The CortDAO W Series motorsport team has launched 10,000 non-fungible tokens (NFTs) to secure additional investment.
Created by Team Quantum Punks, the NFTs will be 3D recreations of the helmets worn by CortDAO drivers Marta García and Fabienne Wohlwend. There will be 5,000 NFTs available of each design, with a unique identifier from one to 5,000 attributed.
CortDAO said the launch forms part of new ways to involve the Web 3.0 community in its crowdfunding ventures, as well as engage with corporate sponsors. A third of the proceeds from the NFT initiative will go towards sponsorship of the team, with the remaining amount being invested in the all-female single seater W Series. CortDAO is looking to raise UK£1 million (US$1.2 million) in the initial NFT release.
A community-led team built around motorsport fans and crypto pioneers, CortDAO first got involved in the W Series at the start of this season. It hopes to build a community-led platform to promote female racers and further women in motorsport.
“We have had many people wanting to assist in growing W Series and women’s racing and have tried to price our NFTs as affordable as possible to our fanbase,” said Michael Livingston, founder of CortDAO.
“Our NFTs will bring fans closer to the action and allow them to feel a sense of pride as their money will go towards supporting women struggling to succeed in a male-dominated sport.
“CortDAO will not receive any profits from the sale of its NFTs, so our intentions are genuine. The proceeds after costs will flow to W Series so that purchasers will be helping not only CortDAO and our brilliant drivers, Fabienne Wohlwend and Marta García, but also the whole W Series.”