the pivot will leave CRO under pressure.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. CRO sits below the 50-day EMA, currently at $0.2517. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also fell from the 200-day EMA, CRO negative.
A move through the 50-day EMA would shift market sentiment and support a near-term return to $0.35 levels.
EMAs send bearish signals, with CRO sitting well below the 50-day EMA.
