The Week in Facts no13
Mobility: Audi set to enter F1 in 2026
Audi announced that it would join Formula One as a power unit constructor in 2026.
The announcement came after the approval of F1's revised engine regulations for 2026, allowing Audi to compete in the sport on a more equal footing with current power unit suppliers.
"Motorsport is an integral part of Audi's DNA,"
Markus Duesmann, the chairman of Audi's board of management, said. "Formula One is both a global stage for our brand and a highly challenging development laboratory.
"The combination of high performance and competition is always a driver of innovation and technology transfer in our industry. With the new rules, now is the right time for us to get involved. After all, Formula One and Audi both pursue clear sustainability goals."
Amid reports it is close to confirming a deal to buy into the existing Sauber F1 team, which currently races under the name of title sponsor Alfa Romeo, Duesmann said Audi had considered a number of chassis partner options and would make an announcement before the end of the year.
Porsche is also planning to enter F1 in 2026 by purchasing 50 percent of the Red Bull F1 team, but an official announcement has not yet been made.
"I am delighted to welcome Audi to Formula One, an iconic automotive brand, pioneer, and technological innovator," F1 CEO Stefano Domenicali said. "This is a major moment for our sport that highlights the huge strength we have as a global platform that continues to grow.
Fashion: NY Fashion Week uses NFTs to unlock show invites and products
People who spend $100 on NFTs from five New York designers will receive access to shows and other events, gifts, and privileges in exchange for a branded key that they can store in their digital wallet. There are 250 NFTs overall, with 50 keys for each designer, including Altu by Altuzarra, Jonathan Simkhai, Kim Shui, AnOnlyChild, and The Blonds.
To Web3 advisor Jenny Wang, who contributed to this project, the keys embody what fashion NFTs should be about: engaging fans in a crypto-native way and helping them to build relationships with brands.
“Fashion week has always been a walled garden that is difficult to access, and Web3 can be a democratizing force,” she told Vogue Business. Designer Kim Shui agrees: “I think Web3 changes the way consumers and brands connect. It changes the relationship.”
The keys are not the only blockchain-based tools to access NYFW experiences.
Markarian is offering a host of NFT Private Salon memberships ($0 for Silver, $250 for Gold, and $3,000 for Diamond), which come with a chance to win invitations to the 14 September live show (the five Diamond holders are guaranteed invites).
Rebecca Minkoff and Mavion also dropped 55 NFTs in July, five of which include tickets to Minkoff’s forthcoming NYFW show.
NFT: M&M’s Releases NFT-Inspired Candy
The proprietors of the Bored Ape Yacht Club have exploited their permissive commercialization rights to incorporate their Ethereum NFT graphics into a variety of products, including toys, clothing, restaurants, and alcohol packaging. However, special edition M&Ms now allow you to consume a few Bored Apes.
A deal between candy manufacturer Mars and Universal Music Group (UMG) has been revealed in order to produce limited-edition M&Ms based on Kingship, a virtual band made up of the Bored Ape Yacht Club and Mutant Ape Yacht Club avatars.
"Consumers' expectations for what they want from their favorite brands [have] shifted, and at Mars, we know we need to be more innovative than ever with such a culturally famous brand like M&M's," said Mars Wrigley Global Vice President Jane Hwang, in a release.
The band has also released its own NFT “key cards” that provide exclusive benefits and access to holders. NFT owners were given early access to purchase the M&M’s candy.
As part of the deal, Mars has released limited quantities of the branded M&M’s chocolate candies, which feature images of the Bored Apes and Kingship iconography on them.
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All told, Mars will sell just 10,000 total packages of candies between gift boxes and gift jars.
Luxury: Richemont offloads Yoox Net-a-Porter
In a joint venture with Farfetch, which is acquiring a 47.5 percent stake in YNAP as part of a complicated agreement that contains provisions for a full acquisition within a few years, the Swiss luxury conglomerate announced Wednesday that it had reached a deal to spin off the losing e-commerce group after months of negotiations.
Richemont first purchased Net-a-Porter in 2010 for about $550 million, spinning it out in a merger with Yoox only to buy back the combined entity at a €5 billion valuation in 2018.
But rising competition, legacy technology, and the cost of running a luxury e-commerce player at scale proved too much to manage for the Swiss group, whose expertise lay in watches and jewelry rather than digital technology.?
The deal is broken down into two phases. The first phase will see Farfetch acquire a 47.5 percent stake in YNAP from Richemont, while the Emirati business mogul Mohamed Alabbar will acquire a 3.2 percent stake, helping to bring Richemont’s stake below 50 percent so it can deconsolidate the unit in its financial reporting.
According to the companies, Richemont's portfolio of brands will now switch to leveraging Farfetch's white-label services to fuel their digital capabilities, including logistics for their e-commerce websites and launching more sophisticated omnichannel. Additionally, the labels will use an e-concession strategy to offer their goods on the Farfetch marketplace.
Farfetch’s plan for YNAP will push the industry’s shift to e-concessions forward — the latest sign that these days it’s big brands, not retailers, who hold the power in luxury.
Web3: Polygon Founder Launches $50 Million Early-Stage Web3 Fund
Money is still pouring into the cryptocurrency industry despite a terrible bear market: A new venture capital firm with a focus on cryptocurrencies was today formed by the creator of blockchain infrastructure provider Polygon with $50 million in the bank.
Headed up by Polygon’s Sandeep Nailwal and Cere Network founder Kenzi Wang, Symbolic Capital launched in May—but he announced that despite the crypto market crash, it has raised $50 million to plug into early-stage Web3 companies.
The firm said in an announcement: “We’re one of the first VC firms led exclusively by web3 founders, allowing us to provide unparalleled support to the builders in our portfolio.”
“When you look at the crypto VC landscape, it’s rare to find firms that were started by Web3 founders,” Nailwal added. “We built blockchain companies from the ground up and are intimately familiar with the unique challenges that these projects face.”
Metaverse: Taco Bell launches a Metaverse Wedding chapel
Fast Food chain Taco Bell has just launched the first-ever virtual, legal, and metaverse wedding package.
Taco Bell is inviting couples from across the country to enter its metaverse. The couples need to submit a video detailing their unique and interesting love story and post it on social media with the hashtag #TacoBellMetaverseWeddingContest and tagging @tacobell.
Couples can apply to marry at the digital Taco Bell metaverse from August 25 to September 6.
Taco Bell’s wedding package includes:
Guests wearing unique NFT wearables will be invited inside Taco Bell's iconic Cantina and public reception room after the couple is wed and the ceremony is over.
Taco Bell will broadcast the metaverse nuptials live so that avatar-less visitors can see the pair exchange virtual vows.